Key Economic Events and Corporate Reports for Friday, 26 December 2025: The Impact of Boxing Day on Liquidity, Where Markets Are Closed and Where Trading Continues, and What Investors Should Watch for at Year-End.
This trading day unfolds in an atmosphere of festive calm on global markets. Following Christmas, many exchanges have yet to resume operations, and significant economic events are not anticipated. On 26 December, investors are not expecting the release of new macroeconomic data or financial reports from major companies, leading to minimal trading activity. Any price changes on this day will primarily be driven by the momentum of earlier events and technical factors associated with year-end.
Boxing Day Holiday and Closures on Key Exchanges
On 26 December, several countries celebrate Boxing Day—a traditional holiday following Christmas. In the UK, Germany, and Commonwealth countries (Australia, Canada, New Zealand, South Africa, and others), markets are closed, and trading is not conducted. Most European exchanges also remain on their Christmas holidays, which reduces overall global trading volume and deprives the markets of a key source of liquidity. In the absence of European investors, global stock indices do not receive the usual morning guidance, leading to a noticeable decline in overall market activity.
Open Markets: US and Asia Trading Normally
American stock exchanges (NYSE, NASDAQ) operate on a standard schedule, as 26 December is not a public holiday in the US. However, activity on Wall Street may be below average since many traders and funds have extended their holiday until the end of the week. As a result, any price changes will be associated with the processing of already known information. Market participants in New York continue to react to the final assessment of US GDP for the third quarter and the consumer confidence index published on Tuesday, lacking new data for guidance.
Asian exchanges, including Japan’s Nikkei 225 and mainland China, are also open and trading, as Christmas is not an official holiday in these nations. However, trading volumes in Asian markets today are modest: global market participants are absent, and local investors are not exhibiting heightened activity. Day-to-day price fluctuations in Shanghai and Tokyo are largely technical in nature, without pronounced trends.
Macroeconomic Statistics: A Pause in Publications
The international economic calendar for 26 December is virtually empty. Government agencies and regulators in the US and Europe do not plan to publish during the peak holiday season. Likewise, no significant statistics are expected from Asia—key indicators had been released earlier in December. Thus, investors have no fresh macroeconomic guidance on this Friday, and the markets are reliant on previously known data.
- Russia: Rosstat publishes its monthly report on the "Socio-Economic Condition of Russia" for November.
- Russia: Data on the business activity of organizations for December will also be released.
The Russian statistical indicators released as scheduled shed light on the state of the Russian economy at year-end. However, the influence of this data is limited to the national market and is unlikely to reverse global trends in the absence of international events.
Corporate Events: A Quiet End to the Year
The corporate calendar for 26 December is quite sparse. The corporate earnings season (the release of quarterly financial reports) has effectively concluded, and none of the companies in key indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) are planning to publish financial results on this day. Even in the US, where markets are open, significant quarterly reports are not anticipated, as large corporations prefer to withhold announcements during the holiday week. A small number of smaller companies may have scheduled earnings releases, but these are unlikely to attract serious investor attention or impact the overall news landscape.
It is worth noting a specific event in the Russian market. The energy company EL5-Energo is conducting an extraordinary general meeting of shareholders (in absentia), during which the reorganization through the merger of two subsidiaries—AOVDK-Energo and LLC “LUKOIL-Ecoenergo” will be considered. The reorganization is expected to involve an additional issuance of approximately 27 billion new shares of EL5-Energo, significantly increasing the company’s charter capital. Although this corporate event is significant for the shareholders of EL5-Energo and the Russian energy sector, it remains localized and does not affect the sentiment across the broader market.
Thin Trading and Neutral Market Dynamics
The lack of fresh news combined with a reduced number of active market participants leads to “thin” trading—characterized by low liquidity and calm price dynamics. In such circumstances, major stock indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) typically remain within narrow ranges. Volatility is at a low level, as large investors have already locked in their positions and are reluctant to initiate new trades ahead of the New Year. Even oil prices and the rates of major currencies are moving without sharp changes, reflecting an overall wait-and-see mood.
It is also worth mentioning that the end of December sometimes brings about the so-called “Santa Claus rally”—seasonal increases in prices on low volumes. However, in 2025, there are few prerequisites for a confident rally: investors have adopted a wait-and-see position following mixed macro statistics in recent weeks. As such, substantial price spikes on the 26 December session are not anticipated.
What Investors Should Pay Attention To
Amid a quiet pre-New Year session, investors are advised to take a measured approach. The Friday after Christmas does not promise major profit opportunities but allows for a calm assessment of market situations.
- Avoid unnecessary transactions: with low liquidity, any trades carry heightened risks, and market movements may be random.
- Utilize the trading pause to analyze your investment portfolio: assess the outcomes of 2025 and check the alignment of assets with your chosen strategy.
- Prepare plans for January: with the onset of the new year, market activity will resume, and it is essential to be ready for potential increases in volatility as major participants return to the market.
Overall, 26 December passes quietly and can be viewed as the "calm before the storm" ahead of the final trading sessions of 2025. Following the extended holiday, markets will enter the last week of the year, where certain participants may carry out portfolio rebalancing and close annual books. Investors should greet these changes well-prepared, maintaining discipline and a long-term view despite short-term calm.
