Key Economic Events and Corporate Reports for Friday, December 26, 2025: The Impact of Boxing Day on Liquidity, Where Markets Are Closed and Where Trading Continues, What Investors Should Focus on 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 no significant economic events are anticipated. On December 26, investors do not expect the release of new macroeconomic data or financial reports from major companies, so trading activity is kept to a minimum. Any price changes on this day will be primarily determined by the inertia of early-week events and technical factors related to year-end.
Boxing Day Holiday and Closures on Key Exchanges
December 26 marks Boxing Day in several countries—a traditional holiday following Christmas. Markets in the United Kingdom, Germany, and Commonwealth nations (Australia, Canada, New Zealand, South Africa, and others) are closed, and no trading takes place. Most European exchanges also remain on Christmas break, which reduces the global trading volume and deprives the markets of one of their primary sources of liquidity. In the absence of European investors, global equity indices lack their usual morning benchmarks, resulting in significantly lower overall market activity.
Open Markets: The U.S. and Asia Trade as Usual
American stock exchanges (NYSE, NASDAQ) operate on a standard schedule; December 26 is not an official holiday in the U.S. However, activity on Wall Street may be below average as many traders and funds have extended their holiday break through the end of the week. Consequently, any changes in quotes will be related to the reassessment of already known information. For instance, market participants in New York continue to react to the final assessment of U.S. GDP for the third quarter and the consumer confidence index released 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 countries. Nevertheless, trading volumes in Asia are quite modest today: global market participants are absent, and local investors do not exhibit heightened activity. Daily fluctuations in prices in Shanghai and Tokyo are primarily technical in nature, without pronounced trends.
Macroeconomic Statistics: A Pause in Releases
The international economic calendar for December 26 is virtually empty. Government agencies and regulators in the U.S. and Europe do not plan any publications during this holiday season. Significant statistical releases in Asia are also not expected, as key indicators were announced earlier in December. Therefore, investors have no fresh macroeconomic benchmarks this Friday, and markets rely on already known data.
- Russia: Rosstat is set to publish its monthly report on the "Social and Economic Situation in Russia" for November.
- Russia: Data on business activity for December will also be released.
Russian statistical indicators, released as scheduled, shed light on the state of the Russian economy at year-end. However, the impact of this data is limited to the national market and is unable to shift global trends in the absence of international events.
Corporate Events: A Year-End Lull
The corporate calendar for December 26 is particularly sparse. The earnings season (the release of quarterly financial reports) has essentially concluded, and none of the companies constituting the key indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) plans to release financial results on this day. Even in the U.S., where markets are operating, notable quarterly reports are not expected: large corporations tend to avoid announcing figures during the height of the holiday week. A small number of minor companies might have scheduled earnings releases, but they are unlikely to attract significant investor attention or impact the overall news flow.
One noteworthy event on the Russian market stands out. The energy company EL5-Energo is conducting an extraordinary general meeting of shareholders (in absentia), where the reorganization through the merger with two subsidiaries—AOVDK-Energo and LLC "LUKOIL-Ecoenergy"—is being considered. This reorganization implies an additional issuance of approximately 27 billion new shares of EL5-Energo, significantly increasing the company's charter capital. While this corporate event holds significance for EL5-Energo shareholders and the Russian energy sector, it is of a local nature and does not influence the broader market sentiment.
Thin Trading and Neutral Market Dynamics
The absence of fresh news and the reduction in the number of active market participants lead to "thin" trading—low liquidity and calm price dynamics. Under such conditions, major equity indices (S&P 500, Euro Stoxx 50, Nikkei 225, Moscow Exchange Index) typically remain within a narrow range. Volatility is at a lower level, as large investors have already taken positions and are reluctant to initiate new trades ahead of the New Year. Even oil prices and the exchange rates of leading currencies exhibit minimal changes, reflecting the overall wait-and-see sentiment.
It is worth mentioning that late December sometimes brings about the so-called "Santa Claus rally"—a seasonal price increase on low volumes. However, in 2025, there are few prerequisites for a robust rally: investors have adopted a wait-and-see approach following mixed results in macro statistics over recent weeks. As such, significant price spikes on the December 26 session are not anticipated.
What Investors Should Focus On
In the context of a quiet pre-New Year session, investors are advised to adopt a measured approach. The Friday following Christmas does not promise substantial profit opportunities but allows for a calm assessment of market conditions.
- Avoid unnecessary transactions: with low liquidity, any trades carry heightened risks, and market movements may be arbitrary.
- Use the trading pause to analyze your investment portfolio: review the outcomes of 2025 and check asset alignment with the chosen strategy.
- Prepare plans for January: as the new year begins, market activity will resume, and it is crucial to be ready for potential increases in volatility when major participants return to the market.
Overall, December 26 passes quietly and may be seen as the "calm before the storm" leading into the final sessions of 2025. After the extended holiday weekend, markets will enter the last week of the year, where individual participants may conduct portfolio rebalancing and close yearly books. Investors should approach these changes fully prepared, maintaining discipline and a long-term perspective despite the short-term lull.
