Economic Events and Corporate Reports — Thursday, December 25, 2025: Christmas Pause in Markets

Economic Events and Corporate Reports for Thursday, December 25, 2025: Christmas Day, Global Market Closures, Russian Macroeconomic Statistics, and Key Investor Indicators

Thursday, December 25, will be a day of near-complete pause in the financial markets due to the celebration of Christmas. Most exchanges worldwide will be closed, and trading activity will be minimal. There are no key macroeconomic releases or corporate reports scheduled in the West, so attention shifts to regions not celebrating this holiday. In particular, in Russia, where December 25 is a working day, important economic indicators will be released, including inflation data and industrial production figures. Nonetheless, the Christmas break offers global investors an opportunity to catch their breath and reassess strategies before the concluding week of the year.

Macroeconomic Calendar (Moscow Time)

1. Christmas Day – a holiday for most global financial markets.
2. Russia – publication of inflation and industrial production figures (for November).

Global Markets: Christmas Break

Christmas Day leads to a widespread halt in trading across global markets. On December 25, there are no sessions on major exchanges, which signifies a pause in the movement of stocks, currencies, and commodities. Below is the situation by region:

• North America: In the USA and Canada, exchanges (including NYSE, Nasdaq, and TSX) are closed, and the Dow Jones and S&P 500 indices are not trading.
• Europe: All key European exchanges (London, Frankfurt, Paris, etc.) are closed; indices such as Euro Stoxx 50, FTSE 100, and DAX remain unchanged during the holiday period.
• Asia-Pacific Region: Most Asia-Pacific markets are also on holiday – for instance, Hong Kong and Singapore will not trade on December 25. The Tokyo Stock Exchange (Nikkei 225) is technically open, but the global pause reduces volumes and volatility there as well.
• Latin America: Leading markets in the region, including Brazil's B3 and the Mexican stock exchange, are closed for Christmas, following the Catholic traditions of most Latin American countries.
• Russia: The Moscow Exchange (MOEX) operates as usual since Christmas is celebrated on January 7 in Russia. However, in the context of overall calm and lack of external benchmarks, activity on the MOEX will likely be subdued.

Low Liquidity: Caution in Thin Markets

The holiday silence on exchanges indicates extremely low liquidity. Even on those platforms that remain open (such as in Tokyo or Moscow), trading volumes shrink due to the absence of many foreign participants. In such an environment, any unscheduled news can trigger disproportionate price fluctuations, although significant surprises are rarely observed on Christmas Day. Investors are advised to exercise heightened caution: in thin markets, spreads may widen, and individual transactions can significantly impact quotes.

Russian Macroeconomic Statistics: Inflation and Industrial Production

In the absence of Western news, the focus shifts to the Russian economy. Rosstat will publish data on consumer inflation and industrial production for November on this day. The inflation figure will reflect how price growth rates deviate from the Bank of Russia's target (4%), against the backdrop of the ruble's exchange rate and domestic demand dynamics.

The statistics on industrial production will demonstrate the condition of key sectors of the Russian economy as the year ends — whether there is an increase in output at enterprises or if a decline persists. These figures are important for understanding the trajectory of the economy: rising inflation may heighten expectations for further tightening of monetary policy, while stability in industry would indicate businesses are adapting to current conditions. Although this data is primarily local in nature, its consideration is essential for participants in the Russian market and regulators.

Corporate Reporting: A Lull

On the corporate front, December 25 sees virtually complete silence. The holiday pause means no financial results will be published by major companies worldwide.

• USA and Europe: No reports will be released on this day in the USA, Europe, or the UK — companies in the S&P 500 and Euro Stoxx 50 indices have paused their release schedules during the holiday season.
• Asia: The Asia-Pacific region also has no significant reports. In Japan (Nikkei 225), major quarterly results are typically published earlier, and the earnings season usually wraps up by year-end, while large Chinese and other Asian issuers have no releases planned for this date.
• Russia: The Moscow Exchange sees limited corporate activity in December: most Russian issuers completed their financial disclosures for prior periods in the fall. No new reports from Russia's blue chips are expected on December 25, with updates being confined to possible operational news from select companies.

Geo-economics: EAEU-Indonesian Agreement

Despite the absence of urgent news, one notable event of the week is the signing of a free trade agreement between the Eurasian Economic Union (EAEU) and Indonesia. This strategic step aims to strengthen economic ties between the largest economy in Southeast Asia and the CIS countries and Russia.

This deal does not have an immediate impact on market conditions in the short term, especially amid the Christmas pause. However, in the long run, the agreement opens new opportunities for trade and investment growth. The expansion of foreign economic ties underscores the EAEU countries' desire to integrate into global markets, which may positively reflect on exporting companies and industries focused on collaboration with Asia in the future.

Day's Summary: Key Points for Investors

1. Market Closure: Christmas halts trading on major exchanges, and volatility in major assets will remain minimal.
2. Russian Macroeconomic Statistics: Inflation and industrial production data are important for the local market but do not exert global influence.
3. Liquidity: Thin market conditions due to holidays — even minor news can trigger disproportionate fluctuations, warranting caution.
4. Investor Strategy: It is prudent to refrain from active trading on such a day and utilize the pause to assess portfolios and plan ahead.
5. Looking Ahead: After the holidays, markets will resume operations; heightened volatility may occur in the final week of the year amidst portfolio rebalancing and year-end position closing.