Economic Events and Corporate Reports for Thursday, December 25, 2025. Christmas Day, World Markets Closure, Macroeconomic Statistics from Russia, and Key Benchmarks for Investors.
Thursday, December 25, will be a day of near-complete pause in financial markets due to the celebration of Christmas. Most exchanges around the world will be closed, and trading activity will be minimized. Key macroeconomic releases and corporate reports are not scheduled in the West, shifting the focus towards regions not observing this holiday. Notably, in Russia, where December 25 is a regular working day, important economic indicators will be released—namely, inflation data and industrial production figures. Nonetheless, the Christmas break offers global investors an opportunity to take a breather and reassess strategies ahead of the final week of the year.
Macroeconomic Calendar (MSK)
- Christmas Day – a public holiday for most global financial markets.
- Russia – release of inflation and industrial production figures (for November).
Global Markets: Christmas Holidays
Christmas Day leads to a widespread halt in trading across global markets. No sessions will be held on December 25 on major exchanges, indicating a pause in the movements of stocks, currencies, and commodities. Below is the regional situation:
- North America: In the U.S. and Canada, exchanges (including NYSE, Nasdaq, and TSX) are closed, and indices such as the Dow Jones and S&P 500 will not trade.
- Europe: All key European markets (London Stock Exchange, Frankfurt, Paris, among others) are not operational; indices such as Euro Stoxx 50, FTSE 100, and DAX remain unchanged during the holiday.
- Asia-Pacific Region: Most APAC markets are also on holiday – exchanges like Hong Kong and Singapore do not trade on December 25. The Tokyo Stock Exchange (Nikkei 225) is technically open, but the global pause decreases trading 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 many Latin American countries.
- Russia: The Moscow Exchange (MOEX) operates as usual since the Christmas holiday in Russia falls on January 7. However, in the general calm and absence of external benchmarks, activity on the Moscow Exchange is expected to be subdued.
Low Liquidity: Caution in Thin Markets
The holiday silence in the exchanges results in extremely low liquidity. Even on the platforms that remain open (such as in Tokyo or Moscow), trading volumes are reduced due to the absence of many international participants. Under these circumstances, any unexpected news can lead to disproportionate price fluctuations, although substantial surprises are not typically expected on Christmas Day. Investors are advised to exercise increased vigilance: in thin markets, spreads may widen, and individual trades can significantly impact quotes.
Russian Macroeconomic Statistics: Inflation and Industrial Production
In the absence of Western news, attention 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 benchmark (4%) amid the dynamics of the ruble exchange rate and domestic demand.
The industrial production statistics will showcase the state of key sectors of the Russian economy at the end of the year — whether output at enterprises is growing or declining. These figures are crucial for understanding the economy's trajectory: accelerating inflation may increase expectations for further tightening of monetary policy, while stability in industry would indicate that businesses are adapting to current conditions. Although the data is mainly local in nature, its consideration is important for market participants and regulators in Russia.
Corporate Reporting: A Lull
On the corporate front, December 25 is characterized by a near-complete lull. The holiday pause means no financial results are published by major companies worldwide.
- U.S. and Europe: Neither in the U.S., European countries, nor the UK is any report released on this day — companies from the S&P 500 and Euro Stoxx 50 indices have suspended their release schedules during the holiday period.
- Asia: The Asia-Pacific region likewise has no significant reports. In Japan (Nikkei 225), major quarterly results are traditionally released earlier, and by the end of the year, the reporting season is already over, while major Chinese and other Asian issuers do not plan releases on this date.
- Russia: In Moscow, December lacks corporate events; most Russian issuers finished disclosing financial results for previous periods in the autumn. No new reports from Russia’s blue chips are anticipated for December 25, limited to possible operational updates from select companies.
Geo-economics: EAEU-Indonesia Agreement
Despite the lack of urgent news, one of the notable events of the week will be 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 and Russian states.
In the short term, this deal will not have a direct impact on market conditions, especially given the Christmas pause. However, in the long term, the agreement opens up new opportunities for increasing trade turnover and investment. The expansion of foreign economic ties underlines the EAEU countries’ desire to integrate into global markets, which may positively affect exporting companies and sectors oriented towards cooperation with Asia in the future.
Summary of the Day: Key Takeaways for Investors
- Market Closure: Christmas halts trading on major exchanges, and volatility in key assets will remain minimal.
- Russian Macroeconomic Data: The inflation and industrial production figures are important for the local market but do not have a global impact.
- Liquidity: A thin market due to the holidays means that even minor news may lead to disproportionate fluctuations, so caution is warranted.
- Investor Strategy: It is prudent to refrain from active trading on such a day and use the pause for portfolio assessment and planning.
- Looking Ahead: After the holidays, markets will resume operations; the last week of the year may see increased volatility due to portfolio rebalancing and closing annual positions.
