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

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

Thursday, December 25, will witness a near-complete halt in financial markets due to the celebration of Christmas. Most exchanges around the world will be closed, and trading activity will be minimal. No key macroeconomic releases or corporate reports are scheduled in the West, shifting the focus to regions that do not observe this holiday. Notably, in Russia, where December 25 is a working day, important economic indicators will be released – inflation data and industrial production figures. However, the Christmas pause offers global investors an opportunity to catch their breath and reassess strategies before the year-end week.

Macroeconomic Calendar (MSK)

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

Global Markets: Christmas Break

Christmas Day leads to a complete trading halt across global markets. On December 25, no sessions will occur on major exchanges, resulting in 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 indices such as Dow Jones and S&P 500 will not trade.
• Europe: All key European platforms (London Stock Exchange, Frankfurt, Paris, etc.) will be non-operational; indices like Euro Stoxx 50, FTSE 100, and DAX remain unchanged during the holiday.
• Asia-Pacific: Most markets in the APAC region will also be on holiday – exchanges like Hong Kong and Singapore will not trade on December 25. The Tokyo Stock Exchange (Nikkei 225) remains formally open; however, the global pause results in reduced volumes and volatility there as well.
• Latin America: Major markets in the region, including Brazil's B3 and the Mexican Exchange, are closed for Christmas, following the Catholic traditions of most Latin American countries.
• Russia: The Moscow Exchange (MOEX) will operate as usual since Christmas in Russia is celebrated on January 7. However, amid the overall lull and lack of external benchmarks, activity on the MOEX is expected to be subdued.

Low Liquidity: Caution in Thin Markets

The holiday silence on exchanges means extremely low liquidity. Even in those markets that remain open (such as Tokyo or Moscow), trading volumes contract due to the absence of many foreign participants. In such circumstances, any unexpected news can trigger disproportionate price fluctuations, although significant surprises typically do not occur on Christmas Day. Investors are advised to exercise heightened caution: in a thin market, spreads may widen, and individual trades can have a pronounced impact on quotes.

Russian Macroeconomic Statistics: Inflation and Industrial Production

In the absence of Western news, the focus shifts to the Russian economy. Rosstat will release data on consumer inflation and industrial production for November on this day. The inflation rate 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.

Statistics on industrial production will demonstrate the state of key sectors of the Russian economy as the year comes to a close—whether there is an increase in output at enterprises or a continued decline. These figures are crucial for understanding the trajectory of the economy: rising inflation could intensify expectations of further tightening in monetary policy, while stability in industry would indicate businesses are adapting to current conditions. Although the data is predominantly local, their consideration is vital for participants in the Russian market and regulators.

Corporate Reporting: A Quiet Period

On the corporate front, December 25 is marked by a near-total lack of activity. The holiday pause means no financial results will be published by major companies worldwide.

• USA and Europe: In the USA, European countries, and the UK, no reports will be released on this day — companies from the S&P 500 and Euro Stoxx 50 have halted their reporting schedules for the holiday period.
• Asia: There are also no significant reports in the Asia-Pacific region. In Japan (Nikkei 225), key quarterly results are traditionally published earlier, and by the end of the year, the reporting season has already concluded; major Chinese and other Asian issuers are not planning releases for this date.
• Russia: December is not rich in corporate events on the Moscow Exchange: most Russian issuers completed the disclosure of financial results for previous periods in the autumn. No new reports from Russian blue chips are expected on December 25, limiting them to potential operational updates from individual companies.

Geo-Economics: EAEU-Indonesia Agreement

Despite the lack of urgent news, one of the notable events 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 states and Russia.

This deal does not exert any immediate influence on market conditions in the short term—especially given the Christmas pause. However, in the long-term perspective, 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 could positively affect exporting companies and sectors oriented towards collaboration with Asia in the future.

End of Day: What Investors Should Note

1. Market Holiday: Christmas halts trading on leading exchanges, and volatility in major assets will remain minimal.
2. Russian Macroeconomics: Inflation and industrial production data are important for the local market but do not have a global impact.
3. Liquidity: Thin market due to holidays—minor news can cause disproportionate fluctuations, so caution is required.
4. Investor Tactics: It is rational to refrain from active trading on such a day and utilize the pause for portfolio assessment and planning.
5. Looking Ahead: After the holidays, markets will resume operation; during the final week of the year, increased volatility may occur against the backdrop of portfolio rebalancing and year-end position closures.