**Market Summary: Light Holiday Trading, Japan Cuts Bond Issuance, Oil and Gold Steady**

**Global Markets Update – December 24**

Markets are quiet as the holiday season slows down activity across the globe. Here’s a breakdown of the latest movements in stocks, currencies, bonds, and commodities.

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**Equities: Low Activity Ahead of Holidays**

– European stock futures are closed for Christmas Eve.
– US stock futures are slightly down in thin trading.
– Asia-Pacific markets traded in narrow ranges with little conviction, as investors prepare for the year-end break.
– The ASX 200 slipped slightly due to weakness in tech and healthcare stocks.
– Japan’s Nikkei 225 held steady near the 50,500 level despite a stronger yen.
– Hong Kong and Chinese markets showed mixed moves amid low news flow and quiet trading.

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**Currencies: Yen Strengthens Slightly**

– The US Dollar Index (DXY) is flat, stuck in a tight range between 97.74 and 97.96.
– Most major currencies are stable against the dollar, except the Japanese yen, which is slightly stronger.
– The yen’s recent gains are likely tied to earlier comments from Japan’s Finance Minister about being ready to act in currency markets.
– USD/JPY is trading on the lower side of its recent range, between 155.57 and 156.28.
– South Korea’s government and pension fund are watching FX markets closely and preparing to hedge foreign exchange risks.
– Brazil’s central bank will auction USD 2 billion on December 26 with repurchase agreements.

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**Bonds: Japan to Cut Super-Long Bond Issuance**

– Japan plans to cut its issuance of super-long government bonds (JGBs) to around JPY 17 trillion next fiscal year.
– This move comes after the Prime Minister ruled out excessive borrowing or tax cuts.
– Japanese bonds initially softened overnight but recovered after the news, with March 2026 JGBs jumping to test the 133.00 level.
– US Treasuries are trading in a narrow band ahead of weekly jobless claims data and a 7-year bond auction later today.
– UK gilts moved slightly but with no major news driving the change.

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**Commodities: Oil, Gold, Copper Stay Strong**

– Crude oil prices are slightly higher as trading begins for Christmas Eve. WTI rose near $58.76/barrel and Brent reached $62.76/barrel.
– Gold briefly climbed above $4,500/oz in early Asia-Pacific trading before pulling back to around $4,471/oz as traders took profits.
– Copper continues its strong run, setting a new all-time high above $12.28k/ton. The red metal is heading for its best year since 2009.
– Naftogaz reported that Russia attacked Ukraine’s oil and gas infrastructure overnight.
– Shell’s Corunna site in Spain reported increased flaring due to a temporary process disruption.

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**US Economic Highlights**

– Weekly US jobless claims for the week ending December 20 are due today.
– US crude oil inventories rose by 2.4 million barrels last week, against expectations for a decline.
– Gasoline and distillate stockpiles also increased slightly.

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**Trade & Tariffs: Tensions Continue**

– China’s Commerce Ministry met with foreign trade companies to address global trade concerns.
– China criticized the US over chip-related tariffs and warned it may take countermeasures if the situation continues.
– Japan and the US agreed to speed up a major $550 billion investment plan.

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**Central Banks: BoJ Minutes Show Policy Patience**

– Bank of Japan meeting minutes from October suggest members are becoming more confident about future rate hikes but prefer to wait for more wage data before making a move.

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**Tech & Corporate Headlines**

– Italy’s competition regulator ordered Meta (Facebook) to stop restricting other AI chatbots on WhatsApp during an ongoing investigation into anti-competitive behavior.
– Snowflake is reportedly looking to acquire data monitoring company Observe for about $1 billion.
– Apple’s CEO has reportedly purchased $3 million worth of Nike stock.
– Lockheed Martin secured a $10 billion modification to an existing US Air Force contract.
– Boeing also received a $2 billion contract from the US Air Force.

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**Geopolitical News**

*Russia-Ukraine Conflict*

– Russia reportedly targeted Ukraine’s energy infrastructure overnight.
– Ukrainian President Zelensky said peace talks with Russia are progressing, though disagreements remain over territory. A draft plan includes potential demilitarized zones and ceasefire lines.
– A Ukrainian drone attack caused a fire at an industrial site in Russia’s Tula region.

*Middle East*

– Russian President Putin condemned Israeli actions in Syria during recent strikes.

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**Cryptocurrency Update**

– Bitcoin is hovering near $87,000 while Ethereum trades just below $2,900.

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**Asia-Pacific Headlines**

– A magnitude 5.5 earthquake hit Taipei, according to local reports. No major damage has been reported so far.

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**Reminder**

Markets will remain quiet over the Christmas period. The Newsquawk team will resume full coverage on Friday, January 2nd, 2026 at 07:00 GMT / 02:00 EST.