Global markets closed the session on December 23, 2025, in a generally positive mood, though volumes were light as the holiday season approaches. Investors balanced modest equity gains against currency and bond movements, while regional closures in major exchanges created uneven liquidity conditions. As December 24, 2025, begins, expectations point to a continuation of selective trading and restrained volatility across global markets.

U.S. and Latin America Lead Year-End Gains

Equities in the Americas ended the session higher, led by Brazil’s IBOVESPA, which surged 1.46% to 160,455.83 amid holiday-thinned volumes. In the United States, the Nasdaq gained 0.57% to 23,561.84, the S&P 500 rose 0.46% to 6,909.79, and the Dow 30 added 0.16% to 48,442.41. Small-cap sentiment diverged, with the Russell 2000 falling 0.69% to 2,541.12. Volatility remained muted, with the VIX index down 0.57% at 14.00, indicating investor caution in the final days of the year. The US Dollar Index dipped slightly by 0.04% to 97.90, supporting multinational earnings.

Regional trading was shaped by holiday closures: Argentina’s Buenos Aires Stock Exchange remained closed, and the Brazilian B3 Exchange operated on a shortened session for Christmas Eve. These conditions contributed to lower-than-average volumes and selective capital flows, emphasizing the influence of calendar effects on market behavior.

European Markets Show Resilience Amid Holiday Closures

European equities registered modest gains, supported by stable currency movements. MSCI Europe rose 0.45% to 2,635.10, the FTSE 100 increased 0.24% to 9,889.22, and the DAX added 0.23% to 24,340.06. The EURO STOXX 50 I inched up 0.10% to 5,749.28, while CAC 40 and Euronext 100 experienced minor losses of 0.21% and 0.01%, respectively.

Holiday-adjusted schedules affected several exchanges: London closed early at 12:30, Paris at 14:05, and Frankfurt was closed. The Euro Index climbed 0.28% to 117.94, and the British Pound Index advanced 0.40% to 135.17, highlighting stable cross-border currency conditions supporting equity positions. The constrained liquidity resulted in moderate price movements, with investors favoring sectors with predictable cash flows and low volatility.

Asia Navigates Mixed Trading With Thinned Liquidity

Asian markets reflected uneven sentiment. The Australian Dollar Index rose 0.65% to 67.00, and the Japanese Yen Index gained 0.52% to 64.02. In equities, the SSE Composite increased 0.24% to 3,929.25, Hang Seng rose 0.17% to 25,818.93, and S&P BSE SENSEX added 0.11% to 85,615.31. KOSPI was marginally up 0.02% to 4,118.04, while the Nikkei 225 remained flat at 50,410.67, and S&P/ASX 200 declined 0.38% to 8,762.70. Sydney is scheduled for an early close at 14:00 on December 24, highlighting restricted trading windows.

Investor behavior in Asia was cautious, with selective equity positions and continued focus on currency hedges. Markets were sensitive to year-end liquidity dynamics and global macro signals, particularly U.S. interest rate expectations and energy price trends affecting regional exposure.

Tel Aviv Performance Reflects Selective Investor Activity

The Tel Aviv Stock Exchange recorded modest gains. TA-35 increased 0.07% to 3,711.25 points on a turnover of 2.55 billion NIS, while TA-90 gained 0.31% to 3,814.82 points on 574 million NIS. The TA-125 and banks index declined 0.29% to 3,987.60 points with 1.56 billion NIS turnover. Bond indices were broadly stable, with the All-Bond General Index up 0.06% to 419.53 points, reflecting balanced investor activity across asset classes.

Outlook: Year-End Liquidity and Market Focus for December 24, 2025

With widespread holiday closures across Australia, Europe, and the Americas, December 24 is expected to be characterized by thin liquidity, selective trading, and muted volatility. Investors should monitor currency trends and global macro indicators for potential short-term movements, while Tel Aviv and Asian markets may respond to residual flows and cross-border rebalancing. Risks remain limited but include sudden adjustments in illiquid markets and last-minute portfolio rotations, presenting tactical opportunities for disciplined market participants.