Today’s trading was unusually quiet as many major exchanges shut for Boxing Day, leaving only a handful of Asian markets to keep the wheels turning.
Market Holiday Leaves Liquidity Thin
Exchanges in Australia, Hong Kong, the United Kingdom, Ireland, France, the Netherlands, Belgium, Switzerland, Sweden and Finland were closed for the holiday. Only a few European venues – such as Germany, Italy and Spain – stayed open, but activity was muted. The result was fragmented trading and low volume across the globe.
Asian Markets Push Higher Despite Low Volumes
With most of the world on pause, several Asian exchanges posted modest gains:
- Japan’s TOPIX rose about 0.5% to a fresh record high.
- South Korea’s KOSPI gained 0.6%, taking its year‑to‑date rise to roughly 72%, the best performance among major markets in 2025.
- China’s Shanghai Composite edged up 0.27%, on track for an 18% annual gain – its strongest year since 2020.
The MSCI Asia‑Pacific index climbed for the sixth straight session, up 0.4% and up about 25% so far this year, showing that the year‑end momentum remains strong despite the holiday lull.
Precious Metals Lead the Rally
Spot silver surged more than 4% to a record high, while gold also hit a fresh peak, trading around $4,503 per ounce. The metal rally is being fueled by heightened geopolitical tension as the United States ramps up pressure on Venezuela.
What to Watch in 2026
Investors are now looking ahead to the United States:
- Traders are pricing in at least two Federal Reserve rate cuts in 2026, but expect the first move not before June.
- The Fed itself projects only one cut next year, reflecting internal disagreements.
- Potential changes in Fed leadership – with speculation around a Trump‑nominated chair to replace Jerome Powell – could also sway markets when regular trading resumes.
Takeaway
Boxing Day has turned global markets into a quiet pause, but Asian equities and precious metals have kept the momentum alive. As the new year approaches, the focus shifts to U.S. monetary policy and possible shifts in Fed leadership.
Remember, this is perspective, not a prediction. Do your own research before making any investment decisions.