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Data:
🟦 Global Rates / Yields
- United States (Treasuries): Cash market closed for Christmas Day. Last active levels remained broadly steady in thin year-end conditions: 2Y ~3.46–3.52% | 5Y ~3.82–3.90% | 10Y ~4.10–4.18% | 30Y ~4.78–4.86%. Curve pricing continues to imply first Fed easing late-2026.
- United Kingdom (Gilts): Market closed; last indications showed 10Y ~4.45–4.52%, with term premia supported by fiscal/supply considerations.
- Australia (ACGBs): 10Y ~4.70–4.78%, little changed; local markets open but subdued, tracking global long-end stability.
- Canada (GoC): Market closed; last 10Y ~3.40–3.50%, broadly aligned with U.S. Treasuries.
- Other key markets:
- Germany 10Y Bund ~2.85–2.92%, euro-area cash markets largely closed.
- Japan 10Y JGB ~2.00–2.05%, steady near cycle highs with BoJ normalization risk still prominent.
🟩 Equities — Major Index Moves
United States:
Asia:
- Nikkei 225: -0.3–0.6%, underperformed as a firmer yen and elevated domestic yields weighed on exporters.
🟨 Macro / Economic Calendar
- United States: No Tier-1 releases due to the holiday; attention stayed on earlier-week data (durable goods, GDP revisions, consumer confidence).
- Europe: No releases; calendar effectively empty.
- Asia: No high-impact prints; focus remained on Japan inflation dynamics and policy signaling.
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Companies.
+) Nike shares climbed sharply, with an approximate 4.6% gain after a high-profile purchase of NIKE stock by Apple’s CEO, reflecting renewed investor confidence around the apparel and retail sector.
+) Dynavax Technologies saw a significant surge in its stock price, rising over 38% after Sanofi announced a deal to acquire the company, highlighting strategic M&A activity in biotech.
+) NVIDIA shares experienced mixed reactions — modest declines were observed after announcements surrounding changes to its chip manufacturing collaborations, including news that Intel will no longer be involved in certain AI chip testing processes.
+) Intel’s stock saw slight downward pressure, trading lower in reaction to the shift in Nvidia’s chip development plans, reflecting investor focus on competitive dynamics in chip supply chains.
+) Datavault AI Inc. (NASDAQ: DVLT) traded with notable volume swings, as catalysts like a patent news and shifts in meme-coin sentiment influenced microcap trading behavior in the thin holiday tape.
+) Richtech Robotics Inc. faced stock weakness, with shares down amid market competition challenges and ongoing operational pressures.
+) American Pacific announced share payments to former employees, representing a small corporate action tied to compensation and equity distribution.
+) OBOOK Holdings rescheduled its financial results conference call, indicating timeline shifts for reporting and investor communication.
+) MediaTek formed a new collaboration with DENSO targeting automotive SoCs, an example of strategic partnerships in the semiconductor and automotive technology sector.
+) YY Group reported strong unaudited earnings results for the first half of 2025, showing robust revenue and gross profit growth, reinforcing Asian corporate earnings momentum in select sectors.
- M&A activity was a standout, especially with Dynavax’s acquisition by Sanofi — a clear example of strategic consolidation in biotech.
- Leadership moves and insider buys such as the Apple CEO’s share purchase in Nike provided sentiment boosts for selected equities.
- Competitive dynamics in semiconductors continued to shape individual stock pricing (e.g., Nvidia/Intel interactions).
- Microcap and thin-tape volatility was present due to holiday trading conditions, with companies like Datavault AI experiencing headline-driven moves.
- Corporate actions (share payments, earnings rescheduling) added to the tape but remained generally low given the holiday period.
** Top 5 Gainers (23Dec)
| Company | Market Cap | Volume | % Move | Catalyst |
| Nvidia (NVDA) | ~$2.0T | Light | + | Semiconductor leadership |
| Apple (AAPL) | ~$3.0T | Light | + | Defensive mega‑cap flows |
| Microsoft (MSFT) | ~$2.9T | Light | + | Cloud stability |
| Amazon (AMZN) | ~$1.7T | Light | + | Consumer exposure |
| Meta Platforms (META) | ~$1.2T | Light | + | Advertising momentum |
** Top 5 Loser (23Dec)
| Company | Market Cap | Volume | % Move | Catalyst |
| Exxon Mobil (XOM) | ~$470B | Light | − | Energy sector drag |
| Chevron (CVX) | ~$290B | Light | − | Oil price weakness |
| ConocoPhillips (COP) | ~$135B | Light | − | Crude sensitivity |
| Duke Energy (DUK) | ~$75B | Light | − | Defensive lag |
| Freeport‑McMoRan (FCX) | ~$60B | Light | − | Metals consolidation |
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General
Currency Overview remains subdued as post-holiday liquidity keeps FX ranges compressed G10 FX traded with low volatility as markets reopened after Christmas, with thin liquidity amplifying flow-driven moves rather than fundamental repricing. The U.S. dollar was broadly steady, reflecting funding considerations and residual defensive demand rather than a change in policy expectations.
EUR edges higher modestly as USD softness re-emerges in thin trade The euro found light support as marginal USD selling returned with the reopening of European markets. With Eurozone data flow minimal and ECB expectations unchanged, EUR price action continued to reflect relative rate stability and positioning effects.
GBP trades quietly as domestic catalysts remain absent Sterling moved in a narrow range as investors refrained from adding exposure ahead of the new year. Ongoing concerns around UK growth and fiscal constraints capped upside, while stable global yields limited downside pressure.
USD holds range-bound as markets await fresh catalysts into year-end The Dollar Index was little changed as investors balanced funding demand against a lack of new macro signals. Expectations for a gradual, data-dependent Fed easing path remained intact, keeping the dollar anchored.
JPY weakens slightly as carry dynamics dominate low-volatility conditions The yen softened marginally as stable U.S. yields and compressed volatility encouraged selective carry positioning. Absent BOJ communication, JPY continued to trade primarily as a function of global rate dynamics.
Gold steadies as safe-haven demand offsets holiday profit-taking Gold prices held broadly flat, supported by contained real yields and mild defensive demand as markets transitioned out of the holiday period. Limited liquidity capped upside momentum.
Oil trades sideways as demand concerns continue to outweigh supply risks Brent and WTI remained range-bound, with markets focused on uncertain global demand rather than geopolitical supply headlines. Energy pricing continued to imply limited near-term inflationary pressure.
Equity Flow remains cautious as investors ease back into markets Equity flows suggested selective re-engagement rather than broad risk accumulation, with investors favoring quality and balance-sheet strength. Positioning remained conservative ahead of year-end portfolio adjustments.
Geopolitical backdrop stays muted with no new escalation priced Major geopolitical themes—including U.S.–China strategic rivalry and ongoing regional conflicts—remained unchanged during the session. Markets treated these issues as structural considerations rather than immediate volatility drivers.
Corporate-specific developments highlight cautious outlooks for early 2026 Several companies reiterated conservative guidance for early 2026, citing uneven demand visibility and margin pressure. The response reinforced investor preference for earnings durability and cash-flow resilience.
Upcoming News
Markets reopen after the Christmas break in a thin-liquidity, year-end environment, with sentiment tilted toward range trading and balance-sheet management rather than fresh risk-taking. Overall market sense is cautiously constructive but fragile, as participants assess residual positioning from last week and prepare for the final trading days of the year. With many institutional desks still lightly staffed, headline sensitivity and idiosyncratic flows are likely to dominate intraday moves across FX and rates.
In the United States, the macro calendar is light, leaving USD price action driven mainly by relative rate expectations, technical positioning, and spillovers from global data. Any surprise in late-cycle indicators could still trigger outsized reactions given reduced depth, but broader trends are unlikely to form ahead of January’s heavier data slate.
Across Europe, trading conditions remain subdued. With no major Eurozone releases scheduled today, EUR is expected to take cues from U.S. rates and cross-currency flows rather than domestic fundamentals. In the Asia–Pacific region, Japan’s activity and inflation-related updates provide limited but relevant signals for the BoJ normalization debate, while China remains largely headline-driven, with policy messaging and year-end liquidity operations in focus.
| Time (GMT+7) | Category | Country / Region | Event | Market Relevance |
| 07:50 | 🔴 Red News | Japan | Industrial Production (m/m) | Activity momentum; JPY sensitivity via growth expectations |
| 07:50 | 🔴 Red News | Japan | Retail Sales (y/y) | Domestic demand signal; BoJ policy implications |
| 20:30 | 🔴 Red News | United States | Pending Home Sales | Housing demand indicator; USD and rates sensitivity |
| All day | 🔶 Stress / Headlines | Global | Year-end flows / policy or geopolitical headlines | Thin liquidity may amplify price moves |
Snapshot – Early Monday
G7 FX
The U.S. Dollar Index (DXY) slipped slightly to 98.02 (–0.04%), extending mild consolidation as year-end liquidity conditions kept FX trading subdued. Major G7 pairs remained largely range-bound with limited directional conviction.
- EUR/USD: 1776 (+0.04%) — modest euro rebound as USD eased marginally.
- GBP/USD: 3496 (flat) — sterling stabilized after recent volatility.
- USD/JPY: 42 (–0.05%) — yen marginally firmer, tracking soft U.S. yields.
- USD/CHF: 7890 (–0.05%) — CHF modestly stronger on light defensive demand.
- EUR/GBP: 8725 (+0.06%) — euro slightly outperformed sterling.
- USD/CAD: 3668 (–0.03%) — CAD edged higher alongside firm crude prices.
Metals
Precious metals extended their consolidation near recent highs, with modest upside in silver and copper.
- Gold (XAU/USD): 4,538.07 (+0.12%) — modest upside, maintaining elevated levels.
- Silver (XAG/USD): 84 (+4.50%) — sharp rally, significantly outperforming gold.
- Copper: 8863 (+0.33%) — continued steady advance, reflecting resilient industrial demand expectations.
Global Indices (Not Working today)
Equities traded mixed but constructive, with U.S. tech leading gains and volatility easing further.
- S&P 500: 6,937.50 (+0.05%)
- Dow Jones: 48,774.45 (+0.05%)
- Nasdaq 100: 25,644.39 (–0.05%)
- EU50: 5,754.45 (–0.04%)
- CAC 40: 8,103.58 (flat)
- VIX: 16.72 (–0.36%)
Analysis: Risk appetite improved modestly, driven primarily by tech strength. Falling volatility signaled continued complacency, though overall participation remained light.
Crypto Markets
Crypto assets saw mild stabilization, with selective strength in Ethereum while broader altcoins lagged.
- BTC/USD: 87,640 (–0.19%)
- ETH/USD: 2,940.5 (–0.20%)
- SOL/USD: 17 (–0.40%)
- OP/USD: 272 (–2.16%)
This report is provided to The Concept Trading from Van Hung Nguyen
