Global Markets Drift Aimlessly Amid Skeleton Holiday Trading
Market analysts predict Friday's sessions will see dramatically reduced participation, creating conditions ripe for amplified price swings due to depleted liquidity across asset classes.
As 2025 draws to a close, investor attention has fixated on the looming question of Fed Chair Jerome Powell's successor—a transition driving significant market speculation and volatility.
Anticipation that the incoming chair will favor aggressive monetary loosening is reshaping asset valuations, compounding existing uncertainty surrounding the Fed's leadership transition.
Bullish sentiment regarding the Fed's 2026 easing trajectory, combined with sustained central bank gold purchases, has propelled precious metals to unprecedented heights.
The US 10-Year Treasury yield climbed approximately 2 basis points Thursday to reach 4.15%, while the US Dollar Index held steady at 9.79.
Gold shattered records Friday, touching $4,531.1 per ounce before retreating slightly to trade near $4,505—still posting a 0.6% gain.
Silver also obliterated previous benchmarks, spiking to $75.15 per ounce Friday morning before settling at $74.6, registering a robust 3.7% advance. Brent crude markets remain suspended for the holiday period.
New York Stock Exchange index futures are drifting without clear momentum during the abbreviated trading window.
Across the Atlantic, European bourses have remained dark since Thursday, while Asian markets delivered mixed results amid below-average participation.
Regional trading activity languished beneath typical volumes, with notable exceptions in technology and semiconductor sectors across South Korea and Japan.
Hanmi Semiconductor shares on South Korea's Kospi Index surged 6.7%, while Samsung Electronics climbed 4.8% and SK Hynix added 2%.
In Japan, Lasertec shares on the Nikkei 225 jumped 1.7%, semiconductor testing equipment manufacturer Advantest gained 2.4%, and Tokyo Electron advanced 1.3% Friday.
Tokyo's Consumer Price Index rose 2% in December, with core CPI climbing 2.3%—both figures falling short of forecasts following last month's 2.7% increase.
Japan's November unemployment rate held at 2.6%, meeting expectations, while retail sales climbed 0.6% month-over-month—exceeding projections—and 1% annually, aligning with estimates.
Industrial production in Japan contracted 2.6% month-over-month and 2.1% year-over-year in November, underperforming analyst predictions.
Market analysts noted the economic indicators delivered conflicting signals, emphasizing that Tokyo's cooling inflation has not yet established a definitive nationwide trend.
Following the data releases, the Nikkei 225 climbed 0.7% and the Kospi Index rose 0.3%, while the Shanghai Composite Index dipped 0.2%.
Markets in Hong Kong and Europe remain closed during the holiday period.
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