Global Markets Enter a Critical Pre-Christmas Week

Global markets are heading into a pivotal pre-Christmas week, with investors closely monitoring inflation data, central bank decisions and a dense geopolitical agenda that could shape risk sentiment across equities, currencies and commodities.

From CPI releases in major economies to rate decisions in the UK, eurozone and Japan, the coming days are likely to set the tone for markets into year-end.

📅 Monday, December 15

• EU permanent representatives may approve the 20th sanctions package against Russia
• Meeting between Ukraine’s President Volodymyr Zelensky and EU and NATO leaders in Berlin
• Eurozone — Industrial Production (Oct) 5:00 am ET
• Canada — CPI Inflation (Nov) 8:30 am ET
• United States — NY Empire State Manufacturing Index (Dec) 8:30 am ET
• Australia — Manufacturing, Services & Composite PMI (prelim, Dec) 5:00 pm ET
• Japan — Manufacturing, Services & Composite PMI (prelim, Dec) 7:30 pm ET

📅 Tuesday, December 16

• Helsinki hosts a summit of seven EU countries on regional security and defence
• Bank of Canada resumes Treasury bill purchases (QE)
• Kazakhstan — Markets closed
• India — Manufacturing, Services & Composite PMI (prelim, Dec) 12:00 am ET
• Germany — PMI data (prelim, Dec) 3:30 am ET
• Eurozone — PMI data (prelim, Dec) 4:00 am ET
• United Kingdom — PMI data (prelim, Dec) 4:30 am ET
• Germany — ZEW Economic Sentiment (Dec) 5:00 am ET
• Eurozone — ZEW Economic Sentiment & Trade Balance (Oct) 5:00 am ET
• United States — ADP Employment Change 8:15 am ET
• United States — Housing Starts & Building Permits 8:30 am ET
• United States — Manufacturing, Services & Composite PMI (prelim, Dec) 9:45 am ET
• United States — API Weekly Crude Oil Stocks 4:30 pm ET

📅 Wednesday, December 17

• United Kingdom — CPI Inflation (Nov) 2:00 am ET
• Eurozone — CPI Inflation (Nov) 5:00 am ET
• United States — EIA Crude Oil Inventories 10:30 am ET
• Russia — CPI Inflation 11:00 am ET
• New Zealand — GDP (Q3 2025) 4:45 pm ET

📅 Thursday, December 18

• EU Summit (Dec 18–19): potential confiscation of Russian assets
• United Kingdom — Bank of England rate decision 7:00 am ET
• United Kingdom — BoE Governor press conference 7:30 am ET
• Eurozone — ECB rate decision 8:15 am ET
• United States — Initial Jobless Claims 8:30 am ET
• United States — CPI Inflation (Nov) 8:30 am ET
• United States — Philadelphia Fed Manufacturing Index 8:30 am ET
• Eurozone — ECB press conference 8:45 am ET
• United States — EIA Natural Gas Storage 10:30 am ET
• Japan — CPI Inflation (Nov) 6:30 pm ET
• Japan — BoJ rate decision 10:00 pm ET

📅 Friday, December 19

• EU Summit continues (may extend through the weekend)
• Japan — BoJ press conference 1:30 am ET
• Russia — Central Bank rate decision 5:30 am ET
• Russia — Central Bank press conference 7:00 am ET
• United States — PCE Price Index (Oct) 8:30 am ET
• United States — Existing Home Sales (Nov) 10:00 pm ET
• United States — Michigan Consumer Sentiment & Inflation Expectations 10:00 pm ET
• United States — Baker Hughes Rig Count 1:00 pm ET
• China — Loan Prime Rate (LPR) decision 8:15 pm ET

📅 Saturday, December 20

• Reports suggest the United States may consider a ground operation against drug cartels in Venezuela

Corporate Earnings Snapshot: What to Expect Before Christmas

The earnings calendar for the pre-Christmas week remains relatively light, with no major U.S. mega-cap companies scheduled to report. As historical holiday periods often show, market attention is likely to remain firmly on macroeconomic releases and central bank guidance.

From an editorial perspective, the significance lies in the combination of inflation data and central bank communication arriving against an already fragile geopolitical backdrop.

With multiple inflation prints and policy signals compressed into a single week, market volatility is likely to increase — particularly in FX, rates and energy markets.