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What to Watch in Christmas Week: Inflation Data and Global Growth Signals

A holiday-shortened trading week still delivers key macro releases, including U.S. PCE inflation, GDP data, central bank minutes, and widespread Christmas market closures.

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Olivia Carter Olivia Carter
Christmas Week
Photo: finmire.com

From an editorial perspective, the significance lies in timing. Global financial markets are heading into a holiday-shortened week, yet the macroeconomic calendar remains packed with key releases that could influence positioning into year-end and early 2026.

With liquidity expected to thin sharply around Christmas, even routine data may trigger outsized market reactions.

📅 Monday — December 22

  • 2:00 am: United Kingdom — Q3 2025 GDP
  • 8:30 am: United States — Chicago Fed National Activity Index
  • 10:00 am (tentative): United States — PCE Price Index (inflation)
  • 7:30 pm (Mon): Australia — RBA meeting minutes

The PCE inflation report remains the key focus for U.S. markets, as it is the Federal Reserve’s preferred inflation gauge.

📅 Tuesday — December 23

  • 8:15 am: United States — ADP Employment Report
  • 8:30 am: United States — Durable Goods Orders
  • 8:30 am: United States — Housing Starts
  • 8:30 am: United States — Q3 2025 GDP (final)
  • 9:15 am: United States — Industrial Production
  • 10:00 am: United States — Conference Board Consumer Confidence
  • 10:00 am: United States — Richmond Fed Manufacturing Index
  • 4:30 pm: U.S. oil market — API crude oil inventories

Tuesday concentrates the bulk of U.S. macro risk, combining growth, labour, manufacturing and sentiment data into a single session.

📅 Wednesday — December 24 (Christmas Eve)

  • Markets closed: Germany, Switzerland, Argentina, Brazil
  • Early close: United States, United Kingdom, New Zealand, Australia
  • 6:50 pm (Tue): Japan — Bank of Japan meeting minutes
  • 8:30 am: United States — Initial Jobless Claims
  • 12:30 pm: U.S. oil market — EIA crude oil inventories
  • 11:00 am: Russia — Industrial Production (Nov)
  • 11:00 am: Russia — CPI inflation

With shortened sessions, volatility may appear exaggerated, particularly in commodities and FX.

📅 Thursday — December 25

Christmas Day: No trading in the United States, the United Kingdom and many global markets.

📅 Friday — December 26

Boxing Day: Markets closed in the United Kingdom, Germany, Australia, New Zealand, South Africa and Canada.

Market Takeaway

Despite the holiday slowdown, the concentration of inflation and growth data early in the week makes this period potentially market-moving. Thin liquidity can amplify price swings — a dynamic often seen in late-December trading.

Macro Calendar
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