US stock exchanges moved little amid thin trading. Bitcoin surpasses $88,600

(Il Sole 24 Ore Radiocor)- Wall Street indices are little changed on a day characterised by thin trading for the Christmas holiday. The US, along with Asian exchanges, are the only ones open on Boxing Day. In Tokyo, where the government has set a record budget for the coming year, the Nikkei closed up 0.62% despite disappointing industrial production data. Confident traders in China, too, with the Shanghai index up 0.1 percent and the Shenzhen up 0.54 percent. Seoul ended trading up 0.51% while Hong Kong, Asia's most Western-linked marketplace, closed. Across the Atlantic, all eyes are on the Fed's next steps: according to Cme FedWatch, the odds that the US central bank will cut the cost of money again in 2026 stand at 82.3%, despite the better-than-expected third-quarter GDP figure. Geopolitical issues remain in the background, but they are giving precious metals wings with gold hitting a new record high.

Wall Street experienced a low-volume session as the holiday season extended for many investors and several financial centres. Christmas Eve had seen indices break new records, both intraday and at the close, fuelling expectations for the traditional Santa Claus Rally, which statistically is concentrated in the last five days of the year and the first two of the New Year. The escalation of geopolitical tensions contributed to the trade: the US conducted an airstrike against the Islamic State in Nigeria on Christmas Day and continues to block oil tankers entering and leaving Venezuelan waters. Shares in mining companies such as Southern Copper and Freeport-McMoRan rose, buoyed by rising gold and silver prices. Wti oil at the Nymex is down and trading in the $58 per barrel area.

Japan's benchmark government bonds (Jgb) rose slightly as expectations of a curb on debt issuance helped yields fall from their 26-year peak. The Jgb rebound came after Prime Minister Sanae Takaichi sought to allay concerns over his massive stimulus plan and after a Reuters report said the government would likely reduce new issuance of very long-term bonds in the next fiscal year. Cyclically, Japanese industrial production fell 2.6% month-on-month in November, reversing the 1.5% increase recorded in the previous month and missing market expectations of a 2% drop. This is the most marked drop since January 2024, according to flash estimates provided by the Ministry of Economy, Trade and Industry.

Inflation slowed in the Tokyo area, where the core consumer price index rose 2.3% year-on-year in December, down from 2.8% in the previous month and below market expectations. Today's figure marks the lowest since February, but remains above the Bank of Japan's 2% target, underscoring persistent price pressures in the capital. The overall consumer price index dropped to 2 per cent from 2.7 per cent in November, while the consumer price index excluding food and energy in Japan fell to 2.6 per cent in December from 2.8 per cent in November.

The rally in precious metals continued, driven by expectations of new cuts in the cost of money by the Fed and heightened geopolitical tensions. Silver surpassed the $75 mark for the first time in the early morning hours ($75.14); it now trades at $74.84 (+4.23%). Gold also climbed, which after hitting a new record high at $4,531.04, now sees the spot contract up 0.83% to $4,516.35 while futures advanced almost 1% to $4,547.35. Gold has rallied strongly this year, posting its biggest annual gain since 1979, buoyed by the Federal Reserve's policy easing, geopolitical uncertainty, strong central bank demand, rising ETF holdings and the ongoing process of de-dollarisation.