Overview of Key Events This Week
The U.S. releases key economic data for Q3 GDP, among others, in a busy schedule.
Next week will see a flurry of U.S. economic data releases, with the main focus on the real GDP for Q3, scheduled for release on December 23. The market expects its annualized quarterly growth rate to reach 2.5%. The critical aspect of this data will be whether the resilience in services and non-durable goods consumption can effectively offset the pre-emptive durable goods demand brought about by 'tariff panic' in Q2, while inventory changes remain the largest variable of interference.
In terms of manufacturing, the U.S. will release industrial production data for October and November, which is expected to show a 'decline followed by a rebound' trend; however, due to a significant drop in Boeing aircraft orders, durable goods orders are anticipated to decline.
Moreover, when the U.S. government releases the Q3 GDP report on December 23, it will also update the PCE data for July to September.
China's year-on-year profit of industrial enterprises above designated size in November will test the recovery at the micro level.
On Saturday, December 27, China will release profit data for industrial enterprises above designated size in November. After profits turned to a year-on-year decline of 5.5% in October, whether this month’s data can stabilize and recover has become a key window for observing how corporate performance matches macroeconomic vitality at the micro level.
China's one-year and five-year Loan Prime Rate (LPR) for December will be announced, with the market expecting no change.
It is widely expected that China’s one-year and five-year LPRs will remain unchanged for December, marking the seventh consecutive month of holding steady. The one-year LPR, which serves as the benchmark for corporate loans, will stay at 3.00%, while the five-year LPR, guiding mortgage costs, will remain at 3.50%. The market anticipates that the next interest rate cut will occur early next year, driving down loan rates.
Japan’s Tokyo CPI year-on-year for December will be released, with expectations that core inflation will continue to support the Bank of Japan’s tightening outlook.
Bloomberg forecasts that Tokyo’s CPI will significantly cool in December, but this will not alter the Bank of Japan’s path toward reducing stimulus. The headline figure is expected to rise by 2.2% year-on-year, down from 2.7% in November.
However, the core-core indicator excluding these volatile factors (excluding fresh food and energy) may slightly increase from 2.8% to 2.9%, driven by rising labor costs and the transmission effect of a weaker yen. A hotter core-core reading should bolster the Bank of Japan's confidence that price increases are sufficiently sustainable to justify further tightening after an anticipated rate hike on December 19.
The selection process for the next Federal Reserve Chair continues, with Trump emphasizing a 'super-dovish' stance.
The selection process for the next Federal Reserve Chair is still ongoing. The candidate list has been narrowed down to four individuals: Kevin Hassett, Kevin Warsh, Christopher Waller, and Rick Rieder of Blackrock, who will be interviewed in the final week of the year.
Moreover, Trump stated that the next Federal Reserve Chair must be 'super dovish,' and the chosen candidate will be announced soon.
The 19th session of the 14th Standing Committee of the National People's Congress will be held in Beijing from December 22 to 27.
According to Xinhua News Agency, the 56th meeting of the Presidium of the 14th Standing Committee of the National People’s Congress was held at the Great Hall of the People in Beijing on the afternoon of December 15. It was decided that the 19th session of the 14th Standing Committee of the National People’s Congress will be held in Beijing from December 22 to 27.
On Christmas Eve, U.S. stocks will close early, European markets will be closed or partially closed, and Hong Kong stocks will trade for half a day.
On December 24, Christmas Eve, the New York Stock Exchange will close early at 02:00 Beijing time on December 25. Securities exchanges in Germany, France, Italy, and other European countries will either be closed for the entire day or partially closed. Australia, Singapore, and New Zealand will have partial trading days, while the Philippines will be closed.
Additionally, Hong Kong stocks will trade for half a day, with random closing between 12:08 and 12:10. For Stock Connect trading, services will not be available from Wednesday afternoon, December 24, to Friday, December 26, and normal service will resume on Monday, December 29.
On Christmas Day, U.S. stocks, Hong Kong stocks, European stocks, Korean stocks, and others will be closed, and Brent crude oil futures trading will be suspended.
On December 25, Christmas Day, the U.S. stock market will be closed. Stock markets in South Korea, Germany, France, Italy, the United Kingdom, Australia, New Zealand, Singapore, India, Indonesia, Malaysia, the Philippines, and Taiwan, China, will also be closed.
In the Hong Kong stock market, December 25, 2025 (Thursday) to December 26, 2025 (Friday) are public holidays in Hong Kong, and the Hong Kong stock market will be closed. Northbound trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will not be available.
In commodities, the Chicago Mercantile Exchange (CME) will suspend trading for precious metals, WTI crude oil, foreign exchange, and stock index futures contracts for the entire day. The Intercontinental Exchange (ICE) will suspend trading of Brent crude oil futures contracts for the entire day.
Monday (December 22)
Keywords: China’s five-year and one-year Loan Prime Rate (LPR), UK Q3 GDP final reading, UK Q3 current account
In terms of economic data, attention can be paid to China's announced five-year and one-year Loan Prime Rates (LPR), as well as the UK's released third-quarter GDP final reading and current account data.
09:00 China December five-year Loan Prime Rate (LPR)
09:00 China December one-year Loan Prime Rate (LPR)
15:00 UK third-quarter GDP annualized rate final reading
15:00 UK third-quarter current account
In terms of financial events, a new round of price adjustment for refined oil products will commence domestically. The 19th session of the Standing Committee of the 14th National People's Congress will be held in Beijing from December 22 to 27.
Tuesday (December 23)
Keywords: Multiple core U.S. Q3 economic data, RBA Minutes, Canadian GDP
Regarding economic data, attention can be paid to key economic indicators such as U.S. Q3 real GDP, initial Q3 real personal consumption expenditure (PCE) growth rate. The U.S. government will update the July-September PCE data when it releases the Q3 GDP report on December 23.
21:30 U.S. Q3 Real GDP Annualized Initial Growth Rate
21:30 U.S. Q3 Real Personal Consumption Expenditure (PCE) Initial Growth Rate
21:30 U.S. Q3 Core PCE Price Index Annualized Initial Growth Rate
21:30 U.S. October Durable Goods Orders Monthly Growth Rate
21:30 Canada October GDP Monthly Growth Rate
22:15 U.S. November Industrial Production Monthly Growth Rate
23:00 US December Conference Board Consumer Confidence Index, US December Richmond Fed Manufacturing Index
In terms of economic events, the Reserve Bank of Australia will release the minutes of its December monetary policy meeting.
08:30 Reserve Bank of Australia releases the minutes of its December monetary policy meeting
Wednesday (December 24)
Keywords: Early closure of US stock market on Christmas Eve, half-day trading in Hong Kong stocks, US initial jobless claims, Bank of Japan October monetary policy meeting
In terms of economic data, attention can be paid to the US initial jobless claims and weekly EIA crude oil inventories.
02:00 US total number of oil rigs for the week ending December 26 (number)
05:30 US API crude oil inventory for the week ending December 19 (in million barrels)
21:30 US initial jobless claims for the week ending December 20 (in ten thousand people)
23:30 US EIA crude oil inventory for the week ending December 19 (in million barrels), US EIA Cushing, Oklahoma crude oil inventory for the week ending December 19 (in million barrels), US EIA Strategic Petroleum Reserve inventory for the week ending December 19 (in million barrels)
In terms of financial events, the Bank of Japan will release the minutes of the October monetary policy meeting, and the Bank of Canada will publish the minutes of its monetary policy meeting.
02:30 Bank of Canada publishes the minutes of its monetary policy meeting
07:50 Bank of Japan releases the minutes of the October monetary policy meeting
In terms of market holidays, the Hong Kong stock market and Singapore stock market will be closed in the afternoon; U.S. stocks will close three hours early, with trading hours from 22:30 to 02:00 Beijing time, and after-hours trading from 02:00 to 06:00 the next day. The U.S. stock overnight session (Beijing time December 24, 09:00–17:00) will operate normally.
Thursday (December 25)
Keywords: Christmas market closures, U.S. natural gas inventory, speech by the Governor of the Bank of Japan
In terms of economic data, attention can be paid to the U.S. natural gas inventory figures.
01:00 U.S. EIA Natural Gas Inventory for the week ending December 19 (in billion cubic feet)
In terms of financial events, Kazuo Ueda, Governor of the Bank of Japan, will deliver a speech.
09:20 Today, 300 billion yuan worth of one-year Medium-term Lending Facility (MLF) and 88.3 billion yuan worth of seven-day reverse repurchase agreements will mature.
To be determined: Bank of Japan Governor Kazuo Ueda delivers a speech at the Japan Business Federation.
In terms of market holidays, the Hong Kong stock market, Northbound Stock Connect (A-share), Singapore stock market, and the U.S. stock market will all be closed for the entire day.
Friday (December 26)
Keywords: Hong Kong stock market holiday, Japan's November unemployment rate, Japan's CPI
In terms of economic data, attention can be paid to Japan's released November unemployment rate data.
07:30 Japan's November unemployment rate
07:30 Japan's December Tokyo CPI year-on-year
In terms of market holidays, the Hong Kong stock market and Northbound Stock Connect (A-share) will be closed for the entire day. The Singapore stock market and U.S. stock market will operate normally.
Stay ahead with the latest financial updates and discover investment opportunities early! Open Futubull > Market > US Stocks >Economic Calendar/Selected macroeconomic data, seize the investment opportunity!
Wishing all fellow investors a successful new week ahead!
Editor/Wendey