Today’s Outlook :
• US MARKET : The S&P 500 closed slightly lower on Friday, although gains in technology stocks helped limit broader losses in post-Christmas holiday trading. Market activity remained subdued, with trading volumes expected to stay thin ahead of the shortened New Year’s week. As of 4:00 p.m. ET (21:00 GMT), the S&P 500 fell 0.02%, the NASDAQ Composite declined 0.1%, and the Dow Jones Industrial Average slipped 20 points, or 0.04%.
The technology sector was one of the bright spots in an otherwise quiet session, supported by gains in NVIDIA Corporation (NASDAQ: NVDA) after the chipmaker agreed to acquire the assets of AI startup Groq in a USD 20 billion deal. The acquisition is expected to strengthen Nvidia’s competitiveness in the AI inference market. As part of the transaction, Groq’s founder, president, and core engineering team members are expected to join Nvidia.
The rally in technology stocks came amid renewed enthusiasm for tech and AI-related shares, as well as market speculation over potential Federal Reserve interest rate cuts in 2026, which helped support sentiment. As markets prepare to return to full trading after the holidays, investors will monitor economic data and year-end positioning amid historically light volumes and the potential for a seasonal “Santa Claus rally.”
• EUROPEAN MARKET : European stock markets traded in a narrow range on Wednesday during a shortened Christmas Eve session. The pan-European STOXX 600 was flat, the UK’s FTSE 100 fell 0.2% after closing early, while France’s CAC 40 was also flat and traded only for a half-day. Germany’s DAX index was closed.
French pharmaceutical company Sanofi SA announced plans to acquire Dynavax Technologies for USD 15.50 per share in cash, valuing the vaccine maker at approximately USD 2.2 billion. The acquisition will be carried out through a cash tender offer and has received unanimous approval from Dynavax’s board of directors.
On the political front, the Trump administration imposed visa sanctions on former EU Commissioner Thierry Breton and four other individuals, citing allegations of attempts to pressure U.S. technology companies to police political speech. The French government condemned the move, noting Breton’s key role in driving the EU’s Digital Services Act, which targets major U.S. tech firms.
• ASIAN MARKET : Most Asian stock markets traded sideways on Wednesday amid thin year-end trading volumes and reduced liquidity due to the holiday season. Investors also reviewed the Bank of Japan’s (BoJ) meeting minutes to assess the likelihood of future rate hikes. Limited participation ahead of the Christmas and New Year holidays restrained market movements, despite generally positive global sentiment.
China’s Shanghai Composite rose 0.3%, the CSI 300 was largely unchanged, and Hong Kong’s Hang Seng Index gained 0.2%. South Korea’s KOSPI fell 0.2%, Singapore’s STI was flat, India’s Nifty 50 rose 0.2%, while Australia’s ASX 200 declined 0.4%. Japan’s Nikkei 225 edged down 0.1%, while the broader TOPIX index fell 0.4%.
In Japan, attention focused on the BoJ meeting minutes, which revealed differing views among policymakers regarding the continuation of interest rate hikes. Some members supported gradual tightening to maintain inflation, while others emphasized the need to closely monitor economic and wage conditions, highlighting ongoing uncertainty over future policy direction.
• COMMODITIES : Oil prices settled more than 2% lower on Friday amid concerns over a global supply glut and investor focus on a potential Ukraine peace deal ahead of a meeting between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump this weekend. Brent crude fell 2.57% to USD 60.64 per barrel, while WTI dropped 2.76% to USD 56.74.
Although supply disruptions had helped prices rebound from a near five-year low on December 16, oil prices remain on track for the steepest annual decline since 2020. Year-to-date, Brent and WTI are down 19% and 21%, respectively, driven by rising global production and oversupply concerns.
• INDONESIA : Indonesia’s benchmark stock index (IHSG) closed down 0.55% at 8,537.91 in Wednesday’s trading (24/12/2025), weighed down by increased profit-taking ahead of the Christmas holiday and foreign selling pressure. Market breadth was negative, with declining stocks outnumbering gainers.
The index’s weakness was mainly driven by declines in the basic materials, energy, and transportation sectors, while selective gains were seen in property, consumer staples, and infrastructure, indicating limited sector rotation.
From a technical perspective, the IHSG may continue to correct as long as it fails to break above the near-term resistance zone of 8,700–8,750. The nearest support lies at 8,500, followed by stronger support around 8,300–8,350. Given these conditions, a wait-and-see approach is recommended, while selectively looking for buy-on-pullback opportunities near support levels, with disciplined risk management and trailing stops in place.
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