Next week's heavy schedule: Global markets enter "Christmas mode"

December 22 - December 28 Weekly Major Financial Events Overview, all times in Beijing:

Key Focus for Next Week: US-China economic data, progress on the selection of the Federal Reserve Chair, global stock market closures around Christmas, public speeches by Bank of Japan Governor Kazuo Ueda, etc.

In addition, Huawei will hold a nova15 launch event, and Zhiyuan Robotics will launch the Qingtian rental platform. Leapmotor's tenth anniversary celebration and brain-computer interface exhibition will also take place in the same week.

Economic Indicators

• Latest US GDP and Economic Data

Next week, the US will release a series of economic data, with the core focus on the third-quarter real GDP to be announced on December 23, with the market expecting an annualized quarterly rate of 2.5%. The key highlights of this data will be the resilience of the service sector and non-durable goods consumption, and whether it can effectively offset the demand overhang for durable goods caused by "tariff panic" in the second quarter, while inventory changes remain the biggest disruptive variable. In terms of manufacturing, the US will release industrial output data for October and November, which is expected to show a "first decline then rise" trend; meanwhile, durable goods orders are expected to decline due to a significant drop in Boeing aircraft orders.

Additionally, the US government will update the PCE data for July-September when it releases the third-quarter GDP report on December 23.

• China's November Profits of Industrial Enterprises Above Designated Size Year-on-Year

On December 27, Saturday, China will release the profit data for November for industrial enterprises above designated size nationwide. After the profit year-on-year turned to a decline of 5.5% in October, whether this month's data can stabilize and rebound becomes a key window to observe the matching degree of micro-enterprise efficiency and macroeconomic vitality.

• China's December One-Year and Five-Year Loan Market Quotation Rate (LPR)

The market generally expects that China's December one-year and five-year LPR will remain unchanged, marking the seventh consecutive month of no movement. The one-year LPR, which serves as the benchmark for corporate loans, will remain at 3.00%, while the five-year LPR, which guides mortgage costs, will stay at 3.50%. The market believes the next rate cut will occur early next year, guiding loan rates lower.

• Japan's December Tokyo CPI Year-on-Year

Bloomberg expects Tokyo CPI to significantly cool down in December, but this will not change the Bank of Japan's path to reducing stimulus measures. The overall index is expected to rise by 2.2% year-on-year, down from 2.7% in November. However, the core core index (excluding fresh food and energy) may rise from 2.8% to 2.9% due to the transmission effects of rising labor costs and a weak yen. A hotter core core reading should enhance the Bank of Japan's confidence that price increases have sufficient persistence to justify further tightening after the expected rate hike on December 19

Financial Events

• Christmas: US stocks, Hong Kong stocks, European stocks, South Korean stocks, etc. are closed, and Brent crude oil futures trading is suspended

The New York Stock Exchange, South Korea, Germany, France, Italy, the UK, Australia, New Zealand, Singapore, India, Indonesia, Malaysia, the Philippines, and Taiwan's stock markets are all closed.

In Hong Kong, December 25, 2025 (Thursday) to December 26 (Friday) is a public holiday, Hong Kong stocks are closed, and there will be no northbound trading for the Shanghai-Shenzhen Stock Connect.

In terms of commodities, trading for precious metals, US oil, foreign exchange, and stock index futures contracts on the Chicago Mercantile Exchange is suspended all day. Trading for Brent crude oil futures contracts on the Intercontinental Exchange (ICE) is also suspended all day.

• Christmas Eve: US stocks close early, European stocks are closed or close early, Hong Kong stocks trade half-day

The New York Stock Exchange will close early at 02:00 Beijing time on the 25th. European stock exchanges in Germany, France, Italy, etc. will be closed for a day or half a day. Australia, Singapore, and New Zealand will have partial trading days, while the Philippines will be closed.

Additionally, Hong Kong stocks will trade half-day, with random closing between 12:08 and 12:10. For the Hong Kong Stock Connect, services will not be available from the afternoon of December 24 (Wednesday) to December 26 (Friday), and services will resume as usual on December 29 (Monday).

• The selection process for the next Federal Reserve Chair continues to advance

Wall Street Journal reported that the selection process for the next Federal Reserve Chair is still ongoing. The candidate list has been narrowed down to four: Kevin Hassett, Kevin Warsh, Christopher Waller, and Rick Rieder from BlackRock, who will be interviewed in the last week of the year.

Additionally, Trump has stated that the next Federal Reserve Chair must be a "super dove," and the candidate will be announced soon.

• The 19th meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from December 22 to 27

According to Xinhua News Agency, the 56th Chairman's meeting of the Standing Committee of the 14th National People's Congress was held in the Great Hall of the People in Beijing on the afternoon of the 15th. Chairman Zhao Leji presided over the meeting. The meeting decided that the 19th meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from December 22 to 27.

• ZhiYuan Robotics will launch the Qingtian Rental Platform on December 22

ZhiYuan Robotics will hold a press conference for the Qingtian Rental Platform on December 22, with news that the first batch of rental service providers and users can participate in the experience activities, enabling on-demand rental of robots

• Huawei: December New Product Launch Event Scheduled to Release nova15 Series and Other All-Scenario New Products

Huawei officially announced that it will hold a launch event for the nova15 series and other all-scenario new products on December 22. At that time, the Huawei nova15 series, tablets, wearables, and HarmonyOS smart home new products will be showcased together.

• Honor Win Series to be Officially Released on December 26

The Honor Win series will be officially released on December 26, featuring the first model with a 10,000mAh battery and Snapdragon 8E5.

• Hulunbuir City to Have "Snow Holiday" from December 24 to 28

The "Snow Holiday" special work plan for Hulunbuir City 2025 has been issued, allowing students in grades 1 to 8 of compulsory education to enjoy a "3+2" five-day holiday from December 24 to 28.

• Leapmotor 10th Anniversary Launch Event

The Leapmotor 10th anniversary launch event will be held on December 28, where more new car plans and new technologies will be announced.

• 2025 Shenzhen International Brain-Computer Interface Innovation Technology Exhibition

The 2025 Shenzhen International Brain-Computer Interface Innovation Technology Exhibition will be held from December 28 to 30 at the Shenzhen International Convention and Exhibition Center. Additionally, the 2025 Industrial Green Low-Carbon Development Conference will be held in Chengdu on December 23-24.

• Guangzhou Futures Exchange: Adjustment of Minimum Order Quantity for Polysilicon Futures Contracts Starting December 22

Guangzhou Futures Exchange: Starting from the trading time on December 22, 2025, the minimum order quantity for opening positions for polysilicon futures contracts PS2601, PS2602, PS2603, PS2604, PS2605, PS2606, PS2607, PS2608, PS2609, PS2610, PS2611, and PS2612 will be adjusted from 1 lot to 5 lots, while the minimum order quantity for closing positions will remain at 1 lot.

• Oracle Japan to Release Latest Financial Report Next Week

In terms of financial reports next week, Oracle Japan will release its latest financial report on Tuesday, December 23. Additionally, U.S. real estate company Limoneira, GTIM, and Spanish Broadcasting System (SBSA) will also announce their financial reports.

• Shenzhen Stock Exchange to Review Shenzhen Dapu Microelectronics Co., Ltd.'s GEM IPO Application on December 25

According to the Shenzhen Stock Exchange's official website, the listing committee of the Shenzhen Stock Exchange is scheduled to review Shenzhen Dapu Microelectronics Co., Ltd.'s GEM IPO application on December 25. Dapu Microelectronics is the first unprofitable company accepted by the Shenzhen Stock Exchange and is a leading semiconductor storage product provider in the industry with rare capabilities in enterprise-level SSD "main control chip + firmware algorithm + module" full-stack self-research and mass production