Global Markets Mixed on Christmas Eve Trading

Asia-Pacific markets mostly declined on Wednesday, diverging from Wall Street's gains, as Japan's Nikkei 225 and Australia's S&P/ASX 200 fell, while Hong Kong's Hang Seng index and mainland China's CSI 300 rose. Japan's government bond yields hit record highs as the country plans to issue new bonds to fund its fiscal 2026 budget. The US dollar weakened, and gold prices surged to a new record above $4,500 per ounce. US stocks rose for a fourth straight session, driven by AI names and tech giants like Nvidia and Broadcom.

European markets opened higher on Christmas Eve, with the Stoxx 600 rising 0.1% as investors assessed the volatile year. Novo Nordisk's shares surged over 9% after gaining FDA approval for a GLP-1 pill, while Sanofi's shares dipped 1% after announcing a $2.2 billion acquisition of Dynavax. Gold and silver futures hit fresh highs, and Asia-Pacific markets traded mostly higher ahead of early closures for the Christmas Eve holiday. Meanwhile, the US imposed visa bans on five individuals, including former EU commissioner Thierry Breton, for alleged censorship of US social media platforms.

The Economist's finance and economics section features various articles discussing current trends and issues in the financial world. The articles cover a range of topics, including the decline of philanthropy in America, market developments in 2025, and the impact of crypto on traditional banking. Other topics include the American labor market, investment trends, and the economic situation in China and Germany. The section also includes analysis from financial experts and commentary on market trends.

The article discusses the decline in charitable giving among Americans in 2025 compared to previous years. While it might be tempting to blame President Donald Trump and his policies for this trend, the reality is more complex. The article suggests that the decline in philanthropy is not solely attributed to Trump's assault on charitable giving, but rather a combination of factors. It highlights that Americans typically engage in charitable giving during the year-end holiday season, but this year's numbers are lower. The article touches on various economic and social factors that might be contributing to this decline, setting the stage for a nuanced exploration of the issue.