European Stocks Dip After Holiday, Precious Metals See Records

European stock markets experienced a downturn following a long holiday weekend, reversing earlier gains predicted by futures trading. This contrasts with the U.S. and Asian markets, which saw some activity and record-breaking performances.

Precious Metals Reach New Heights

Precious metals, particularly silver, have recently reached record levels, fueled by progress in Ukraine peace negotiations. Silver notably surpassed $80 for the first time. However, precious metals are experiencing a slight decline today.

Gold and Silver Trends

Spot gold is down 0.4% to $4,512.30 an ounce, after hitting a record high of $4,549.71 on Friday. February U.S. gold futures also fell by 0.4% to $4,535.10 an ounce. Spot silver rose 0.7% to $79.68 an ounce, after falling from a record high of $83.62 earlier in the session.

Since the beginning of the year, silver has gained 181%, outperforming gold due to growing industrial and investment demand. Bullion has also seen a stellar rally in 2025, climbing 72% and breaking several record highs.

Gold has benefited from factors such as bets on further rate cuts in the U.S., geopolitical tensions, strong central bank demand, and increased holdings in exchange-traded funds.

Copper Surges Amid Demand Expectations

Copper, a key metal for renewable energy and electrical grids, jumped as much as 6.6%, reaching $12,960 a ton on the London Metal Exchange. This surge follows the resumption of trading after a two-day public holiday in the UK.

Gains have exceeded 15% in December, as investors bet that the rush to import metal into the United States, in anticipation of possible import duties, will force buyers in other countries to pay more.

US Markets Show Slight Decline

U.S. indices closed slightly lower on Friday, following reduced trading sessions during the holidays. On Christmas Eve, the S&P index nearly reached the 7,000-point level.

• Dow: -0.04%
• S&P 500: -0.03% at 6,929.94
• Nasdaq: 0.09%

Tech Sector Performance

The technology sector, a primary driver of the bull market for over three years, has struggled in recent weeks. Other market segments have shown strength, indicating a market rotation. Despite a recent rebound, the S&P 500 technology sector has decreased by over 3% since the beginning of November. Sectors like finance, transport, healthcare, and small-cap stocks have seen solid gains during this period.

Nvidia rose 1.0% after agreeing to license chip technology from startup Groq and hire its CEO.

Federal Reserve's Future Rate Decisions

Investors are closely watching for signals on when the Federal Reserve might further cut interest rates, following the fourth cut of the year at the December 9-10 meeting. Policymakers have presented varied rate projections for the coming year.

Key Factors Influencing Market Sentiment

The minutes from the December meeting, due tomorrow, could provide further clarity. Investors also anticipate Trump's nomination of a new Fed chair to replace Jerome Powell, whose term ends in May. Any indications of Trump's decision could impact markets this week.

Asian Markets See Gains

The broad MSCI index of Asia-Pacific shares is up 0.5%. Most Asian markets have recorded double-digit gains this year, with investors focusing on artificial intelligence despite tariff measures.

Regional Market Performance

The South Korean Kospi rose 1.7%, reaching a near two-month peak and bringing its annual surge to 75%, on track for its strongest annual gain since 1999. The Japanese Nikkei slipped 0.4% today but is set to record an increase of about 27% for the year. Taiwan stocks increased 1%, reaching a record level and forecasting an annual increase of 25%.

Chip-related stocks in Japan lost ground, with Advantest and Tokyo Electron falling 2.17% and 0.9%, respectively. Electronic components and devices manufacturer TDK lost 1.3%. Hong Kong’s Hang Seng rose 0.4%, and the Shanghai Composite climbed 0.3%.

Other Market Trends

Oil prices have risen due to prospects of improved Chinese demand in 2026. However, oil is still on track for a fifth monthly decline in December, marking the longest losing streak in over two years. Bitcoin has gained approximately 3%, while the dollar remained stable.

Cryptocurrency Market Update

Bitcoin is up, although it has reduced gains seen overnight beyond $90,000, but remains above $89,000. Other cryptocurrencies have also seen an increase, with Ether rising up to 4%, surpassing $3,000.

Tenaris SA Stock Buyback

Tenaris SA announced that between December 22 and 23, it purchased 2.4 million shares at an average price of 16.3512 euros each, for a total value of 39.4 million euros. To date, the company holds 59.0 million shares, equivalent to 5.5% of the share capital.

Banca Popolare di Sondrio and Nexi Spa Agreement

Banca Popolare di Sondrio has entered into an agreement with Nexi Spa for the sale of the business unit related to merchant acquiring activities. The agreement also includes the sale to Nexi of the minority stake currently held by BPSO in Nexi Payments Spa. The closing is expected in the early months of 2026 and is subject to the necessary authorizations from the competent authorities.

Commodities Market Overview

A summary of commodity performance is presented in the table below:

Major Index Performance

The following table details the closing figures for major U.S. indices:

Asian Market Indices

Here's a quick look at how different Asian market indices are performing:

Key Stock Movements in Japan

Notable shifts in Japanese stock values included:

Cryptocurrency Prices

Here is a snapshot of current cryptocurrency values:

Tenaris SA Share Purchases

Details regarding Tenaris SA's recent stock activity are as follows:

Agreement Between Banca Popolare di Sondrio and Nexi Spa

Key points of the Banca Popolare di Sondrio and Nexi Spa deal: