SYDNEY, Tuesday, 23 December 2025 — Australian shares pushed higher in pre-Christmas trading, with the S&P/ASX 200 hovering around the 8,780–8,803 range through the afternoon as a powerful rally in real estate/property stocks (led by Goodman Group) combined with renewed strength in precious metals and a supportive global risk backdrop. [1]
By about 3:30pm AEDT, the ASX 200 was up 98 points (+1.13%) to 8,798.40, logging a new 20‑day high, with Goodman Group (+8.6%) and DroneShield (+6.6%) among the standout gainers highlighted by local market coverage. [2]
The day’s action wasn’t just a simple year-end drift. Traders had multiple live catalysts to price in: an RBA narrative that is turning more hawkish at the margin, a major institutional property transaction at Westfield Sydney, and a heavyweight corporate move by Goodman that underscores how “AI infrastructure” is reshaping portfolios across the ASX.
ASX 200 snapshot: a broad lift into the Christmas break
Australian equities built momentum through the session. Around midday, the ASX 200 was up about 0.56% (49.1 points) to 8,749, with the All Ordinaries also higher, as strength in real estate and financials outweighed softer patches elsewhere. [3]
By early afternoon, ABC’s market snapshot put the ASX 200 at 8,780 (+0.9%), while the Australian dollar sat near US 66.62 cents and spot gold traded around US$4,481/oz. [4]
Later, The Australian’s live market coverage cited the index up 1.2% at 8,803 around 2pm AEDT, reflecting a steady grind higher rather than a single spike. [5]
The big driver: Goodman’s $14bn Europe data-centre partnership ignites property stocks
The clearest single-stock influence on the day was Goodman Group (GMG) after Reuters reported the company signed a A$14 billion (US$9.32bn) partnership with Canada Pension Plan Investment Board (CPPIB) to develop data centre projects in Europe. [6]
Key details driving the re-rating:
- 50/50 venture with an initial total capital commitment of A$3.9bn. [7]
- A starting portfolio of four projects across Frankfurt, Amsterdam and Paris, totalling 435MW of primary power and 282MW of IT load. [8]
- Construction targeted to commence by 30 June 2026, with the transaction expected to close in phases by March 2026. [9]
Goodman shares rose as much as 7.7% to A$31.48 in Reuters’ reporting, becoming the top gainer on the benchmark. [10] Local reports during the session similarly flagged Goodman’s jump around the 8–9% mark, helping push the broader real estate sector sharply higher. [11]
Why it matters for the ASX today:
Data centres are increasingly treated as “critical infrastructure meets real estate,” pulling capital from long-duration pools (like pensions) that are comfortable underwriting multi-year buildouts. That kind of financing signal can spill over into the rest of the listed property complex—especially when liquidity is thin and headline-driven positioning dominates.
RBA minutes: the market reopens the question of rate hikes in 2026
A second key macro force on 23 December was the release and interpretation of the Reserve Bank of Australia’s December meeting minutes, which added weight to the idea that the next big policy move may not be a cut.
Reuters reported the RBA considered whether a rise in interest rates might be needed in 2026 after a recent pick-up in inflation, while noting it was still “too early” to be sure and that the board wanted to see fourth-quarter inflation data due in late January. [12]
The inflation backdrop is uncomfortable for the central bank:
- Headline CPI hit 3.8% in October, with factors like changes in electricity rebates influencing the annual rate into mid-2026. [13]
- More importantly for policy, Reuters reported core inflation rose to 3.3% in October, pushing it further above the RBA’s 2–3% target band. [14]
- The cash rate remains at 3.60%, and the next key decision point is the 3 February meeting. [15]
Markets have already begun to price the scenario shifts: Reuters noted about a 25% chance of a hike by February, with a quarter-point move fully priced by July and about 44bp of hikes implied for 2026. [16]
Why it matters for equities today:
Even a modest upward shift in the expected rate path can change relative leadership inside the ASX—supporting bank net interest margin narratives at the margin, while pressuring some high-duration growth and yield-sensitive exposures. That said, the day’s price action shows the market was able to rally despite the hawkish tilt—suggesting investors were leaning more heavily on corporate catalysts (Goodman) and the global risk mood.
Gold and silver at record highs: miners and defensives back in focus
Precious metals strength remained part of the session’s narrative. Reuters reported spot gold and spot silver hitting all-time highs, supported by safe-haven demand amid geopolitical tensions and a broader “risk-on into year-end” vibe across equities and commodities. [17]
Locally, ABC’s snapshot had spot gold up 0.8% at US$4,481/oz around 1pm AEDT, while oil and iron ore were slightly softer on the day at that time. [18]
The tone was echoed in Australian market reporting that framed the rally as a mix of a year-end bid and a metals tailwind, with the session characterised by strong performance in rate- and commodity-linked areas. [19]
Major corporate deal: Australian Retirement Trust buys into Westfield Sydney
In significant single-asset property news, Reuters reported Australian Retirement Trust (ART) will acquire a near-20% stake in Scentre Group’s Westfield Sydney shopping mall for A$864 million (US$575.68m). [20]
Reuters added several important angles investors watched closely:
- The sale price matched the asset’s book value as of June 2025. [21]
- Scentre said its remaining 80.1% interest in Westfield Sydney was valued at A$3.5bn, and its net investment now stood at A$900m—a sharp uplift versus acquisition economics. [22]
- Scentre shares were broadly flat around A$4.205 at the time Reuters reported, even as the ASX 200 was up about 1%. [23]
- Strategically, Reuters reported the deal aligns with Scentre’s broader capital recycling push tied to housing development, including plans linked to 670 hectares of land holdings and rezoning progress at Westfield Hornsby and Westfield Belconnen. [24]
Market takeaway:
This is a classic late-cycle “quality asset + institutional partner” structure—unlocking liquidity while keeping operational control and long-run upside exposure. In a session dominated by property and infrastructure narratives, it fit cleanly into what investors were already buying.
Banks and consumer trust: CBA’s $68m goodwill payments hit the tape
While not the day’s main index driver, banking headlines drew attention because they intersect with the ASX’s largest sector weighting.
ABC reported Commonwealth Bank will begin making further “goodwill payments” of about $68 million in early February 2026 to certain concession customers who incurred unusually high fees, following ASIC findings earlier this year that the bank incorrectly charged low-income customers $270 million in fees. ABC also noted CBA’s total goodwill payments would rise to about $93m including amounts already paid. [25]
In terms of market reaction, ABC’s live coverage noted CBA shares were up about 2% during the afternoon (as referenced around 3:20pm AEDT). [26]
Other movers: Ramsay deal in healthcare, DroneShield extends tech/defence momentum
A few other corporate lines helped shape sector performance:
- Healthcare: AAP reporting carried in local press noted Ramsay Health Care agreed to buy National Capital Private Hospital from Healthscope receivers for $251m. [27]
- Tech/defence: ABC flagged DroneShield among the day’s top performers, up 6.6% in the afternoon update. [28]
These moves reinforced that the ASX rally wasn’t purely one-sector: property led, but risk appetite extended into select growth/defence names as well.
Global backdrop: “Santa rally” tone, US GDP ahead, and markets balancing risk-on with safe havens
The international tone was broadly constructive. Reuters described Asia shares edging higher into the festive period, with markets looking ahead to a key batch of delayed US economic releases—especially an advanced read on US GDP, expected to show annualised growth of 3.3% for the third quarter. [29]
At the same time, the coexistence of higher equities and record precious metals prices reflects a late-year pattern where investors can hold both “risk” and “insurance” simultaneously—particularly when geopolitical risks are elevated and liquidity is thinning.
Forecasts and technical levels: where strategists think the ASX 200 could head next
With only a small number of major domestic catalysts left before year-end, much of the near-term “forecasting” turns technical and flow-based.
A Reuters-sourced market wrap quoted IG’s Tony Sycamore saying the “Santa Claus rally has finally kicked in” and suggested there was room for the ASX 200 to extend toward 8,850 on thin year-end volumes if key support levels held. [30]
How that frames today’s move:
With the index already pressing into the high‑8,700s/near‑8,800, the market is effectively testing whether the rally can persist through lower liquidity, or whether profit-taking quickly reasserts itself once the calendar turns.
What to watch next: holiday trading hours and the next macro “hard data” test
With trading desks winding down, the calendar matters as much as the catalyst.
ASX’s official trading calendar flags Wednesday 24 December as an early close, and the exchange notes that normal trading ceases at 14:10 (Sydney time). [31]
ASX’s operational notice for participants also confirms shortened trading on 24 December and 31 December, specifying the cash market schedule mechanics around the early close and reiterating that all times are AEDT. [32]
From a macro standpoint, the next major domestic swing factor is the late‑January inflation data that the RBA itself highlighted as necessary before it can judge whether inflation persistence truly warrants tightening. [33]
Bottom line: Australia stocks rise into Christmas, but the 2026 rate story is back
On 23 December 2025, the Australian share market delivered exactly what late December often produces—a buoyant, headline-driven rally, powered by a few big themes that can dominate in low-liquidity conditions:
- Property and infrastructure got a jolt from Goodman’s A$14bn data-centre partnership. [34]
- RBA minutes injected fresh uncertainty into the 2026 path for rates—enough to keep valuation debates alive, even as stocks climbed. [35]
- Scentre’s Westfield Sydney deal underscored institutional appetite for prime Australian assets and supported the day’s “capital recycling” narrative. [36]
- Gold and silver at records kept miners and defensives in the conversation as global markets balanced risk-on positioning with hedging. [37]
If the ASX 200 can hold the 8,800 zone into the early close on Christmas Eve, the market’s next test will be whether the “Santa rally” extends on thin flows—or whether January brings a sharper repricing once investors return and the inflation/rates debate regains centre stage. [38]
References
1. www.abc.net.au, 2. www.abc.net.au, 3. www.kyfreepress.com.au, 4. www.abc.net.au, 5. www.theaustralian.com.au, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.kyfreepress.com.au, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.abc.net.au, 19. www.kyfreepress.com.au, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.abc.net.au, 26. www.abc.net.au, 27. www.kyfreepress.com.au, 28. www.abc.net.au, 29. www.reuters.com, 30. m.economictimes.com, 31. www.asx.com.au, 32. asxonline.com, 33. www.reuters.com, 34. www.reuters.com, 35. www.reuters.com, 36. www.reuters.com, 37. www.reuters.com, 38. www.abc.net.au
