EU stock markets traded in a distinctly “holiday mode” on Wednesday, December 24, 2025, with liquidity thinning sharply as several exchanges either closed entirely or ran shortened sessions for Christmas Eve. The STOXX 600—a widely followed pan-European benchmark that investors often use as a proxy for the region—was flat at 588.93 by 08:09 GMT, pausing after a run of fresh highs earlier in the week. [1]
The muted headline move, however, masked a handful of themes that still mattered to investors positioning into year-end: energy shares were supported by firmer oil, miners followed another surge in precious metals, and large-cap deal news brought individual names back into focus—even in a shortened session. [2]
Christmas Eve trading across the EU: what was open, what closed early, and what shut completely
The biggest driver of today’s subdued action was simply the calendar. Across the continent, Christmas Eve trading schedules varied by venue, compressing volumes and making it harder for markets to “trend” in the way they might during a full session.
Here’s how the day looked across major EU-linked venues:
- Germany (Frankfurt/Xetra): closed for the session, removing one of Europe’s deepest liquidity pools from the market. [3]
- Italy (Milan): closed, further thinning activity in euro area large caps. [4]
- Euronext (Paris, Amsterdam, Brussels, plus other venues): half-day trading for several cash markets on 24 December 2025, with full closure on 25 and 26 December, before returning to full trading on 29–30 December. [5]
- Spain (BME / Madrid): open until 14:00 CET on 24 December, and closed on 25 and 26 December. [6]
That combination—two major continental exchanges fully closed and several others closing early—is why many investors treat Christmas Eve moves as “informational,” not definitive. In thin conditions, small flows can create outsized price action, while conviction and participation remain low.
EU stock market snapshot: STOXX 600 pauses after record momentum
Despite the quiet tape, the market entered Christmas Eve with strong recent momentum. The STOXX 600 had notched back-to-back record highs earlier in the week, and Reuters linked the push to healthcare strength, helped by the latest catalyst around Novo Nordisk. [7]
Today’s lack of follow-through is consistent with what typically happens when time horizons shrink (day traders and systematic flows dominate) and positioning becomes cautious ahead of multi-day holidays. In practical terms: fewer participants, fewer “fresh” catalysts, and less willingness to chase breakouts.
Sector movers in EU markets: energy and miners outperform in thin trade
Even on a calm day, sector leadership offered clues about what investors were watching most closely.
Energy stocks: oil supports the sector, BP stands out
Energy names were firmer, with Reuters reporting European energy shares up 0.4% as oil prices rose for a sixth consecutive session. [8]
A major contributor was BP, after it agreed to sell a 65% stake in its Castrol lubricants business to Stonepeak for about $6 billion, a transaction that Reuters said values Castrol at $10.1 billion. [9]
BP’s rationale matters for investors assessing the broader European energy complex:
- The Castrol sale is positioned as a meaningful step in BP’s $20 billion divestment plan, aimed at reducing debt and improving returns. [10]
- BP will retain a 35% interest in a new joint venture with Stonepeak (with an option to sell later, subject to a lock-in). [11]
In a market where 2025 has rewarded cash discipline and shareholder-return narratives, large, clean asset sales can act as a “signal” trade—especially for European majors that have been scrutinized for strategy, complexity, and capital allocation.
Miners and basic resources: record metals keep the bid alive
Miners also found support. Reuters said European miners were up 0.1%, helped by a “metal markets frenzy” that pushed gold, silver, platinum, and copper to record highs. [12]
The magnitude of the move in precious metals has been striking into year-end:
- Spot gold hit another record at $4,524/oz, up 72% in 2025. [13]
- Silver reached $72.27/oz, setting up an annual gain of almost 150% (its best year on record in that Reuters wrap). [14]
For EU equities, this isn’t just a commodity story—it’s also a style and sector story. Strong metals prices tend to lift:
- major diversified miners,
- precious-metals producers,
- parts of the European industrial supply chain tied to mining capex and processing.
At the same time, record metals can hint at broader macro undercurrents—currency moves, rate expectations, and hedging demand—that often matter to European multi-nationals.
Stock-specific spotlight: healthcare remains a key driver
Healthcare remained part of the market narrative, even if Christmas Eve price action was subdued. Earlier momentum in European equities had been linked to healthcare performance and Novo Nordisk’s U.S. regulatory catalyst. [15]
Additional tape-level color from a Dow Jones/Morningstar market update showed Novo Nordisk Series B up 9.2%, with Switzerland’s SIG Group up 5.1%, while Frontline fell 3.1% and Gerresheimer slipped 2.7%. [16]
In thin markets, these outsized single-name moves often do more to shape sentiment than the index itself—particularly when they reinforce the story investors already believe (in this case: healthcare leadership and selective stock picking).
Big EU corporate headline: Sanofi to acquire Dynavax in $2.2 billion deal
In France, Sanofi delivered one of the day’s clearest corporate catalysts, agreeing to buy U.S. vaccines company Dynavaxfor about $2.2 billion as it expands its vaccine portfolio. [17]
Key terms and context reported by Reuters:
- $15.50 per share in cash, representing a 39% premium to Dynavax’s prior close (and 46% to its 3‑month volume-weighted average). [18]
- Target assets include Dynavax’s U.S.-approved hepatitis B vaccine and an experimental shingles vaccine in early-stage testing. [19]
- Sanofi said it expects to complete the acquisition in Q1 2026, funding it with available cash, and that it would not change its 2025 financial outlook. [20]
Notably, Reuters also reported that the FDA declined to approve Sanofi’s experimental multiple sclerosis drug tolebrutinib—a reminder that, for European pharma, pipelines can deliver positive M&A headlines and regulatory setbacks in the same news cycle. [21]
For EU stock markets, deals like this matter beyond the immediate price action because they feed into a wider year-end question: Will 2026 be a year of consolidation, pipeline-building acquisitions, and “defensive growth” leadership?Sanofi’s move is a data point that some large European healthcare groups are still willing to deploy capital aggressively for portfolio durability.
Macro backdrop: strong U.S. growth, a weaker dollar, and a stronger euro shape the year-end narrative
Even when EU markets trade lightly, the macro signals that anchor global pricing still influence risk appetite.
Two macro developments stood out in today’s reporting:
1) U.S. data supports risk sentiment
Reuters noted that market sentiment was helped by U.S. data showing faster-than-expected Q3 growth, which improved risk tone even as holiday liquidity stayed thin. [22]
2) Currency moves remain a major cross-asset driver
In FX, Reuters reported the U.S. dollar was on track for a 9.9% annual decline—its worst year since 2003—while the euro held near $1.18 and was up more than 14% in 2025. [23]
For EU equities, a stronger euro can cut two ways:
- It can be a headwind for exporters when overseas revenues translate back into euros.
- But it can also be interpreted as a signal of relative confidence in Europe’s macro path—especially if investors believe the region’s inflation and growth outlook is stabilizing.
Reuters also highlighted that investors were pricing in roughly two more Fed cuts in 2026, and cited Goldman Sachs forecasting two additional 25 bp cuts to the policy rate. [24]
If that easing path holds, it could keep global financial conditions supportive—typically a constructive backdrop for equities, including Europe.
Forecasts and outlook: what investors are watching for EU stocks into 2026
Even on Christmas Eve, the forward-looking conversation rarely stops—it just shifts from trading to scenario-building.
A Reuters global markets wrap quoted Citi’s U.S. equity strategist Scott Chronert as staying constructive on equities into 2026, while also warning that dispersion across themes, sectors, and market caps could remain high. [25]
That idea translates cleanly into an EU investing framework:
- Index-level performance could remain resilient if liquidity and earnings expectations hold up.
- But stock selection may matter more than it has in years, especially across:
- exporters vs. domestic cyclicals (sensitive to the euro),
- commodity-linked names (tied to metals/oil),
- healthcare and defensives (still drawing flows),
- banks and financials (sensitive to rate paths and credit conditions).
In other words, 2026 may not be about a single “Europe trade.” It may be about choosing which Europe: commodities and cash flow, healthcare consolidation, domestic cyclicals, or rate-sensitive financials.
What happens next: when EU markets reopen and what to watch first
With Christmas Day and Boxing Day closures, the next meaningful checkpoint for European price discovery is the first full-liquidity session after the break.
- Euronext’s calendar shows full trading resumes on Monday, 29 December 2025 (with normal sessions also on 30 December). [26]
- Spain’s BME notes early close on Dec. 24 and closure on Dec. 25–26, implying the same late‑December normalization once the holidays pass. [27]
When markets return, investors will likely re-focus on:
- Commodity momentum (can miners and energy keep leading if metals stay elevated and oil remains steady?) [28]
- Deal follow-through (BP’s balance sheet narrative; Sanofi’s integration and pipeline messaging). [29]
- FX and rate expectations (a weaker dollar/stronger euro regime changes relative winners within EU indices). [30]
Bottom line for EU stock markets on 24.12.2025
Today was less about big index swings and more about who still attracted bids in thin trade: energy, miners, and select healthcare names, alongside headline-grabbing corporate deals. With major EU venues closed or on shortened hours, the market’s next “real” verdict is likely to come when normal liquidity returns—starting with the late‑December sessions and, ultimately, the first full week of January.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.euronext.com, 6. www.bolsasymercados.es, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.morningstar.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.euronext.com, 27. www.bolsasymercados.es, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com
