2025

BANGKOK (AP) — Shares opened mixed in Europe on Tuesday after slipping in Asia as some regional markets wrapped up trading for the year.

Crude oil prices edged higher and gold and silver resumed their ascent. U.S. futures were flat.

In Tokyo, Japanese Prime Minister Sanae Takaichi rang out the final session for 2025 in a traditional year-end ceremony.

“By realizing a Japanese economy that earns the trust of investors around the world, we will create a virtuous cycle in which global capital flows into Japan,” Takaichi said.

The benchmark Nikkei 225 shed 0.4% to 50,339.48, its first year-end close above 50,000. It ended 2025 up nearly 25%.

With just two trading days left before the year ends, most big investors have closed out their positions and volume has been thin. Most global markets will be closed Thursday, New Year’s day, and some will also be closed Wednesday and Friday.

In early European trading, Germany’s DAX was nearly unchanged at 24,348.38. Britain’s FTSE 100 edged up 0.1% to 9.876.73, while the CAC 40 in Paris had barely budged at 8,112.37.

Elsewhere in Asia, Hong Kong’s Hang Seng index climbed 0.9% to 25,854.60, while the Shanghai Composite index was virtually unchanged at 3,965.51.

In Australia, the S&P/ASX 200 edged 0.1% lower to 8,717.10.

South Korea’s Kospi fell 0.2% to 4,214.17, while Taiwan’s Taiex lost 0.4%.

India’s Sensex was down less than 0.1%.

On Monday, stocks slipped in quiet trading on Wall Street. The S&P 500 fell 0.3%. It’s still up more than 17% for the year and it remains on track for its eighth monthly gain in a row.

The Dow Jones Industrial Average fell 0.5%, while the Nasdaq composite fell 0.5%.

Big technology stocks with outsized valuations were among the heaviest weights on the market. Nvidia and several other companies focusing on AI or benefiting heavily from the developing technology have become some of the most valuable in the world.

Nvidia fell 1.2% and Broadcom fell 0.8%.

Tech shares have wobbled recently as investors have grown skeptical over the whether the eventual payoff will justify hefty investments in artificial intelligence.

The price of gold gained 0.7% early Tuesday after falling 4.6% the day before. It’s up about 64% for the year.

Silver prices gained 4.4% after slumping 8.7% on Monday. They have more than doubled in 2025.

The precious metals fell back on Monday when the Chicago Mercantile Exchange, one of the largest trading floors for commodities, asked traders to put up more cash to make bets on precious metals.

Treasury yields fell in the bond market. The yield on the 10-year Treasury fell to 4.11% from 4.13% late Friday.

Treasury yields have fallen significantly from the start of the year, after the Federal Reserve cut its benchmark rate to help counter a slowing jobs market. That risks heating up inflation that is already stubbornly above the central bank’s target rate of 2%. Interest rate cuts could boost the economy by making loans less expensive, but that benefit could be nullified by rising inflation stunting economic growth.

In other dealings early Tuesday, U.S. crude oil gained 14 cents to $58.22 per barrel. Brent crude, the international standard, picked up 12 cents to $61.61 per barrel.

The U.S. dollar slipped to 156.00 Japanese yen from 156.05 yen. The euro fell to $1.1769 from $1.1774.

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AP video journalist Mayuko Ono in Tokyo contributed to this report.

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By Stella Qiu and Vidya Ranganathan

SYDNEY/LONDON, Dec 30 (Reuters) – European shares hit record highs on Tuesday after a subdued session in Asia as investors counted bumper gains heading into year-end, while silver and gold found their footing after a sharp pullback from record highs took some froth off the precious metals’ searing rally.

European stock markets bumped higher, pushing the pan-European STOXX 600 benchmark index to a fresh peak. U.S. stocks seemed set to extend a decline from last week’s highs.

Oil prices held their overnight gains as Russia accused Ukraine of attacking President Vladimir Putin’s residence. While Moscow provided no evidence for its claims, it nevertheless represents a setback for U.S. efforts to broker a peace deal.

Also adding to global geopolitical tensions, President Donald Trump said he could support another major strike on Iran. China launched 10 hours of live-firing exercises around Taiwan on Tuesday.

Liquidity across most markets remained thin in a holiday-shortened week, which exacerbated volatile price swings in silver and other precious metals overnight. After hitting a new record of about $84 per ounce, silver slumped 8.7% in the biggest one-day fall since August 2020, bringing gold and copper down with it. 

The white metal bounced 2.5% on Tuesday to $74.1 per ounce and was still on track for a staggering annual gain of 156%. Gold also gained 0.7% to $4,361 per ounce, after tumbling 4.4% overnight. 

Tony Sycamore, analyst at IG in Sydney, said the initial gap higher in silver was likely to do with stop losses, price action and panic buying as well as the Chicago Mercantile Exchange raising margin requirements. However, the move soon exhausted itself with no real buyers stepping in at those elevated levels. 

“We’ve had a cooling in the precious metals, but I don’t think this trend is over. We still got deficits. We still got nation stockpiling. We’ve got export restrictions,” said Sycamore. “This generational bubble – has it finished? Not sure. Jury’s out with that.”

Europe’s STOXX index was up 0.39% and at record highs. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1% and was set for an annual gain of 26.7%, its best performance since 2017. Japan’s Nikkei eased 0.1% but was up 26% for the year. 

U.S. stock futures were flat to slightly down. Overnight, Wall Street finished lower as heavyweight technology stocks retreated from last week’s gains. 

Still, U.S. stocks are on course to end 2025 near record highs, having notched double-digit gains in a tumultuous year dominated by tariff wars, central bank policy and simmering geopolitical tensions.

DOLLAR’S BAD YEAR

In the currency markets, the U.S. dollar was steady ahead of the minutes of the Federal Reserve’s December meeting which are expected to showcase a divided central bank unsure of its policy path next year. The dollar index is on track for an annual decline of almost 10%, its steepest in eight years. [FRX/]

The yen hovered at 155.85 per dollar, some distance away from the 158-160 area that could trigger intervention from Japanese authorities. The euro was at $1.1775, on course for an impressive gain of 13.7% this year.  

Rate cuts in the United States and prospects of more next year have weighed on the U.S. dollar and helped Treasuries rally, especially at the short-end. Two-year yields slipped 1 basis point to 3.4586%, down for a fourth straight session. For the year, they are down almost 80 basis points.  

The 10-year yield is set for an annual drop of 46 bps. 

Oil prices held largely steady on Tuesday after gaining over 2% overnight. Brent crude futures were flat at $61.92 a barrel, having jumped 2.1% on Monday, while U.S. West Texas Intermediate crude was off 0.1% at $58.01 a barrel. [O/R]

(Reporting by Stella Qiu; additional reporting by Vidya Ranganathan; Editing by Shri Navaratnam, Kirsten Donovan)

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