Market Information Monday 29 December 2025

U.S. stocks are set to end 2025 strongly, with the S&P 500 up nearly 18% for the year and about 1% away from the 7,000 level, while the Nasdaq is up around 22%. The S&P 500 is on track for its eighth consecutive monthly gain, supported by bullish momentum and expectations around future Fed rate cuts. Markets are watching upcoming Fed minutes and potential news on a new Fed chair nomination.

Hong Kong raised its 2025 growth forecast to 3.2% from 2%–3%, driven by strength in finance, technology and trade. With the Hang Seng Index up about 30% this year, the city plans to attract more IPOs, promote the yuan internationally and invest in AI and biotech.

China has passed revisions to its Foreign Trade Law to strengthen its ability to respond to trade conflicts and align its rules more closely with trans-Pacific trade bloc standards. The changes, effective March 1, 2026, expand tools to counter external pressures, tighten control over sensitive exports, and emphasize digital trade, green trade, and intellectual property. The overhaul also reflects Beijing’s effort to reduce reliance on the U.S. and further open its economy.

The 6M Euribor is unchanged at 2.13% compared to previous business day. The 10Y Swap is unchanged at 2.94% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.