The markets slid into the Christmas season with record highs on thin ice.
US equity markets reached new highs during a short session. Private-equity funds in Japan were forced to exit the market under pressure from activists. Oil recovered on optimism about growth, but geopolitics ruled. Crypto remained in holiday doldrums.
As uncertainty persisted, precious metals stole the show.
As global markets wind down, here’s a look at what has moved and what has barely moved.
S&P 500 reaches record on Christmas Eve with thin volume
The S&P 500 reached an intraday high of 6,921.42 just before the noon closing.
In a session cut short at 1, the benchmark index rose by 0.15%. ET while the Dow rose 0.35%, and the Nasdaq was essentially unchanged.
Micron Technology soared by 4%, reaching a new high after last week’s positive forecast. Bank stocks also reached new heights while financials rose by 0.4%.
As geopolitical tensions, and financial uncertainty drove demand for precious metals, gold and silver have continued to climb structurally and reached record highs.
With desks being lightly staffed and few traders, the majority of players chose to sit tight, rather than try to take new positions, as we approached Thursday’s market closing.
Sapporo ditches real estate arm in landmark $3B PE play
Sapporo Holdings, a Japanese company that has been under pressure from activists for months, finally sold its property business to a KKR/PAG group. The sale price was Y=477billion ($3.06billion), thus ending the campaign.
Singapore’s 3D Investment Partners called out Sapporo for its sloppy allocation of capital. Sapporo sat on prime Tokyo real estate while beverage margins were sagging.
Deal is closed in phases: KKR/PAG will buy 51% of the shares by 2026 and then purchase the remaining 35% over a period of three years.
Ebisu Garden Place is Tokyo’s landmark mixed-use building with housing, offices and retail. Sapporo will use the money to grow beer and soft drinks instead of managing real estate.
As deflation recedes and interest rates remain low, Japanese investors are focusing on trophy assets.
Oil bounces on growth optimism
Crude inched higher Wednesday as traders juggled stronger-than-expected US economic growth against mounting geopolitical risks.
Brent rose to $62.38 per barrel, while WTI went up to $58.38. This is the culmination of a five session rally which has lifted both benchmarks 6% from their five year lows last week.
As a catalyst, Q3 GDP surpassed forecasts with a 4.3% annualized increase. This indicates enduring consumer demand as Fed manages inflation control. Yet headwinds loom.
Trump’s Venezuelan blockade and the two tanks seized at the weekend threaten to disrupt supply globally, while China is retaliating.
Attacks on the energy infrastructure by Russia and Ukraine add to uncertainty. US crude stocks grew by 2.39 millions barrels in the last week. This suggests that demand hasn’t yet matched supply.
Bitcoin drifts sideways around $87K
Bitcoin was trading in the tight range of $86,350 to 87,780 on Wednesday. It hovered around $87,380 following a quiet holiday session.
BTC’s volume was low, as many traders left for the holidays. It fell just 0.05% compared to its previous day’s opening price of $87,430.
The King Coin remained stuck in the $85k-$90k band for most of this month, despite Wall Street records.
BTC market cap is down 28% since October’s peak of $126K. Total cap has dropped 1.1%, to $3 trillion.
Gold shines brighter as fear index rises. Investors are looking at policy changes in 2026 and the expiration of options for next spark.
This article Evening Digest: Bitcoin drifts while S&P500 hits record highs, Japan seals 3B PE exit first appeared on The ICD
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