Economic calendar: Wall Street is back to work

The second Day of Christmas is a public holiday for most European economies, with stock exchanges remaining closed. On the other hand, the majority of Asian markets are operating, and Wall Street returns to business as usual today. Following Tuesday's robust rally driven by technology stocks, modest gains are continuing, with major Wall Street index futures testing historical highs.

Today's macroeconomic calendar features two key highlights. Firstly, the Turkish interest rate decision is due, with expectations of a 150 basis point cut from the record 50% level, which has been maintained since March 2024. Turkish inflation has decreased from its recent local peak of 75% in May to 47% in November. The second noteworthy release is the US jobless claims data, although this metric has shown little significant movement recently.

Calendar (all times GMT):

11:00, Turkey - CBRT Interest Rate Decision: Forecast: 48.5%; Previous: 50.0%;

13:30, United States - Continuing Jobless Claims: Previous: 1.874K;

13:30, United States - Initial Jobless Claims: Forecast: 223K; Previous: 220K;

13:30, United States - 4-Week Moving Average of Initial Claims: Previous: 225.50K;

18:00, United States - 7-Year Treasury Note Auction: Previous: 4.183%;

21:30, United States - Federal Reserve Balance Sheet: Previous: $6.889 trillion;

21:30, United States - Reserve Balances with Federal Reserve Banks: Previous: $3.237 trillion;