Amillex Daily Market Commentary | Periodic easing of market risk aversion; US stocks recover, silver hits new highs, and crypto assets await directional choice.

December 22, 2025. Last Friday, major US stock indices closed higher, with tech stocks notably leading the Nasdaq and S&P 500, offsetting some weakness in consumer and small-cap stocks. Lower-than-expected US inflation data reignited market expectations for Federal Reserve rate cuts in 2026, leading to a visible recovery in risk appetite. Precious metals remained resilient, with gold holding at high levels and silver surging strongly to reach record highs. Energy prices rebounded slightly but remained in a downward-oscillating trend overall. In the forex market, the US Dollar Index stayed within a stable range, EUR/USD faced downward pressure, and the Yen performed weakly despite the Bank of Japan’s interest rate hike. Overall, the market exhibited a volatile recovery trend influenced by the interplay of macro data and central bank policy signals.

按資產類別劃分的市場表現與基本面分析

1. 美國股市：

指數表現：

The Dow Jones Industrial Average rose only about 0.38%, weighed down by a significant drop in consumer discretionary stocks like Nike.

The S&P 500 Index rose about 0.88%.

The Nasdaq Index climbed strongly by about 1.31% due to the outstanding performance of the AI sector.

股票聚焦：

Micron Technology continued its strong performance, closing up about 7%, acting as a core driver for the tech sector’s corrective rally.

Oracle closed up about 6.6%, pulling some AI and enterprise software stocks higher.

Nvidia and Broadcom rose about 3.9% and 3.2% respectively, boosting the overall performance of the tech sector.

驅動因素： Lower-than-expected US inflation reinforced expectations for the start of a rate-cutting cycle and improved risk appetite. Earnings in the tech sector and a shift in capital allocation back to growth names boosted overall market sentiment.

2. 外匯市場： USD steady, Euro under pressure, Yen weakens on policy signals.

The US Dollar Index remained in range-bound fluctuations; the Dollar was generally steady against major currencies;

EUR/USD faced pressure due to the European Central Bank standing pat and expectations of a Dollar rebound, oscillating near the 1.17 level in the short term;

USD/JPY rose as the Yen performed weakly; although the Bank of Japan raised its policy rate to 0.75% as expected, the post-meeting statement lacked clear guidance on future hikes (or was not hawkish enough);

3. 貴金屬和大宗商品： Mixed impact from falling inflation and rising risk appetite; overall volatile trend.

貴金屬：

Spot gold (XAUUSD) traded above $4,300 per ounce, recording a slight gain on Friday.

Spot silver (XAGUSD) continued its significant uptrend for the year, refreshing record highs and approaching $67.50 per ounce, with a year-to-date gain exceeding 130%.

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