Morning wrap (23.12.2025)

Gold and silver continue their dynamic rally, with gold approaching another major milestone at 4,500 USD, and silver nearing 70 USD. The upside move is supported by a weaker US dollar and rising geopolitical uncertainty.

The Japanese yen is the strongest of the G10 currencies, gaining 0.4–0.6% against its peers. The yen extended its advance following renewed warnings from Japanese policymakers — chief currency diplomat Atsushi Mimura and Finance Minister Satsuki Katayama — regarding speculative moves.

Japanese equities are rising, supported by easing bond yields. The Nikkei index (JP225) gains 0.30% to 50,500 points.

Prime Minister Sanae Takaichi sought to reassure investors, stressing that Japan’s debt remains high and rejecting irresponsible debt issuance or tax cuts.

Treasury Secretary Scott Bessent added to uncertainty by questioning the precision of the inflation target and signaling growing support among potential Fed chair candidates for abandoning the dot plot.

Trump stated that the US needs Greenland for national security reasons, pointing to Russian and Chinese naval activity near the territory.

TikTok owner ByteDance is reportedly planning CNY 160 bn (USD 23 bn) in capital expenditures in 2026, up from CNY 150 bn in 2025, with around 50% earmarked for advanced semiconductors and roughly CNY 85 bn specifically for AI processors.

Starlink announced that its customer base has surpassed 9 million, up from 8 million just a month earlier. Starlink’s role is growing as a key revenue pillar for SpaceX and a source of funding for long-term projects.

Trump also said the US may sell or retain oil seized near Venezuela — including potentially using it to replenish the Strategic Petroleum Reserve (SPR) — and that the seized vessels will remain under US control.