<div id="readability-page-1"><div>BEFORE THE BELL: FESTIVE TRADING, BUT M&amp;A KEEPS GOINGWith most of Europe's equity markets closed for the Christmas holidays and the rest operating on a half-day schedule, trading in Europe looks set for a typical festive tone on Wednesday. The few futures contracts still active point to no major moves.Contracts on the UK's FTSE 100 CURRENCYCOM:UK100 were down 0.1%, while Spain's IBEX futures also edged lower. Global market action was concentrated in precious metals, with both gold and silver hitting new highs as a strong year for stocks and other assets winds down. Europe's STOXX 600 has gained more than 15% this year.London will begin its closing process at 1230 GMT. Amsterdam, Brussels, Dublin, Lisbon, and Madrid also observe a half-day session, while Milan, Oslo, Frankfurt, Zurich, Copenhagen, Stockholm, Helsinki, and Warsaw remain closed.&#34;Trading volumes are thin - around 30–35% below the past month's average - yet... yet the year keeps on giving,&#34; writes Ipek Ozkardeskaya at Swissquote, adding that seasonal patterns pointed to further gains in the days ahead.&#34;The so-called Santa Rally - the last five trading days of the year and the first two of the new year - could deliver another 1.5% gains – if history is any guidance.&#34;Broker activity and corporate news were light, though dealmakers stayed busy amid a red-hot M&amp;A market this year.No surprise then to see BP announce first thing this morning that it clinched a deal to sell 65% of Castrol to investment firm Stonepeak for about $6 billion.Sanofi agreed to buy Dynavax for $2.2 billion in a deal expected to close in Q1 2026.Overnight on Wall Street, the S&amp;P 500 notched a closing record. Futures on that index eased 0.1%</div></div>

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European markets are experiencing festive trading with thin volumes as many exchanges are closed or operating on a half-day schedule. Despite this, M&A activity remains strong, with BP selling 65% of Castrol to Stonepeak for $6 billion and Sanofi acquiring Dynavax for $2.2 billion. Precious metals like gold and silver are hitting new highs, and the STOXX 600 has gained over 15% this year. The S&P 500 also reached a record close, although futures dipped slightly.

Before the bell: festive trading, but M&A keeps going