Money & Finance

Indonesia's central bank reduces interest rates by 25 basis points to 4.75% to counter potential economic disruption from coronavirus outbreak. Despite no confirmed cases, officials are concerned about production shortages and reduced tourism due to China's factory closures and travel restrictions.

Fitch Ratings upgraded the Philippines' credit outlook to "BBB" with a positive rating, citing strong macroeconomic fundamentals and consistent government infrastructure programs. The upgrade could potentially lower loan interest rates and attract more investments, bringing the country closer to an "A" rating.

The Central Bank of the Philippines (BSP) has cautioned the public about fake banknote designs spreading on social media. The bank identified an unauthorized Facebook account posting false currency images and has reported it to the platform, emphasizing the importance of verifying financial information online.

Global stocks reached a record high as Middle East tensions lowered. MSCI's index showed gains across 49 countries, with Asia-Pacific shares rising 0.18%. Technology sectors performed strongly, with Apple shares increasing 2.12% after Chinese iPhone sales soared 18%. The S&P 500 gained 0.67%, and the Dow closed at a record 28,956.90.

Major global stock markets showed minimal movement on Christmas Eve, with Asian markets flat, U.S. indexes mixed, and European exchanges experiencing slight gains. Trading volumes remained light as many markets were closed for the holiday.