Key Economic Events and Corporate Earnings Report for the Week of 22–26 September 2025: PMI in the US and Europe, Core PCE, SNB Rate Decision, Reports from Micron, Accenture, Costco, CarMax, Jabil, TD Synnex, Cintas, and KB Home. Analytical Benchmarks for CIS Investors.
The upcoming trading week from 22 to 26 September is highlighted by significant economic events and the concluding phase of the corporate earnings season. Following the recent Fed decision to lower rates and indications of a policy easing in the US, investors are anticipating further moves from central banks, including the meeting of the Swiss National Bank. Concurrently, markets are evaluating data on inflation and the economic dynamics in the US, Europe, and Asia. For CIS investors, this signifies the necessity to closely monitor global trends in the equity and commodities markets, adjusting strategies in line with new signals.
Monday, 22 September 2025 – A Calm Start to the Week
- 17:00 MSK – Eurozone Consumer Confidence Index (September, preliminary). This measure of household sentiment in Europe is released against a backdrop of declining inflation and economic stabilization.
- No major corporate earnings reports are scheduled. The markets will use this day's pause to assess the impacts of the Fed’s decisions and the situation in China.
Tuesday, 23 September 2025 – Global PMI and Earnings Reports from Micron and AutoZone
- 10:15–12:00 MSK – A series of preliminary Purchasing Managers' Index (PMI) releases for September: data for the manufacturing and services sectors in France, Germany, the Eurozone (11:00), and the UK. Moderate growth is expected without surprises from Europe.
- 16:45 MSK – Preliminary PMI indexes in the US (September) from S&P Global – a key indicator of business activity in the US industrial and services sectors.
- 17:00 MSK – US Existing Home Sales (August) and Richmond Fed Business Activity Index. The statistics will reveal the state of the US housing market and production amidst the Fed’s monetary policy shifts.
- AutoZone (US, S&P 500) – financial report for Q4 will be released before the US market opens. The auto parts retailer has been showing steady demand, and its results will signal consumer demand for auto services.
- Micron Technology (US, NASDAQ) – quarterly report after market close. The company is one of the largest memory chip manufacturers; its forecasts serve as a barometer for the entire semiconductor sector and the technological segment of the equity market.
- Additionally, several mid-cap companies from the US (AAR Corp, MillerKnoll, Worthington Industries, etc.) will report on Tuesday, attracting less investor attention.
Wednesday, 24 September 2025 – Ifo Index and Reports from Cintas, KB Home
- 11:00 MSK – Ifo Business Climate Index in Germany (September). This is a key indicator of sentiment in Europe’s largest economy; moderate improvement is expected amid a gradual recovery from contraction.
- 17:00 MSK – New Home Sales in the US (August). Data from the primary real estate market will indicate whether the growth momentum is maintained despite declining interest rates.
- 17:30 MSK – US Oil Inventories by the EIA (weekly). This report on commodities influences global oil prices, which is particularly important for the Russian and CIS markets.
- Cintas (US, S&P 500) – financial results for Q1 will be released before the market opens. The company serves the corporate sector (workwear, services) and is a barometer for business activity. Its forecasts reflect the current state of small and medium-sized enterprises.
- KB Home (US) – report for Q3 (after market close). One of the largest US homebuilders. Its results and management comments will clarify the situation in the US housing market and property price dynamics.
- Additionally, after market close on Wednesday, earnings reports from several mid-sized US companies will be released: H.B. Fuller (chemicals), Steelcase (office furniture), Stitch Fix (online retail), etc. Their influence on the overall equity market is limited but may cause movement in niche sectors.
Thursday, 25 September 2025 – SNB Decision and Reports from Accenture, Costco
- 10:30 MSK – Swiss National Bank meeting. A decision on rates is expected: a possible reduction of 0.25% could continue the policy easing in Europe following the Fed's actions. The SNB's rhetoric regarding the Swiss franc and inflation will serve as a guideline for central banks in the region.
- 15:30 MSK – Key US economic statistics: final GDP for Q2 and GDP deflator, durable goods orders (August), as well as weekly initial jobless claims. Together, these data will clarify the trajectory of US economic growth and the state of demand ahead of the quarter-end.
- Accenture (US) – financial report for Q4 (before market open). This leading global consulting firm’s results will indicate the level of corporate spending on services and digital transformation worldwide.
- CarMax (US) – report for Q2 (before market open). The largest used car dealer in the US. Sales and profit dynamics will serve as indicators of consumer demand and the availability of auto loans.
- Jabil and TD Synnex (both US) – quarterly results will be released before market open. Jabil is a leading contract electronics manufacturer, while TD Synnex is a major IT equipment distributor. Their earnings reflect the state of global supply chains and demand in the IT sector.
- Costco Wholesale (US, S&P 500) – report for Q4 (after market close). One of the largest retailers in the US. Costco sales serve as a barometer for Americans' consumer spending and trends in inflation within retail.
- BlackBerry (Canada) – report for Q2 (after market close). Once renowned for its smartphones, the company is now focused on software and cybersecurity. Its results are of interest to the technology sector, although the direct market influence is limited.
- Concentrix (US) – financial results for Q3 (after market close). A provider of customer and business outsourcing services, the company's results reflect demand for corporate services, particularly in the technology and finance sectors.
- Hennes & Mauritz (H&M) (Sweden) – release of a 9-month report (before European markets open). One of the largest fashion retailers in Europe. H&M's results will assess consumer demand in Europe and the impact of inflation on the retail business.
Friday, 26 September 2025 – PCE Inflation in the US and Consumer Sentiment
- 15:30 MSK – Core PCE Price Index in the US (August). A key inflation measure closely monitored by the Fed. Its dynamics will influence the future trajectory of interest rates and sentiment in financial markets.
- 17:00 MSK – University of Michigan Consumer Sentiment Index (September, final estimate) and inflation expectations of US households. Final data on American consumer sentiment will help understand how confident households are in the economy amid changes in interest rates and prices.
- No major corporate earnings reports are scheduled for this day. Markets are focused on macroeconomic statistics and are wrapping up the week in anticipation of the upcoming new month and the imminent start of Q3 earnings season.
Weekly Summary: Benchmarks for Investors
The week of 22–26 September is rich with indicators that will shape market sentiment. The key themes are inflation and central bank policy: the Fed's rate cut last week and potential easing from the SNB signal a global shift towards supporting economic growth. At the same time, investors are assessing economic resilience: PMI data from Europe and China (in the context of stimulus measures) indicate uneven recovery, while strong labor market metrics and household spending in the US support growth but require management of price pressure.
Corporate earnings this week—from technology firms to retailers—will provide vital benchmarks. Results from Micron will highlight the state of global demand for microchips, while Costco and H&M will reflect the strength of consumer demand in the US and Europe, and Accenture will indicate the business community's willingness to invest in services. In Russia, the half-year earnings publication season is largely concluded with no major releases, thus attention shifts to external factors—oil prices, exchange rates (the rouble may strengthen amidst high oil prices and the Fed's accommodative policy), and the geopolitical backdrop.
For CIS investors, the combination of slowing inflation and more lenient actions from regulators represents a positive signal that could bolster risk appetite. However, caution remains prudent: the Q3 earnings season is ahead, along with new data that could recalibrate expectations. It is advisable to maintain a diversified strategy, considering trends in both global and local markets in the US, Europe, Russia, and Asia. A measured approach and attention to key indicators this week will aid in successfully navigating the changing market landscape.
