Economic Events and Corporate Reports for the Week of 1-5 December 2025: PMI, PCE, Fed QT, Earnings Season

Comprehensive Overview of Key Economic Events and Corporate Reports for the Week of 1-5 December 2025: PMI, PCE, Conclusion of Fed QT, EU Foreign Ministers' Meetings, Inflation and Employment Statistics, Releases from Major Companies in the USA, Europe, Asia, and Russia.

This week, central banks conclude their annual programmes, including the end of the Fed's Quantitative Tightening (QT). Inflation and business activity data (PMI) for key economies will be published, alongside quarterly reports from major companies. Notable corporate releases include financial results from Salesforce, Kroger, Dollar Tree, and several Asian technology firms. This array of events creates a mixed backdrop for global markets: on one hand, decelerating inflation and the end of QT may open up possibilities for supporting risk assets, while on the other, the tone of corporate forecasts and geopolitical news could introduce volatility.

Monday, 1 December 2025

Monday will commence on a calm note: global macroeconomic events are limited, prompting investor focus on corporate reports. Several technology reports will be released in Asian markets, with no significant releases expected in the USA. Stock prices will likely respond to broader market sentiment and commodity price dynamics. Investors will keenly observe the results of technology and retail firms, as well as the weekly PMI statistics, to assess global economic trends.

Before the market opens:

No major companies are set to release reports before the market opens.

After the market closes:

MongoDB (MDB) – USA, technology sector (cloud databases). Reported post-market: investors are expecting strong revenue growth driven by demand for cloud solutions.
Tatneft ADR (OAOFY) – Russia, energy sector (oil and gas). Q3 report published: a key indicator for oil stocks and the rouble exchange rate.
Children’s Place (PLCE) – USA, retail sector (children’s clothing). Reported after the market closes; investor attention will be directed towards sales trends and inventory levels in the sector.
Duluth Holdings (DLTH) – USA, retail sector (activewear). Report published after the market closes: the company’s margins and revenue will provide insights into consumer sentiment.

Economic Events (Moscow time):

00:00 – USA: The Fed officially concludes its Quantitative Tightening programme.
— EU: Joint foreign ministers' meeting regarding the 20th sanctions package against Russia (amidst statements by the Ukrainian side on continued support).
— Joint press conference of EU foreign ministers regarding Ukrainian security (hosted by Kallas) following the meeting.
— China: Foreign Minister Wang Yi visits Russia (1-2 December).
01:00 – Australia: PMI in the manufacturing sector (November).
03:30 – Japan: PMI (November).
04:45 – China (Caixin): PMI (November).
08:00 – India: PMI (November).
09:00 – Russia: PMI (November).
10:00 – Turkey: GDP Q3 2025.
11:55 – Germany: PMI (November).
12:00 – Eurozone: PMI (November).
12:30 – United Kingdom: PMI (November).
16:00 – Brazil: PMI (November).
17:30 – Canada: PMI (November).
17:45 – USA: S&P Global Manufacturing PMI (November).
18:00 – USA: ISM Manufacturing PMI (November).

Conclusion for Investors: Monday proceeds without major global upheavals – macro statistics are limited, and stock indices could trade within a narrow range. Strong reports from firms like MongoDB may sustain interest in the technology sector, while results from oil producers (Tatneft) will correlate with oil dynamics and the rouble's exchange rate. In the absence of significant news, key indicators will be the PMIs from leading economies: business activity support is expected from levels above 50, while any decline may induce caution among investors. Oil and commodity prices remain under close observation – they could set the tone for the energy sector and impact the Russian market (MOEX).

Tuesday, 2 December 2025

On Tuesday, the focus shifts back to corporate reporting from major technology and consumer firms. The macroeconomic agenda is light, so stock markets will predominantly respond to the tone of the reports. Key releases will come from cybersecurity and retail companies in the USA and Canada. Furthermore, special attention will be drawn to the visit of US special representative Steve Whitcoff to Moscow and discussions regarding the peace plan – geopolitical factors may introduce volatility in the energy and defence sectors.

Before the market opens:

No major reports are expected ahead of trading.

After the market closes:

CrowdStrike (CRWD) – USA, cybersecurity. The Q3 report is expected after the market closes: investors will assess growth in ARR and revenues from cloud services.
Marvell Technology (MRVL) – USA, semiconductors. Financial results released; key will be the dynamics of sales for data centre and 5G network chips.
Okta (OKTA) – USA, cybersecurity. Results from the cloud application access management company will reflect the state of corporate IT budgets.
American Eagle Outfitters (AEO) – USA, retail (clothing). Report after the close: sales during the holiday season and margin forecasts will be crucial.
Bank of Nova Scotia (BNS) – Canada, banking sector. Inflation and lending forecasts are critical for the Canadian stock market.

Economic Events (Moscow time):

— Russia: The 16th Investment Forum "Russia Calling!" continues (Day 1).
— NATO: Meeting of Alliance foreign ministers (including discussion of the US peace plan for Ukraine).
00:30 – USA: Crude oil inventories according to API.
13:00 – Eurozone: Consumer Price Index CPI (November, preliminary). Changes in year-on-year inflation are crucial for the ECB.
18:00 – USA: JOLTS Job Openings (September). This labour market indicator will provide insights into employment trends.

Conclusion for Investors: On Tuesday, market participants' attention is centred on corporate results – macroeconomic data is virtually non-existent. Strong reports from CrowdStrike and Marvell could enhance investor optimism in the technology sector and support Nasdaq. The successes or disappointments in retail (American Eagle) will reflect on the S&P 500 and Nasdaq indices, signalling consumer spending resilience. The geopolitical backdrop (Whitcoff's meeting with Putin) may amplify fluctuations in the energy sector – negative news has the potential to increase demand for 'defensive' assets. Overall, with minimal statistics, the market will react primarily to the tone of corporate forecasts and external political signals.

Wednesday, 3 December 2025

Wednesday will be a key day: a wide range of PMI data (for services and composite) will be published across many regions, alongside a speech by ECB President Lagarde. However, the main events for the market will be the reports from industry leaders. Salesforce, Snowflake, and Dollar Tree will present their Q3 results – their releases could cause high volatility in US markets. Morning business activity indicators (with S&P Global PMI) will showcase trends in the US, Chinese, and European economies as the year comes to a close. Investors will also pay close attention to Lagarde's comments in the European Parliament, which may adjust expectations regarding ECB interest rates.

Before the market opens:

No significant reports before the market opens.

After the market closes:

Salesforce (CRM) – USA, corporate software. Reporting after the market closes: the main metric will be revenue growth from cloud CRM systems.
Snowflake (SNOW) – USA, cloud data storage solutions. The report will highlight revenue dynamics and subscriptions amidst demand for data analytics.
Dollar Tree (DLTR) – USA, retail (discount stores). Reported after the market closes: sales and margin figures will show the state of consumer demand.
Royal Bank of Canada (RY) – Canada, financial sector. Results from North America's largest bank will indicate the resilience of the banking system.
Inditex ADR (IDEXY) – Spain, retail (Zara). The American Depositary Receipt will reflect the state of retail in Europe and Asia.

Economic Events (Moscow time):

03:30 – Australia: GDP Q3 2025.
10:30 – Switzerland: CPI (November). Year-on-year inflation is crucial for SNB.
11:55 – Germany: PMI (services and composite, November).
12:00 – Eurozone: PMI (services and composite, November).
12:30 – United Kingdom: PMI (services and composite, November).
12:00 – Central Bank of Russia to announce parameters for currency operations in December (limits for currency buying and selling).
13:00 – Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 – USA: ADP Nonfarm Employment (November). Detailed employment data, a precursor to NFP.
16:30 – USA: Speech by Fed Chair Powell (press conference or Fed event).
16:30 – Eurozone: Speech by ECB President Lagarde at hearings in the European Parliament (Economic Committee).
17:15 – USA: Industrial Production (November).
17:30 – Canada: PMI (October).
17:45 – USA: S&P Global Services/Composite PMI (November).
18:00 – USA: ISM Services PMI (November).
18:30 – Eurozone: Speech by Lagarde (as head of the ECB) at hearings in the European Parliament.
18:30 – USA: Weekly EIA report on oil inventories (30 minutes after API data).
19:00 – Russia: CPI (November) — year-on-year inflation.

Conclusion for Investors: Wednesday carries multiple signals for global markets. Morning PMI indicators in the UK and Eurozone will confirm the trend towards decelerating inflation and could support European indices and the euro. However, the main intrigue of the day will be the reports from Salesforce, Snowflake, and Dollar Tree after the US close: the results of these companies, particularly in the technology and consumer sectors, will set the trading tone on Wall Street. Any deviations from expectations could sharply alter risk appetites. Additionally, Lagarde's comments during the EU hearings add importance to the day – investors will be looking for guidance on the ECB's future policy. Overall, a combination of strong PMI data and positive corporate results would bolster market optimism, whereas weak figures or cautious company forecasts may prompt participants to seek more 'defensive' assets.

Thursday, 4 December 2025

On Thursday, investors will monitor several major developments simultaneously. Two significant geopolitical events are scheduled for this day – President Putin's visit to India and President Macron's visit to China – which may heighten volatility in emerging markets and the foreign exchange landscape. Financial markets will also focus on major retail reports and central banks: in the morning, the USA will present results from retailers such as Kroger (grocery sales) and Ulta Beauty (cosmetics), while in the evening, Dollar General (discount stores) will report. Additionally, a preliminary estimate of Brazil's GDP for Q3 will be released. By the end of the day, investors will turn their attention to weekly unemployment data in the USA.

Before the market opens:

No significant reports are expected prior to market opening.

After the market closes:

Kroger (KR) – USA, grocery retail. Q3 report: vital growth in food sales and commentary on consumer spending.
Dollar General (DG) – USA, discount stores. Financial results will reveal demand resilience for bargain products in the economic segment.
Ulta Beauty (ULTA) – USA, cosmetics. Q3 report evaluated based on revenue from premium cosmetics and holiday forecasts.
Hewlett Packard Enterprise (HPE) – USA, IT services. Financial release after market close: metrics on cloud services and corporate offerings.
TD Bank (TD), BMO (BMO), CIBC (CM) – Canada, banking sector. Canada’s largest banks reported their results either before or after trading, reflecting credit lending and inflationary impacts.

Economic Events (Moscow time):

04:30 – China: PBOC's decision on key interest rates (no change expected for LPR).
15:00 – Brazil: Q3 GDP (preliminary data).
16:30 – USA: Initial Jobless Claims (weekly).
18:00 – Canada: PMI (November).
00:30 (5 December) – USA: Crude oil inventories according to API.

Conclusion for Investors: Thursday presents a blend of corporate and macro factors. The morning reports from Kroger and Dollar General will set the tone for the US consumer sector: strong results will uplift markets, while weak outcomes will indicate inflationary pressures on consumers' spending capabilities. Announcements from central banks – particularly any potential easing measures in China and India – affirm the trend towards soft policy amid controlled inflation. Conversely, investors need to select 'the best' sectors: technology and financial firms (Intuit and others) will respond to their own drivers. The Russian stock market on this day will likely depend more on external conditions – stable oil prices and signs of declining global inflation could support the MOEX index. Overall, the combination of positive macro (banking easing) and corporate news in the USA creates a premise for moderately bullish sentiment heading into the weekend.

Friday, 5 December 2025

The final day of the week will deliver a rich block of global macroeconomic statistics, while corporate activity is practically wrapped up. The focus will be on PMI indices for the services sector and an assessment of business sentiment in the USA (Michigan), as well as quarterly results from the Eurozone. In the morning, markets will analyse inflation data from Japan and completed state visits (India, China). Final PMIs will provide insights into how economies are entering the last quarter of 2025, while the Michigan consumer expectations indicator will reveal American sentiment. In the evening, the PCE deflator for September and Michigan Sentiment data will be released, potentially recalibrating expectations regarding Fed monetary policy.

Before the market opens:

Baker Hughes – number of drilling rigs (21:00 Moscow time); an important indicator of activity in the oil and gas sector.

After the market closes:

No major companies are set to release reports on Friday.

Economic Events (Moscow time):

02:30 – Japan: CPI (October).
07:30 – India: RBI interest rate decision (expected to remain at a record high to combat inflation).
13:00 – Eurozone: Q3 GDP (expanded estimate).
18:00 – USA: PCE Price Index (personal consumption expenditures, September); Michigan Consumer Sentiment (December, preliminary); consumer inflation expectations (December, preliminary).
18:30 – USA: Speech by a Fed board member or release of monetary aggregates (based on the day’s events).

Conclusion for Investors: On Friday, markets will digest a substantial block of macroeconomic information. The publication of PMIs in the USA, Europe, and the UK will indicate how confidently businesses are entering the year’s final quarter: growth in PMIs and improving sentiment would boost optimism and support cyclical sector stocks, whereas weak data would drive investors towards defensive assets. The Michigan indicator will reflect the level of consumer expectations – an increase here would be favourable for consumer companies. The final inflation assessment (notably in Japan) and signals from the Bank of India (VIPR on rates) complete the picture: a global deceleration in inflation instils confidence in the stability of monetary policy from central banks. Investors should evaluate these data in conjunction with the end of the earnings season: moderate inflationary risks and clearer monetary prospects create conditions for a more predictable environment. However, geopolitical news (NATO foreign ministers' summit) and oil price dynamics at the week’s end remain crucial uncertainty factors.