Economic Events and Corporate Reports — Wednesday, 10 December 2025: Federal Reserve Meeting, Bank of Canada Rate, Inflation in Russia

Detailed Overview of Economic Events and Corporate Reports for 10 December 2025. Federal Reserve Meeting, Bank of Canada Decision, Inflation Data from China, Russia, and Brazil; Speeches by the Bank of England Governor and ECB President; EIA Oil Stocks; and Results from Companies in the USA, Europe, Asia, and Russia.

Wednesday presents a busy agenda for investors: in Asia, the key release is China’s consumer price index, which is expected to confirm weak price pressures and likely the continuation of the People’s Bank of China’s accommodative policy; in the Middle East, attention is drawn to the first Russian-Emirati Business Forum in Dubai, highlighting the strengthening of bilateral partnerships; in Europe, market participants are monitoring the speeches of Bank of England Governor Andrew Bailey and ECB President Christine Lagarde for potential new signals regarding monetary policy. The main event of the day is the Federal Reserve’s meeting, the outcomes of which will set the tone for the dynamics of stock indices and currencies.

Complementing the overall picture are the Bank of Canada’s decision on interest rates, the publication of Brazil’s inflation data for November (followed by the Brazilian Central Bank’s late meeting), and the statistics from the US Department of Energy regarding oil supplies. On the corporate front, a stream of reports is expected: in the US, financial results will be released by tech leaders (such as Oracle, Adobe, etc.) alongside several companies from the retail and manufacturing sectors; in Europe, notable releases include those from travel holding TUI and retailer Metro; in Asia, trade updates will be published by chipmakers (for example, TSMC); also, in Russia, Aeroflot will release its financial results for the first nine months. It is crucial for investors to assess these events in aggregate: signals from central banks ↔ bond yields ↔ currency rates ↔ commodity prices ↔ risk appetite in the markets.

Macroeconomic Calendar (MSK)

1. All day — UAE/Russia: First Russian-Emirati Business Forum (Dubai).
2. 04:30 — China: Consumer Price Index (CPI) for November.
3. 13:45 — United Kingdom: Speech by Bank of England Governor Andrew Bailey.
4. 13:55 — Eurozone: Speech by ECB President Christine Lagarde.
5. 15:00 — Brazil: Consumer Price Index (CPI) for November.
6. 17:45 — Canada: Bank of Canada decision on its key rate.
7. 18:30 — USA: EIA Oil Inventories (weekly statistics).
8. 18:30 — Canada: Bank of Canada press conference following the meeting.
9. 19:00 — Russia: Inflation rate (CPI, operational data for November, year-on-year).
10. 22:00 — USA: Federal budget for November.
11. 22:00 — USA: FOMC meeting (final decision on the Federal Reserve's interest rate).
12. 22:30 — USA: Press conference by Fed Chairman Jerome Powell.
13. 00:30 (Thu) — Brazil: Central Bank interest rate decision.

Geopolitics: Russian-Emirati Business Forum

• Dubai is hosting the first Russian-Emirati Business Forum, aimed at strengthening economic partnership between Russia and the UAE. Over 200 delegates – representatives from major companies, investment funds, tech startups, and logistics operators from both countries – are participating in the event. The forum takes place against the backdrop of increasing trade and investment between Russia and the Emirates and could see the signing of new agreements in industries such as energy and transport.

China: CPI and PBoC Policy

• Inflation in China is expected to remain around 0% year-on-year in November, reflecting weak consumer demand and deflationary pressures. The lack of price growth, combined with recent declines in producer prices (PPI), reinforces expectations that the People’s Bank of China will maintain an accommodative monetary policy to support the economy. Any signs of inflation reviving could reduce the need for new stimulus measures, but current indicators suggest that a continuation of the soft policy (low rates, liquidity injections) is necessary to stimulate domestic demand.

Europe: Signals from the Bank of England and ECB

• Bank of England Governor Andrew Bailey and ECB President Christine Lagarde will deliver speeches that investors will closely analyse for further plans on interest rates. In the UK, inflation is still above the target level; however, the economic slowdown may compel the BoE to adopt a wait-and-see approach and signal the possibility of a rate cut in 2026. Lagarde, for her part, is likely to reaffirm the ECB’s commitment to the 2% target and a cautious stance: as growth weakens in the Eurozone, the regulator might indicate a prolonged pause in rate hikes. Any hints at changing tones (whether more “dovish” or “hawkish”) could influence the EUR and GBP exchange rates, as well as European bond markets.

USA and Canada: Federal Reserve Meeting and Bank of Canada Decision

• The Federal Reserve is conducting its final FOMC meeting of the year. Markets widely expect a 0.25% rate cut (to a range of ~5.00–5.25%) amid slowing inflation and signs of labour market weakening. Investors will focus on the rhetoric from Fed Chairman Jerome Powell: assessments of inflationary risks and hints about the policy trajectory in 2026 are crucial. A more dovish tone (indicating readiness for further easing) could weaken the dollar and support stock growth, while maintaining caution (“hawkish” emphasis regarding inflation) could provoke short-term volatility and increase bond yields.
• The Bank of Canada will announce its interest rate decision: it is expected that the regulator will maintain the rate (currently around 2.25%) following a year of cuts. The slowing economic growth and inflation nearing the target allow the central bank to pause in easing policy. Market participants will look for signals regarding future plans in the accompanying statement – for example, readiness to resume cuts in case of a more pronounced economic downturn. The Canadian dollar and bond market will respond to the tone of communication: a neutral message will consolidate current expectations, while an unexpectedly dovish stance (hinting at future stimulus) may lead to further declines in yields and a weakening of the currency.

Emerging Markets: Inflation in Russia and BCB Decision

• In Russia, the operational estimate of inflation for November is expected to show a year-on-year price increase of about 6%, surpassing the Central Bank of Russia's target benchmark (4%). Despite a slight slowdown compared to autumn peaks, inflationary pressures remain palpable due to the weakening rouble and budgetary expenditures. November data is critical for understanding price dynamics at the end of the year: if inflation does not lose momentum, the Bank of Russia is likely to maintain a tough rhetoric and high rates in the upcoming meeting. For the rouble, persistently high inflation suggests limited room for rate cuts, which may compel the regulator to maintain stringent monetary conditions for an extended period.
• In Brazil, the November CPI is expected to be below 5% year-on-year, continuing the trend of slowing price growth due to previous tightening of policy. Against the backdrop of declining inflation, the Central Bank of Brazil (Copom) is likely to lower the benchmark rate (currently around 9.25%) during its overnight meeting to support the economy. Markets have priced in expectations for a reduction of about 0.50%, making the regulator’s comments on future steps key. Continuing the easing cycle in Brazil will support the local stock market and bonds, but may exert some pressure on the real.

Oil Market: EIA Stocks

• The weekly EIA report on US commercial oil stocks will provide fresh insights into the balance of supply and demand in the energy market. In recent weeks, inventories have been declining amid revived demand and supply constraints from OPEC+, supporting oil prices. If this time the data shows a significant drawdown in stocks, oil quotations could get an additional boost (intensifying global inflationary expectations). Conversely, an unexpected increase in inventories could cool the rally in the oil market. Traders and investors in the commodities sector are closely monitoring this indicator before the year-end, when fuel demand is affected by seasonal fluctuations.

Corporate Reports: Before the Open (BMO, USA and Asia)

• Chewy (CHWY) — an American online retailer of pet products, will release its report before the market opens. Focus areas include revenue growth and customer base in the third quarter, as well as the dynamics of average transaction value and e-commerce margin amid high competition. Previous results from Chewy showed a double-digit sales increase (~9% year-on-year) and improved profitability; the market is keen to see this trend continue and to hear management's outlook for the holiday season. Strong metrics could support the company’s shares and the online retail sector, while slowing revenue growth or disappointing forecasts may heighten investor caution.

Corporate Reports: After the Close (AMC, USA)

• Oracle (ORCL) — a leading supplier of enterprise software and cloud services, will report its second-quarter results for the 2026 financial year after the US market closes. Investors will primarily focus on the dynamics of Oracle’s cloud business (OCI - Oracle Cloud Infrastructure) and enterprise software sales. The company is betting on increased demand from AI projects and expanding its cloud portfolio. If the report confirms strong growth rates in cloud services and profits, Oracle shares and those of other tech giants could receive a boost. However, weak results or a cautious forecast may trigger a correction, given the recent rise in tech sector valuations.
• Adobe (ADBE) — a market leader in software (Creative Cloud, marketing solutions) will present its results for the fourth quarter of the 2025 financial year. Key metrics include growth in subscription revenue from cloud services (Creative Cloud, Document Cloud) and dynamics in the digital marketing segment. Amid the development of generative AI technologies, investors are also awaiting comments on the implementation of AI tools in Adobe products and the impact on customer acquisition. Confident revenue growth and optimistic guidance will strengthen confidence in Adobe's business model, while a slowdown in demand from corporate clients may raise concerns regarding the company's high valuations.
• Synopsys (SNPS) — a provider of chip design software, will deliver its financial results for 2025. The semiconductor sector is experiencing heightened demand for chips for AI and automotive applications, which supports Synopsys' order portfolio. Investors will assess revenue and profit growth, as well as new deals with chip manufacturers. Strong results from Synopsys would confirm that companies in the sector are actively investing in R&D despite macroeconomic uncertainties, which is positive for the entire tech segment. Conversely, weak results could lead to negative reactions, given the high expectations for the tech sector.
• Nordson (NDSN) — an industrial engineering company (dispensing and coating systems) will publish its report for the fourth quarter of 2025. Nordson's results will serve as a barometer for demand in the manufacturing sector: its equipment is used in the production of goods, packaging, and electronics. Analysts forecast stable revenue or a slight decline amid slowing global manufacturing, but improved operational efficiency could support margins. If profits exceed forecasts due to cost-cutting, this will confirm the business's resilience; however, weak sales may indicate caution among corporate clients regarding spending.

Other Regions and Indices: Euro Stoxx 50, Nikkei 225, MOEX

• Euro Stoxx 50 (Europe): among the key companies in Europe reporting on 10 December are TUI (travel holding) and Metro AG (retail/wholesale). While these releases are of interest, the overall sentiment in European markets will largely be determined by external factors – signals from the US Fed and commodity price dynamics, as well as comments from the UK and European central banks. The absence of surprises in corporate results and macro data will support the stability of the Euro Stoxx 50 index, whereas negative factors may increase volatility.
• Nikkei 225 (Asia): in Japan, the publication of financial results from major corporations on this day is limited (the main reporting season concluded earlier), so Asian investors are focusing on external news. Nonetheless, the trade updates from Taiwanese tech giants are worth noting: TSMC and MediaTek are presenting November data reflecting the state of global semiconductor demand. Strong figures from TSMC (revenue growth driven by demand for AI chips) will support positivity in Asian markets, while weak sales dynamics will indicate ongoing cyclical risks in the industry and may weigh on the electronics sector.
• MOEX (Russia): among Russian issuers on 10 December, Aeroflot stands out, presenting its IFRS financial results for the first nine months of 2025. It is anticipated that the airline's results were influenced by the recovery in passenger traffic and currency fluctuations. If Aeroflot demonstrates confident revenue and profit growth, this will improve sentiment regarding the aviation sector and consumer stocks on the Moscow Exchange. Overall activity on the Russian stock market may remain subdued while awaiting key external events of the day (primarily the US Fed decision), which define global investor risk appetite.

Day's Summary: Key Takeaways for Investors

• 1) Fed Decision: the outcomes of the meeting and comments from J. Powell are the main trigger of the day for all markets. The results of the FOMC will directly influence yields on US Treasury bonds, the dollar exchange rate, and stock valuations (especially in the tech sector). Any deviation from expectations (such as a more hawkish tone or an unusual decision on rates) can elicit a sharp reaction in stock indices and currency rates.
• 2) Inflation Data: the CPI publications from China, Russia, and Brazil will provide signals about global price trends. Low inflation in China confirms a lack of price pressure and affects sentiment in commodity markets, while figures from Russia and Brazil will illustrate how successfully these economies are curbing price growth. Investors need to correlate inflation trends in developed and emerging markets with the actions of relevant central banks and interest rate prospects.
• 3) Oil Factor: statistics on oil inventories (EIA) could short-term shift energy prices, reflecting on shares of oil and gas companies and currencies of commodity-exporting countries (CAD, RUB). Given the influence of oil prices on overall inflation, any sudden spike or drop in oil pricing after EIA data could alter market expectations about subsequent regulator policies.
• 4) Corporate Reports: the financial results of giants such as Oracle and Adobe, alongside other reporting firms, may locally change the dynamics in specific industries. Strong reports from tech companies could shift market focus away from macro statistics toward corporate narratives, supporting growth in the Nasdaq and related sectors. However, disappointments in reporting (profits below forecasts or weak guidance) threaten sales in the respective stocks even against a positive external backdrop.
• 5) Day Volatility: due to the high density of events on 10 December, investors should be prepared in advance for potential sharp movements. It is advisable to define key levels for their positions, use limit orders for entry/exit, and consider hedging part of the portfolio if necessary. This proactive approach to risk management will help navigate a day full of news more confidently.