Economic Events and Corporate Reports on Friday, 23 January 2026: Bank of Japan Rate Decision, Inflation and Global PMI, World Economic Forum in Davos, Earnings Reports from Major Public Companies in the US and Europe. Analytical Overview for Investors.
Daily Overview for Investors
The focus of the global stock market on Friday shifts to Asia, marking the first wave of 'flash' indicators for January. Central to attention will be the Bank of Japan’s rate decision and the regulator's comments following the inflation release, alongside a synchronous package of preliminary PMIs for key economies (Australia, Japan, India, Germany, Eurozone, UK, USA). Concurrently, the World Economic Forum in Davos continues (day 4), shaping discussions on the risks and prospects of the global macroeconomy.
For investors, the interplay of 'inflation and rates → bond yields → currencies → commodities → revaluation of multiples' is critical, suggesting that the day may introduce increased volatility in the S&P 500, Euro Stoxx 50, Nikkei 225, and emerging market segments, including MOEX.
Key Economic Events (Time - MSK)
- 00:45 — New Zealand: CPI, Q4 2025 (consumer inflation).
- 01:00 — Australia: preliminary PMIs (Manufacturing/Services/Composite), January.
- 02:30 — Japan: CPI for December (consumer inflation).
- 03:30 — Japan: preliminary PMIs (Manufacturing/Services/Composite), January.
- 06:00 — Japan: Bank of Japan’s rate decision.
- 08:00 — India: preliminary PMIs (Manufacturing/Services/Composite), January.
- 09:30 — Japan: Bank of Japan press conference.
- 11:30 — Germany: preliminary PMIs (Manufacturing/Services/Composite), January.
- 12:00 — Eurozone: preliminary PMIs (Manufacturing/Services/Composite), January.
- 12:30 — United Kingdom: preliminary PMIs (Manufacturing/Services/Composite), January.
- 16:00 — Russia: trade balance.
- 17:45 — USA: S&P Global PMI (Manufacturing/Services/Composite), January (preliminary).
- 18:00 — USA: Michigan Consumer Sentiment, January; consumer inflation expectations.
- 21:00 — USA: Baker Hughes — number of drilling rigs (oil and gas).
Davos (Day 4): Signals for the Global Economy and Risk Appetite
The fourth day of the World Economic Forum in Davos traditionally enhances the information backdrop for investors: assessments of the global macroeconomic landscape, risks of trade restrictions, energy transition, and technology regulation take centre stage. For equity markets, the tone of discussions holds more significance than the discussions themselves: an increase in confidence regarding a 'soft landing' bolsters cyclical sectors, whereas emphasis on geopolitical and inflationary risks heightens demand for defensive assets and increases the dispersion of returns across sectors.
- What to Monitor for Investors: rhetoric surrounding global growth, supply chains, energy, as well as any comments regarding the future trajectory of rates and inflation.
- Market Reaction: often manifests through FX and rates, subsequently reflected in the repricing of interest-sensitive segments (technology, real estate, consumer sector).
Bank of Japan, CPI and Yen: The Main Driver for Nikkei 225 and Global Yields
The Bank of Japan’s rate decision at 06:00 MSK and the press conference at 09:30 MSK will be the central theme for the Asian session. In the context of December's CPI, the market will compare actual inflation against the trajectory of real rates. Even with no change in rates, the firmness of the language could strengthen the yen and lift JGB yields, potentially triggering a chain reaction: rising global yields, adjustments in carry trade, and pressure on growth stocks.
Practical Takeaway: for equity and bond investors, it is the signal regarding future policy direction that matters more than the current level of the rate. The reaction of USD/JPY and yield dynamics often precede movements in Nikkei 225 and broad indices.
Global PMIs: An Early Check on Global Business Activity
The package of preliminary PMIs for January is one of the most timely indicators influencing company profit expectations and economic growth forecasts. For investors, this serves as a direct signal for cyclical assets: industrials, transportation, commodities, financial sector.
- Europe (Germany/Eurozone/UK): dynamics of production and services are crucial; improvement in PMIs supports Euro Stoxx 50 and the banking sector, while weakness reinforces a defensive lean.
- USA (S&P Global PMI): impacts expectations for the Fed’s rate via the 'growth → inflation → policy' channel and is reflected in S&P 500 valuations.
- Asia (Australia/Japan/India): sets the tone for global commodity demand and supply chains.
USA: Consumer Expectations, Inflation and Revaluation of the S&P 500
The Michigan Consumer Sentiment data and inflation expectations (18:00 MSK) are pivotal as a 'bridge' between the real economy and Federal Reserve policy. Rising inflation expectations typically elevate the risk premium on rates and can apply pressure on high-multiple stocks. Meanwhile, strong consumer confidence supports the consumer sector and services—if the market interprets this as sustainable demand without accelerating inflation.
- Scenario 1 (Pro-Risk): confidence rises, inflation expectations remain stable → supports equity markets, moderate demand for cyclical sectors.
- Scenario 2 (Anti-Risk): inflation expectations rise → increased yields, pressure on growth stocks and long duration.
Commodities and Energy: Baker Hughes and the Sensitivity of the Energy Sector
Weekly Baker Hughes data on drilling rigs (21:00 MSK) serves as a tactical indicator for the oil and gas sector. An increase in drilling activity could heighten expectations for future supply and influence sentiment in the energy sector, particularly in conjunction with reports from oil service companies. For commodity and energy stocks, this metric is crucial in assessing the market balance of oil and gas, as well as the investment cycle in production.
Corporate Reports: All Major Public Companies Reporting on 23 January 2026
The corporate earnings season continues to be a key driver for equity markets: investors evaluate profit, margins, cash flows, and forecasts. For Friday, 23 January 2026, the following major public companies (US and Europe) stand out in the calendar. For Asia and Russia, significant earnings releases from blue-chip companies at the level of Nikkei 225/MOEX are not noted; investor attention in these regions shifts towards macroeconomic factors, currencies, and rates.
- SLB (Schlumberger) — USA, Oil Services (Energy): report for Q4 2025. Key focus areas include demand for services, drilling activity, margin stability, and forecasts for Middle Eastern/US/Latin American markets.
- First Citizens BancShares — USA, Banking (Financials): report for Q4 2025. Market attention turns to net interest margin, funding costs, asset quality, and deposit dynamics.
- Booz Allen Hamilton — USA, Consulting and Defence/IT Contracts: report for Q3 2026 (financial year). Important metrics include order book volume, cybersecurity contract progress, and margin stability.
- Webster Financial — USA, Banking (Financials): report for Q4 2025. Key metrics include margin, credit quality, reserves, and dynamics of commercial lending.
- Ericsson — Sweden, Telecom Equipment (Technology/Telecom): report for Q4 2025. Focus includes demand for 5G/networks, gross margin, expenses, and CAPEX comments from operators in Europe and the US.
- HBM Healthcare Investments — Switzerland, Investment/Healthcare: report for Q3 2026. For investors, portfolio revaluation and market conditions in biotech are crucial.
What Investors Should Focus on at the End of the Day: Risk Management Checklist
- Bank of Japan Rate and Press Conference: monitor the reaction of the yen and yields—this is often a primary source of volatility 'transfer' between regions.
- Global PMI: compare the dynamics of services and manufacturing; divergences between the US and Europe could alter regional portfolio structures (S&P 500 vs Euro Stoxx 50).
- USA (Michigan + Inflation Expectations): check whether the risk of a more hawkish Fed rhetoric is intensifying—this directly affects the valuation of growth stocks and the bond market.
- Corporate Earnings: the crucial aspect is not only the fact of profit but also forecasts, comments on demand and margins; especially critical for energy and banking where expectations on rates and lending cycles are vital.
- Commodities and Baker Hughes: use the data as confirmation/disconfirmation of scenarios regarding oil and gas supply, as well as context for results from oil service companies.
In conclusion, Friday, 23 January 2026 will combine high-density macroeconomic data (PMIs, inflation, rates) with pivotal corporate earnings reports. For investors, the optimal strategy is to maintain a disciplined approach to risk management, predefine reaction scenarios to the Bank of Japan’s rate decision and PMI data, and assess earnings reports through the lens of cash flow and forecasts rather than merely the profit figures.
