Detailed Overview of Economic Events and Corporate Reports on 24 January 2026. US Federal Reserve Meeting, Bank of Canada Decision, Business Activity Indicators (IFO in Germany, Durable Goods Orders in the US), as well as Quarterly Results from Companies in the US, Europe, Asia, and Russia.
Saturday brings a respite to the markets, but investors are already preparing for a busy business week. In the spotlight is the upcoming meeting of the US Federal Reserve, the outcome of which is expected to set the tone for bond yields and the dollar's exchange rate. In Europe, attention will shift towards business climate indicators: the IFO index for Germany, capturing the sentiments of the region's largest economy, will be released on Monday. At the same time, fresh data on durable goods orders in the US will signal the state of the industrial sector.
On the corporate front, the earnings season continues: US industrial firms, financial companies, and technology firms will report their fourth-quarter results, joined by leading European retailers and transport companies, alongside select Asian corporations. It is crucial for investors to analyse macro and micro signals in tandem: central bank policies ↔ yields and currencies ↔ commodity prices ↔ corporate profit forecasts ↔ risk appetite.
Macroeconomic Calendar (MSK)
- 12:30 — Germany: IFO Business Climate Index (January).
- 16:30 — US: Durable Goods Orders (December).
US Federal Reserve: Rate Decision Expectations
- The Federal Reserve will hold a meeting next week, and investors expect signals regarding the future trajectory of interest rates. If the Fed maintains rates, attention will turn to the rhetoric in the statement and press conference: any hints at easing policy later in the year could support the stock market, whereas indications of a sustained 'hawkish' stance may heighten the rise in Treasury yields and pressure high-risk assets.
- A key metric for the Fed remains core inflation in the US, the trajectory of which will determine the tone of comments. A decline in inflationary pressure will fortify expectations for a pause or even a cut in rates over the medium term, while persistently high inflation will compel the regulator to maintain a tight policy stance. The Fed's decision will directly impact the dollar's exchange rate and, through the 'yields-dollars' connection, affect the valuation of tech stocks and gold prices.
Bank of Canada: Signal for Global Rates
- The Bank of Canada is also set to announce its interest rate decision in the coming days. It is expected that the regulator will maintain the rate at its current level, considering the stabilisation of inflation and slowing economic growth. However, investors will closely monitor the accompanying statement: a softer tone from the Bank could signal the approach of a rate-cutting cycle, which could impact other central banks in developed countries.
- The reaction of the Canadian dollar and the bond market to the outcomes of the meeting is important not only locally but also globally. Sharp fluctuations in Canadian bond yields could transmit through arbitrage to US and European markets. Additionally, the Bank of Canada's policy serves as a benchmark for several commodity currencies; a softer tone could boost sentiment in emerging markets and commodity prices, particularly oil.
US: Durable Goods Orders
- The December report on durable goods orders will reveal whether industrial demand has recovered at the end of the year. Previously, the indicator fell amid volatility in the aviation sector; the new data release will provide insight into investment demand dynamics in the US manufacturing sector.
- Particular attention is paid to the orders excluding defence and aircraft products — the so-called core capital goods orders. An increase in this indicator will signal a revival in business investment, which is positive for the stock market and for the industrial sector of the S&P 500. Conversely, if the statistics again point to a decline in orders, it could exacerbate concerns regarding economic slowing and influence expectations for further Fed actions.
Europe: IFO Index in Germany
- The IFO Business Climate Index is a leading indicator reflecting sentiments from around 9,000 German companies. The publication for January will show how businesses assess the current state and prospects of Germany's economy at the beginning of the year. In previous months, the index has remained at subdued levels, indicating caution among firms amid high resource costs and weakening external demand.
- An improvement in the IFO value could signal that the European industrial downturn is reaching its nadir: positive expectations among German businesses would support the euro and cyclical company stocks in the Euro Stoxx 50. Conversely, further deterioration in the indicator would intensify recession fears in Europe, bolstering investor interest in German government bonds as a 'safe haven'.
Earnings Reports: Before the Market Opens (BMO, US and Europe)
- Ryanair Holdings (RYAAY) — the largest low-cost carrier in Europe. Focus areas: passenger traffic during the winter season and flight load forecasts for 2026. Improved financial performance from the Irish airline could signal a recovery in tourism activity and bolster sentiment in the airline sector.
- Bank of Hawaii (BOH) — a regional bank in the US. Key metrics: inflows/outflows of deposits amid changing interest rates, net interest margin (NIM), and the quality of the loan portfolio. BOH's results will provide a local perspective on the banking sector's health: a stable margin and low default rates will reassure investors, while declining profitability or rising reserves for losses may revive concerns over regional banks.
- Steel Dynamics (STLD) — a steel manufacturing company (S&P 500). Focus areas: steel shipment volumes and price dynamics of metal products. Management's comments regarding demand from the construction and automotive sectors will serve as a barometer for industrial activity. Strong results from STLD along with positive growth forecasts could support the entire metallurgy sector.
Earnings Reports: After the Market Closes (AMC, US)
- Nucor Corp. (NUE) — the largest steel producer in the US. Important metrics: operational profitability amid changing steel prices, plant utilization, and capital expenditure forecasts. As an industry leader, Nucor sets the tone for the entire metallurgy sector: an optimistic report from the company will bolster confidence in industrial stocks, especially against the backdrop of large-scale infrastructure projects in the US.
- SoFi Technologies (SOFI) — a fintech platform providing banking and investment services. Key considerations for investors: growth in customer base and volume of loans issued, as well as progress towards profitability. High revenue growth rates and reduced losses could enhance risk appetite in the fintech sector, while disappointing results may raise doubts about SoFi's business model sustainability.
- W.R. Berkley (WRB) — a major player in the property & casualty insurance market. Key points: the level of payouts for insurance claims, premium trends, and investment income from reserve placements. Insurance companies are sensitive to interest rate cycles: increased investment returns amid high rates may offset rising loss ratios. WRB's results will provide insight into the insurance sector's health and corporate clients' sentiments.
Other Regions and Indices: Euro Stoxx 50, Nikkei 225, MOEX
- Euro Stoxx 50: as of 24 January, there are few significant corporate earnings reports in Europe, thus macroeconomic expectations will set the tone for the markets. Investors are tracking how the forthcoming data (IFO for Germany) and ECB monetary policy prospects will impact European stocks. The performance of the consumer sector and luxury industry remains in focus: later this week, LVMH will report, and the market will assess the demand for luxury goods.
- Nikkei 225 / Asia: in Japan, the earnings season for the third financial quarter continues; results from several industrial and technology companies, including automakers and electronics manufacturers, will be presented soon. In China, investors are preparing for the release of official PMI indices, expected at the end of January — this data will signal recovery in the Chinese economy and could influence commodity markets and emerging market currencies.
- MOEX / Russia: there are no significant earnings reports in the Russian corporate sector during this period — the peak of annual reporting for the largest companies in Russia typically occurs in March-April. Nonetheless, select issuers are publishing operational metrics: for instance, retail chains might share preliminary sales figures for the holidays, while oil and gas companies may provide extraction statistics for 2025. These point releases can provide guidance for the local market, although global influence remains limited.
Summary of the Day: What Investors Should Focus On
- Monetary Policy: Statements from the US Federal Reserve and Bank of Canada will be the main drivers of the week. Any surprises (such as a softer tone from the Fed or an unexpected move from the Bank of Canada) could cause a reassessment of rate expectations and, as a result, sharp movements in the bond and currency markets.
- Macroeconomic Data: The combination of US durable goods order statistics and the European IFO index will set the initial trading backdrop. Strong figures from both the US and Germany will reinforce hopes for a 'soft landing' for the global economy, while weak reports will intensify discussions of recession. The market's reaction to these indicators will reveal how focused investors are on data and how sensitive they are to economic signals.
- Corporate Reports: Attention is fixed on the results from industrial giant Nucor and a number of financial companies. Successful reports could shift focus from macroeconomic risks to corporate growth stories — especially if companies not only exceed profit forecasts but also provide robust guidance for 2026. Conversely, disappointments in earnings will remind investors that high rates and costs are pressuring business margins.
- Risk Management: In anticipation of significant events, it is wise to exercise caution. Investors should predefine the ranges of volatility within which they are prepared to adjust their positions. The use of stop-loss orders, diversification of assets across currencies and sectors, as well as hedging key risks will help navigate a potentially turbulent week with reduced losses.
