Review of Economic Events and Corporate Reports for Thursday, 27 November 2025: China's Statistics, European Data, ECB Minutes, Company Reports from Asia and Russia
As the Thanksgiving holiday approaches in the US, global market activity may diminish. Nevertheless, investors will need to assess significant macroeconomic statistics from China and Europe, alongside a series of corporate reports from Asia, Europe, and Russia. Reduced liquidity due to the absence of American participants could heighten volatility in the event of unexpected news.
USA: Thanksgiving and Market Activity Reduction
American exchanges (NYSE, Nasdaq) will be closed on Thursday due to the national holiday, Thanksgiving. US indices (S&P 500, Dow Jones, Nasdaq) will not trade, and many investors from the United States will be absent from the markets. This quiet in the largest financial hub may lead to lower trading volumes in Europe and Asia. Volatility in other venues tends to decrease on such days; however, significant news can provoke sharp movements due to the thin market. Traders should remember that in the absence of benchmarks from Wall Street, global markets will primarily respond to local factors and news of the day.
China: Industrial Production in Focus
Early in the morning, market participants will focus on China's industrial production data for October. The dynamics of Chinese industry serves as an essential barometer for the second-largest global economy and demand for raw materials. Some deceleration in output growth is expected: estimates suggest an increase of around +5% year-on-year compared to 6–6.5% in the previous month. The main reasons are weakening external demand and ongoing challenges in the real estate sector, which suppress industrial activity. If actual growth rates fall significantly below forecasts, it may heighten concerns about a slowdown in the Chinese economy and trigger declines in industrial metals and oil prices. Conversely, stronger data (close to September's levels) would indicate production stability, supporting optimism in Asian markets and raw material prices. Regional indices, including the Shanghai Composite and Japan's Nikkei 225, may respond to the statistics from Beijing accordingly.
Eurozone: Consumer Confidence and Inflation Expectations
Closer to midday, indicators of sentiment in the Eurozone will be released – the final consumer confidence index for November, along with household inflation expectations. Preliminary data suggested an improvement in sentiment: the confidence index might remain around a maximum for the past eight months at approximately -14 points (a negative value indicates a predominance of pessimists, but the trend is upward). This suggests that European consumers are gradually becoming less concerned about the economic situation as inflation declines. Simultaneously, inflation expectations will be published – citizens' forecasts for price growth over the coming year. It is anticipated that they will remain relatively moderate, reflecting faith in further reductions in actual inflation. For the European Central Bank, such results are crucial: stable, low inflation expectations ease the challenge of keeping price pressures under control. Market reactions to the releases will likely be muted if the numbers align with forecasts. However, any unexpected surge in consumer pessimism or elevated inflation expectations could exert short-term pressure on the euro and European equity indices (Euro Stoxx 50, DAX) as fears about the regional economic outlook intensify.
ECB: Minutes from the Latest Meeting
At 15:30 Moscow time, the European Central Bank will publish the minutes from its latest monetary policy meeting. Investors will closely scrutinise the details of the discussions among ECB leadership that took place in October. The key question is how unanimous opinions were regarding the future trajectory of interest rates and the assessment of inflation risks. In its previous decision, the regulator kept rates unchanged, signalling a pause after a series of increases. If the minutes reveal that some members of the Governing Council advocated for tightening policy due to persistent inflation, this could be perceived by markets as a "hawkish" signal. In such a scenario, Eurozone bond yields may rise, and the euro could strengthen. Conversely, an emphasis on economic slowdown and a lack of price pressure would be interpreted as a hint of a prolonged pause or even possible easing of policy in 2026 – a "dovish" tone in the minutes could support euro-denominated bonds and European stock markets. In any case, the publication of the ECB report will be a key event of the day for forex traders and debt market participants.
Commodity Markets: US Gas Inventory Report
In the commodity market, investors are monitoring the weekly statistics from the Energy Information Administration (EIA) regarding US natural gas inventories. Typically, this data is released on Thursdays at 18:30 Moscow time; however, due to the holiday, the publication may be delayed. Nevertheless, the market will be attuned to trends: at the end of autumn, US gas inventories are near seasonal highs, and whether there has been a discernible reduction in stocks with the onset of colder weather will influence price dynamics. High inventories and unseasonably warm weather could continue to exert downward pressure on natural gas prices, both at Henry Hub and the European TTF hub. However, if the report (when released) indicates an unexpected substantial withdrawal of gas from storage, prices may react with an upswing in anticipation of a tighter balance over the winter. European energy companies and currencies of energy-exporting countries (such as the Norwegian krone) may also experience slight fluctuations in response to US gas statistics.
Asia: Results from Japan Tobacco, Fujitsu, and Didi
In the Asian region, the corporate earnings season continues, and on 27 November, several major companies will publish their financial results. Among them:
- Japan Tobacco (JT) – a leader in the global tobacco industry. The company is expected to show stable profit growth due to price increases and a weaker yen, which boosts revenues from overseas sales. Investors will pay attention to the dynamics of sales in key regions and management's forecast: the tobacco giant may benefit from a recovery in demand for premium brands in Asian and CIS markets.
- Fujitsu – a Japanese technology conglomerate (part of Nikkei 225), specialising in IT services and equipment. Fujitsu's report for the past quarter will provide insight into the state of the IT and telecom sectors in Japan. The market is expecting moderate revenue growth; however, margin pressures may arise due to increased costs and competition in the digital services sphere. Significant points will include comments on new orders in cloud solutions and artificial intelligence.
- Didi Global – a Chinese taxi and ride-hailing service (similar to Uber), whose depositary receipts are traded on US exchanges. Didi's financial results for the third quarter will demonstrate how well the company is regaining growth after previous regulatory restrictions in China. Analysts anticipate revenue growth amid a revival in domestic tourism and rides, but profitability remains a question. Investors will evaluate the active user base metrics and management comments on the potential for operational profitability. Didi's performance is significant for sentiment in the Chinese technology sector and may impact the valuation of similar companies in the region.
Europe: Remy Cointreau Report and Trends in the Premium Segment
Among European issuers, French company Remy Cointreau – manufacturer of cognacs and premium alcohol – stands out this Thursday. It will present its financial results for the first half of its fiscal year. Previously, the market was concerned by signals of declining demand for high-end spirits in the US and slowing growth in China, which negatively impacted sales of Remy Martin cognac. In the report, investors will be looking for confirmation of demand stability in the luxury segment: if sales in America and Asia show signs of recovery, shares of Remy Cointreau and other alcohol producers may gain support. However, weak results or a cautious management forecast could heighten concerns about the outlook for the premium consumer sector. Overall, the European corporate calendar for 27 November does not feature many high-profile names, making macroeconomic news (confidence data and ECB minutes) a focal point for market participants in Europe.
Russia: Reports from AFK Sistema, RusHydro, Segezha, and Astra Group
The Russian market (Moscow Exchange index) will receive a dose of corporate news, with several notable issuers publishing financial results according to IFRS for Q3 and the first nine months of 2025:
- AFK Sistema (AFKS) – a large investment holding with assets in telecommunications, retail, medicine, and other sectors. Sistema's report will reflect how its key investments are faring. The mobile operator MTS likely provided a steady influx of revenue, while consumer and technology projects may have faced a slowdown. Investors will also assess AFK's debt burden: rising interest rates in Russia increase borrowing costs, potentially impacting net profit.
- RusHydro (HYDR) – one of the largest power producers in Russia, specialising in hydropower generation. According to preliminary data, the company increased revenue in the first nine months due to the launch of new capacities and tariff adjustments. However, high debt levels and rising rates from the Central Bank of Russia are exerting pressure on profit and cash flow. Focus will be on management comments regarding plans to optimise the debt portfolio and dividend prospects; energy companies in the sector are currently balancing between investments and shareholder payouts.
- Segezha Group (SGZH) – a timber holding (paper, packaging, wood). The sector is affected by declining global prices for timber products and export restrictions to Europe. Financial results for Segezha for Q3 are likely to reflect a decrease in revenue and profit. A positive aspect may be the pivot towards Asian markets and the weakening rouble, which supports exporters. Investors will be on the lookout for signs of demand stabilisation for the group's products in both domestic and international markets.
- Astra Group (ASTR) – a Russian software and IT solutions developer, known for its Astra Linux operating system. The company's rapid growth in recent years has been driven by the push for software import substitution in corporate and government sectors. The Q3 report will show whether Astra can maintain high revenue and profit growth rates. In an environment of constrained client budgets, some slowdown may be possible, but business margins are likely to remain high. Investors will focus on any updates to the company’s forecasts and new large contracts – the tech sector in Russia currently shows growth, and Astra's results will be a benchmark of its resilience.
What Investors Should Pay Attention To
As the day concludes, with most American players absent, markets will need to digest incoming signals independently. Investors should concentrate on the following points:
- Chinese Statistics and Commodities: Growth rates in China's industrial production will influence sentiment in commodity markets and sectors sensitive to demand from China (metallurgy, oil and gas). A decline in indicators could heighten concerns for China's economy, while steady output will support raw material prices and shares of exporting companies.
- ECB Rhetoric: The content of the ECB minutes will show the balance of opinions regarding the future rate. Any "surprises" – a more hawkish or dovish stance from the regulator – could significantly shift the euro's exchange rate and bond yields, setting the tone for European markets.
- Corporate Reports: The reaction to the results of individual companies (especially major Asian and Russian ones reporting today) will affect the dynamics of their stocks and related sectors. For example, a strong report from Japan Tobacco will bolster interest in the tobacco sector across Asian markets, while AFK Sistema's results will impact the evaluations of investment holdings in Russia.
- Low Liquidity: Due to the holiday in the US, trading volumes will be lower than usual. In such conditions, even local news may lead to heightened volatility. Investors should exercise caution when opening positions – sharp price movements are possible even with relatively low volumes.
Thus, 27 November 2025 promises a relatively calm session without American players, but with sufficient important events for regional markets. The main drivers will be morning data from Asia and afternoon news from Europe, which will set investor sentiment. Despite the holiday pause in the US, market participants in other countries should remain attentive to statistics and reports – they will help to gauge the state of the global economy as the year comes to a close and identify potential risks or opportunities for investment.
