Economic Events and Corporate Reports - Tuesday, 6 January 2026: Services PMI, Germany CPI, API oil inventories

Detailed Review of Economic Events and Corporate Reports for 6 January 2026: Services PMI, Germany's Inflation, API Oil Inventories, Ukraine Meeting, and Reports from Companies in the US, Europe, Asia, and Russia.

The first working Tuesday of the new year is filled with significant data for investors worldwide. The focus will be on the services purchasing managers' indices (PMI) for December across several key economies, from Australia and India to the Eurozone, the United Kingdom, and the United States. In Europe, the release of inflation data for Germany stands out: the price dynamics of the largest economy in the EU will help assess the further actions of the European Central Bank. Alongside this, the geopolitical agenda will remind us of the high-level meeting of Ukraine's allied coalition in France, the outcomes of which could influence market risk appetite. On the corporate front, earnings reports continue to come in: while the beginning of January is traditionally not marked by a multitude of major releases, investors will monitor results from several companies in the US, Asia, and other regions that may set the tone for specific sectors. Collectively, the combination of macroeconomic statistics and corporate news on Tuesday will shape the initial benchmarks for global markets in 2026. It is vital to analyse the indicators in concert: strong PMIs will indicate the health of the economy, while a slowdown in inflation will support bonds and equities, whereas geopolitical decisions may alter the dynamics of commodities and currencies.

Macroeconomic Calendar (MSK)

1. Throughout the day — France: high-level meeting of Ukraine’s ally countries (“coalition of the willing”).
2. 01:00 — Australia: services PMI for December.
3. 08:00 — India: services PMI and composite PMI for December.
4. 11:55 — Germany: services PMI / composite PMI (December).
5. 12:00 — Eurozone: final assessments of services PMI and composite PMI (December).
6. 12:30 — United Kingdom: final services PMI and composite PMI (December).
7. 16:00 — Brazil: services PMI and composite PMI (December).
8. 16:00 — Germany: consumer price index (CPI, December).
9. 17:30 — Canada: services PMI and composite PMI (December).
10. 17:45 — USA: services PMI (S&P Global Services PMI) and composite PMI (December).
11. 00:30 (Wed) — USA: weekly crude oil inventories from API.

Global Services PMIs: Growth Rate Signal

The December services purchasing managers' indices (Services PMI) will be released for a range of countries, providing a holistic view of the state of the global economy at the end of 2025. It is crucial for investors to evaluate whether the resilience of the services sector persists, as this sector often offset industrial weakness last year. In the Asia-Pacific region, Australia's metrics may reflect the impact of tourism recovery and domestic demand, while India, which has traditionally demonstrated robust growth, is expected to remain in a confident expansion zone above the 50-point mark. European final PMIs (Germany, Eurozone, UK) will confirm or adjust preliminary assessments: an increase in services business activity in December will bolster hopes for a soft economic landing, while a decrease in PMI may signal ongoing pressure from high rates on businesses and consumers. In the US, the S&P Global PMI will round out the overall picture: an increase in the index will indicate sustained demand in the services sector and support the stock market, whereas a signal of slowing activity could intensify expectations for a softer Fed policy. In general, synchronized growth in service PMIs across various countries would serve as a positive driver for global markets, supporting cyclical stocks and emerging markets, while disparate or weak data could amplify interest in defensive assets.

Germany: Is Inflation Slowing?

Investors in Europe will focus on the December consumer price index (CPI) for Germany— a key indicator for assessing the inflation landscape in the Eurozone. Previous months showed a decrease in Germany's annual inflation closer to the target range of 2-3%, and the new data will confirm whether this trend can be secured. A slowdown in price growth in December (particularly in food and energy components) will strengthen expectations that the European Central Bank will refrain from new rate hikes: for markets, this would be a positive signal supporting German government bonds (Bunds) and the DAX stock index. Conversely, an unexpected acceleration in inflation may alarm investors: an increase in CPI above expectations could revive discussions regarding the necessity for further tightening by the ECB, which typically exerts pressure on European stocks and drives up bond yields. Particular attention will be paid to core inflation (excluding energy and food prices) that reflects internal price pressure in the services sector and wages. Data from Germany will also set the tone ahead of the aggregate inflation statistics for the Eurozone: markets will evaluate the prospects for the euro and the dynamics of the Euro Stoxx 50 through the lens of the German figures.

Oil and Commodities: Focus on Inventories and Geopolitics

Energy prices on Tuesday may be influenced by two factors: weekly statistics on oil inventories in the US and the international political agenda. Late Tuesday night, data from the American Petroleum Institute (API) on commercial oil and petroleum product inventories for the past week will be released. Previous API reports indicated volatility in inventories towards the end of the year—from significant reductions due to increased export demand to unexpected stockpiling. If fresh data indicates a substantial decline in oil inventories, this will support Brent and WTI prices, signalling sustained demand and limited supplies in the market. Conversely, an increase in inventories could temporarily weaken oil prices, intensifying concerns about oversupply or slackening demand. An additional factor on Tuesday will be the aforementioned meeting of the “coalition of the willing” regarding Ukraine: any escalatory statements or new sanctions could impact commodity markets, particularly the oil market and gas prices, considering Russia's role and that of allied countries in global energy supplies. Overall, for investors in commodities, this day will require attention to both API figures and news from the realm of big politics.

Geopolitics: Meeting of Ukraine's Allied Coalition

A high level of geopolitical activity on Tuesday will be represented by the summit in France involving the “coalition of the willing” nations supporting Ukraine. This diplomatic forum, gathering leaders and senior officials from key Western nations, aims to coordinate further military and financial assistance to Ukraine and discuss strategy amid the ongoing conflict. For financial markets, the outcomes of the meeting are crucial concerning overall risk appetite: confirmation of allies' unity and the expansion of support could bolster investors' confidence in the stability of the situation in Europe, indirectly supporting the euro and the assets of emerging markets in the region. Conversely, if disagreements arise during the meeting or if no concrete decisions are made, this could heighten geopolitical uncertainty. News from Paris may notably impact companies in the defence sector (in case of announcements regarding new arms supply contracts) and commodity markets, particularly if issues of sanctions on energy resources are discussed. Investors will be monitoring the statements from the summit participants and the willingness of countries to intensify pressure through sanctions or, conversely, hints at possible paths to conflict resolution.

Earnings Reports: Before the Market Opens (BMO, US, and Asia)

• RPM International (RPM) — an American manufacturer of construction materials and coatings. Investors await the report for the last quarter of the 2025 financial year: the focus will be on the margin in the construction chemicals and finishing products segments amid fluctuations in raw material prices. Positive forecasts for demand in construction and renovation may support the shares not only of RPM but also the whole industrial materials sector.
• Takashimaya Co. (8233.T) — one of Japan's largest department store chains. The company will present results for the pre-holiday quarter, encompassing the discount season and New Year shopping. Key metrics will include comparable sales growth in major cities and consumer demand dynamics in offline retail. Investors are also keen to hear management's comments on tourism flows and the recovery of domestic consumption in Japan.
• Lindsay Corporation (LNN) — a manufacturer of irrigation systems and agricultural equipment (US). The company’s report will provide insights into farmers' capital investments amid volatile agricultural product prices. Particular attention will be paid to the volume of new orders for irrigation systems and infrastructure projects, as well as profitability, taking into account rising costs for raw materials and logistics.
• AngioDynamics (ANGO) — an American med-tech company specialising in equipment for minimally invasive surgery and therapy. In its quarterly financial result, analysts will be looking for signs of improved sales in key product lines and reduced losses. Focus will be on revenue growth rates in oncology and vascular surgery, as well as management's updated forecast for profitability.
• AZZ Inc. (AZZ) — an industrial group in the US operating in the field of energy and utility equipment, as well as metal protection services (hot-dip galvanizing). AZZ’s reporting will serve as an indicator for activity in infrastructure projects and the energy sector. Investors will assess the volume of orders for electrical equipment and metal structures, as well as profitability dynamics amid federal infrastructure modernization programmes.

Earnings Reports: After Market Close (AMC, US)

• AAR Corp. (AIR) — an American company providing maintenance and supply services in the aerospace industry. The quarterly report from AAR will illustrate how confidently the recovery of civil aviation continues: an increase in revenue from aircraft maintenance and parts supply indicates heightened activity among carriers. Important too are comments on the company’s defense contracts and the status of its clientele— the Air Force and other government entities.
• Penguin Solutions (PENG) — a technology company specialising in high-performance computing solutions (HPC), enterprise server platforms, and memory components. Although Penguin Solutions is classified as a mid-cap company, its results are noteworthy regarding trends in AI and cloud computing. The market will be watching the revenue from the data centre solutions segment and the business's margin in light of high demand for AI and data storage equipment.
• Saratoga Investment Corp. (SAR) — an investment company (BDC) providing financing to middle-market businesses in the US. The report from Saratoga Investment after the stock market closes may signal the condition of the credit market: the dynamics of net investment income and the volume of loans issued will reflect both companies' need for capital and the quality of the credit portfolio. Investors will also pay attention to the size of BDC dividends, which are sensitive to changes in income.

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

• Euro Stoxx 50: no significant individual reports are anticipated for leading European companies on 6 January, thus macro data will dictate trading tone in the Eurozone. Services composite PMI and inflation in Germany will shape expectations regarding the EU economy, influencing the banking sector and consumer companies. The euro and pound rates may react to the stats, reflecting on exporters in the region. Overall, the European market will assess how confidently the region emerges from the winter period of restrained growth.
• Nikkei 225 / Japan: the Japanese stock market is on the brink of the main earnings season for the third quarter of the financial year. While most large corporations in Japan will publish results closer to the end of January, individual releases are already attracting attention. In particular, the metrics from retailers like Takashimaya will signal early consumer activity during the festive season. Furthermore, external factors, including yen dynamics and PMI data from China, could influence investor sentiment in Tokyo. Nikkei 225 will respond sensitively to the tech sector: any news about demand for electronics and semiconductors will set the direction for high-tech blue-chip stocks.
• MOEX / Russia: the Russian stock market returns to work following extended New Year holidays; as such, investor activity on 6 January may be lower than usual. No significant corporate reports from issuers in the MOEX index are expected on this day: traditionally, the publication of financial results for the full year of 2025 will begin later in January-February. Nevertheless, external benchmarks—global oil prices and sentiments in global markets—will be decisive for the dynamics of Russian equities and the ruble exchange rate. Individual companies may disclose operational metrics for December (for instance, production volumes from oil and gas producers or sales figures from retailers), providing local investors with additional motivations for reassessing positions. Overall, MOEX enters the new year under the influence of external factors and geopolitical rhetoric, maintaining a focus on commodity trends and the monetary policy of the Bank of Russia.

Day’s Outcomes: What Investors Should Pay Attention to

• Global Services PMIs: synchronized improvement in services activity indices (especially in the Eurozone, UK, and US) will serve as a positive signal for stock markets and commodities. However, weak outcomes in individual countries could amplify discussions about recession risks—therefore, heightened interest in bonds and defensive assets may arise.
• Germany's Inflation: CPI figures for December will establish the tone for expectations regarding ECB policy. Soft inflation data (below forecasts) may strengthen European bonds and weaken the euro, supporting stocks in sectors sensitive to rates (real estate, auto financing). Conversely, unexpected inflation growth may apply pressure on the Euro Stoxx 50 and lead to a local strengthening of the euro on Forex.
• Oil and Commodities: the API report on oil inventories may provoke movements in energy prices during the Asian and European sessions on Wednesday. Investors in oil and gas companies should be prepared for volatility: a reduction in inventories will bolster Brent prices and shares in the oil and gas sector, while an increase in inventories or adverse news from the Ukrainian summit could weaken the oil market.
• Geopolitical News: the outcomes of the coalition meeting on Ukraine in France will have a delayed impact. Any statements regarding the expansion of support or, conversely, disagreements among allies may affect European markets and the euro exchange rate. Additionally, an intensification of the sanction rhetoric could touch commodity markets (oil, metals) and stocks in companies linked to these sectors.
• Corporate Earnings:** among the day’s releases, particular interest centers on RPM International (an indicator for the construction sector) before the market opens, and AAR Corp. (aviation sector) after the market closes. Their results and forecasts may exert local influences on corresponding industry indices. Investors should also pay attention to the technological components of earnings reports (such as data from Penguin Solutions in the HPC segment) and consumer demand signals from Asia (Takashimaya sales)—these factors will assist in refining strategies at the beginning of the new year.
• Risk Management: due to the abundance of divergent events—from macroeconomic data to geopolitics—6 January may bring heightened market volatility. For investors, it would be prudent to pre-determine critical levels for their positions and use protective instruments (stop orders, hedging), as well as to avoid excessive risks ahead of the release of key indicators. Balancing between PMI data, inflation, and news will warrant adherence to diversification and monitoring asset correlations within the portfolio.