Overview of Key Economic Events and Corporate Reports on Friday, 28 November 2025: GDP Data from Switzerland, India, and Canada, Chicago PMI Index, Influence of Early Market Closure in the USA, and Reports from Major Public Companies in the USA, Europe, Asia, and Russia for Investors from CIS Countries.
The last trading day of the week promises a combination of reduced activity in the US markets due to the continued celebration of Thanksgiving with the release of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies — Switzerland, India, and Canada — allowing for an assessment of both developed and emerging markets on the brink of the year's end. Additionally, the Chicago PMI index for November will be released, reflecting trends in the US industrial sector. On the corporate front, the focus shifts to individual company reports from Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and Russian corporations. In the context of a shortened trading session in New York and reduced liquidity, global investors need to be particularly vigilant regarding potential surprises in the statistics that could trigger increased volatility.
Macroeconomic Calendar (Moscow Time)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — USA: Chicago PMI Business Activity Index (November).
- 21:00 — USA: Early market closure on exchanges (NYSE, NASDAQ) in connection with the Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The Swiss economy, traditionally stable, faced pressure from external factors in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the forecast of around zero growth. The primary reasons were global slowdowns and a shock from the abrupt increase in US import tariffs (up to 39%) on a range of Swiss goods, which severely impacted industry (particularly the chemical-pharmaceutical sector). In Q2, the economy grew by only +0.1% quarter-on-quarter, so the move into negative territory was an unpleasant surprise. However, the government maintains a relative optimism: according to revised forecasts, by the end of 2025, Switzerland's GDP is expected to grow by approximately 1.3%.
India: GDP for Q3 2025
India's GDP for July–September 2025, according to analysts, retained a high growth rate of around +7–7.5% year-on-year. This is slightly below the record +7.8% year-on-year recorded in the previous quarter, but it confirms the strong momentum of the Indian economy thanks to robust domestic demand, production growth, and service sector expansion. Significant support has come from government expenditures: at the end of the first half of the current financial year, India’s economy grew by 7.6% year-on-year, and authorities forecast around +7% for the entire year. Although external demand has weakened somewhat, the domestic market remains a key growth driver, and the fresh GDP data will show how solid this trend is. Their publication may influence investor sentiment in emerging markets and the Indian rupee exchange rate.
Canada: GDP for Q3 2025
The Canadian economy is teetering on the brink of a technical recession. Following a GDP decline of -1.6% (year-on-year) in Q2 due to a sharp drop in exports, a symbolic growth of around +0.5% year-on-year is expected in Q3 (essentially zero change relative to the previous quarter). Such a lacklustre forecast reflects weak domestic demand and ongoing difficulties in external trade (including due to new US tariffs on a number of Canadian goods). An additional negative factor over the summer was a strike at Air Canada. If the statistics for July–September show another decline, Canada will formally enter recession. Confirmation of even minimal growth would alleviate concerns and support the Canadian dollar, while another decline will heighten expectations for an imminent rate cut by the Bank of Canada.
USA: Chicago PMI Index for November
The Chicago PMI Business Activity Index for November reflects the state of the manufacturing sector in the Midwest. The previous October figure was 43.8 points, indicating deep contraction (values below 50 signal a decline). The consensus forecast predicted a slight increase in the index to around 45 points, however, data published just prior unexpectedly revealed that the indicator dropped to 36.3 points — the lowest since spring 2024. This sharp drop in the Chicago PMI underscores the worsening challenges in industry (declining orders and employment) and serves as a troubling signal ahead of the release of nationwide ISM indices. Nevertheless, the US markets' reaction to this weak statistic may be subdued due to the shortened session and low liquidity following the holiday.
Europe: Final Company Reports
The European markets are concluding the quarterly reporting season, with a number of mid-sized companies releasing results on Friday. Notable among them are:
- Elia Group (Belgium) — an electricity transmission system operator reporting for Q3; investors will assess revenue dynamics in the context of the volatility of European energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing financial results for Q3 2025; their results will signal the state of EU real estate markets amid rising rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company whose Q2 2025/26 financial year report will reveal demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — key players in the renewable energy and infrastructure sector presenting data for July–September; markets will monitor their profitability amid fluctuating electricity prices.
- Intralot (Greece) — a supplier of lottery and gaming solutions disclosing Q3 results; market participants will watch to see if the company has improved its performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specialising in real estate presenting results for Q2 2025/26; its reports reflect the overall state of the UK real estate sector.
Overall, significant surprises from European reports are not expected: most large companies have already reported earlier, and the market reacts tepidly to releases from second-tier issuers. However, unexpectedly strong or weak results could locally influence the stock prices of these companies.
Asia: Meituan Report and Others
In Asia, attention is focused on the report of the Chinese internet company Meituan for Q3 2025. Meituan is one of China's leaders in online services (food delivery, marketplace, etc.) and presents results that serve as a barometer of consumer activity in the country. Double-digit revenue growth is expected amid the recovery in domestic demand and the expansion of the company's services. Investors will be interested in the dynamics of the number of active users and margin in the delivery segment, as well as management comments on competition (given pressures from Alibaba and other platforms).
Aside from Meituan, there are hardly any significant corporate reports scheduled in Asia for this date, as the reporting season is winding down: most major Asian corporations published their quarterly results in the first half of November. Therefore, sentiments in Asian markets on Friday will primarily be shaped by external factors and macro data (notably India's GDP) rather than corporate events.
Russia: Results from Transneft and Other Companies
On the Russian corporate calendar for Friday, the publication of financial reporting from Transneft for Q3 2025 under IFRS stands out. Transneft is the operator of main oil pipelines, and its results traditionally draw investor attention. Forecasts suggest that the company’s indicators will remain stable: revenue is expected to be around 355–360 billion rubles (1% higher than in Q2), while net profit is expected to be close to the previous quarter's results. Earlier (according to RAS), the company reported a 3% year-on-year revenue growth for the first nine months, confirming the stability of its business. Investors will examine not only the absolute profit figures but also management's statements regarding dividends and future investment programmes in the context of fluctuating oil prices.
The publication of delayed results from some other issuers for Q3 is also ongoing. For instance, earlier this week, RusHydro revealed its nine-month report (net profit increased by nearly +29% year-on-year). However, most flagships of the Russian market reported earlier, so no new significant releases are expected, apart from Transneft’s report, on Friday. The dynamics of Russian stocks on that day will likely depend on the overall market sentiment on global platforms and fluctuations in commodity prices.
Investor Attention Points
- Global Growth Rates: The GDP publications in Switzerland, India, and Canada will provide a multifaceted view of the global economy's condition. It is essential for investors to assess these data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high momentum persists in emerging markets (India).
- US Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility may be expected. Unexpected deviations in statistics (e.g., a sudden fall in the PMI index or surprises in GDP data) could elicit an disproportionately strong reaction in a thin market. Caution is advised as price fluctuations may intensify with fewer active participants.
- Corporate Stories: The Meituan report serves as an indicator of China's consumer sector, while Transneft’s results act as a barometer for the resilience of the Russian oil transport business. Investors holding shares in these or related companies should consider not just the raw figures in the report but also management statements on prospects and dividends. In Europe, no significant report releases are expected, but unexpectedly strong or weak results from medium companies could locally affect their shares.
- Currencies and Commodities: Weak macro data could weaken corresponding currencies (for instance, the Canadian dollar if disappointed by Canadian GDP) and exert pressure on commodities. Signals of a global economic slowdown could temporarily dampen risk appetite in commodity markets and the currency segment of developing countries.
