Economic Events and Corporate Reports Thursday 20 November 2025 - G20 Summit, China and South Africa Rates, Disney, JD.com, Applied Materials Reports

Comprehensive Overview of Economic Events and Corporate Earnings for Thursday, 20 November 2025: G20 Summit, Interest Rate Decisions in China and South Africa, Key US Statistics and Canadian PPI, Reports from Disney, JD.com, Applied Materials, Walmart, Bilibili, and Other Global Corporations.

US: Major Reports and Expectations

• Walmart (US, Retail) – Q3 FY2026 Report (to be published before market opens). Consensus forecast: revenue approximately $177.5 billion (+4–5% y-o-y) and earnings per share ~$0.60. Investors are expecting stable consumer demand and consistent product inventory levels. Particular attention will be paid to food sales dynamics and the effectiveness of cost-cutting measures. (As the largest retailer globally, Walmart's results could significantly influence the performance of the Dow Jones and S&P 500 index as well as the USD rate.)

• The Walt Disney Company (US, Media and Entertainment) – Financial results for Q4 FY2025 and the full year (expected prior to market session). Forecast: revenue ~$22.8 billion (almost at last year's level) and adjusted earnings per share ~$1.02 (down from $1.14 a year earlier due to weakness in the TV business). The market anticipates data regarding Disney+ subscriber growth and the effects of cost-cutting measures implemented under Bob Iger's leadership. The parks and cruise segment, which previously saw growth, is also under scrutiny. (A major company in the Dow index; its report may set the tone for the entire media market and impact broader indices.)

• Applied Materials (US, Semiconductor Equipment) – Q4 FY2025 Report (to be published after market closes). A slight decline in revenue is expected (~$6.7 billion) amid a general drop in demand for chip equipment, EPS ~ $2.1 (decreasing y-o-y). However, investors are optimistic about the guidance due to a boom in AI-related equipment investments and a strong order backlog from the AI chip segment. Applied Materials serves as a barometer for the semiconductor sector; its order volume forecast may impact the entire Nasdaq technology sector.

• Intuit (US, Financial Software) – Q1 FY2026 Report (fiscal, to be published after market closes). Analysts forecast revenue of around $3.75–3.8 billion and earnings per share ~$3.10 (up ~24% y-o-y) due to growth in the QuickBooks (services for small businesses) and Credit Karma segments, while TurboTax's contribution is typically minimal in the first quarter. The focus will be on management's comments regarding demand for fintech services and AI functionalities in Intuit's products.

• Ross Stores (US, Off-Price Retail) – Q3 2025 Report (after market closes). The largest chain of discount clothing and home goods stores expects moderate sales growth (consensus ~ $5.1 billion in revenue, +4–5% y-o-y) and EPS ~ $1.53–1.54. Investors are monitoring traffic trends – amidst declining disposable income, consumers are increasingly turning to discount stores, potentially benefiting Ross. The company previously issued a cautious forecast ($1.31–1.37 EPS), thus actual results exceeding this range would be positively received. Ross's report will serve as an indicator of consumer sentiment and the state of the mass market retail sector.

• Veeva Systems (US, Cloud Software for Pharma) – Q3 FY2026 Report (after market closes). The company has already provided guidance for the quarter: earnings per share of $1.94–1.95, in line with consensus, alongside double-digit revenue growth (expected around $590–600 million). The focus will be on Veeva's transition to its proprietary cloud platform, Vault, and maintaining growth rates for new orders from pharmaceutical companies. Strong results from Veeva will support the cloud software sector, particularly in the vertical SaaS solutions niche.

• Copart (US, Auto Auctions) – Q1 FY2026 Report (after market closes). Continuation of positive trends is expected: revenue growth (previous quarter +12% y-o-y) due to strong demand for used cars and global market expansion. Copart benefits from rising prices for vehicles and parts; EBITDA margins are typically high, and the market is watching to see if margins remain around 45%+. Copart’s report will provide insights into the automotive and insurance markets (as major sellers at its auctions are insurers).

• Jacobs Solutions (US, Engineering and Construction) – Q4 FY2025 Report. A major contractor in infrastructure and government contracts, Jacobs is expected to demonstrate a solid order book. Analysts expect single-digit revenue growth, particularly in advanced technologies and defense following recent acquisitions. Investors are awaiting updates on government infrastructure projects (stimulated by US programs) and comments regarding the backlog for 2026. Strong results could support stocks in the industrial sector.

• Warner Music Group (US, Music) – Q4 2025 Report. Moderate revenue growth is expected, primarily driven by streaming services (Spotify, Apple Music) and income from music publishing. Analysts forecast quarterly revenue of around $1.5 billion with a slight decline in profits y-o-y due to investments in new artists. For investors, data on revenue growth from streaming and music licensing will be crucial – WMG's report will serve as a barometer for the entire music sector.

Canada and Latin America

• Brookfield Corporation (Canada, Alternative Investment) – Q3 2025 Report. The conglomerate in asset management and infrastructure reported record commission income and fee-related earnings growth of ~+17% y-o-y. The consensus EPS was around $0.61 (up from $0.60 a year earlier), and Brookfield slightly exceeded expectations with $0.63. Investors are interested in the yield from infrastructure and real estate assets amid rising rates: Brookfield is one of the indicators of the global alternative investment market. Additionally, the market will evaluate comments on the situation in commercial real estate and private equity funds.

• Nu Holdings (Nubank) (Brazil, Fintech) – Q3 2025 Report. The parent company of the digital bank Nubank continues to demonstrate exponential growth: expected revenue of around $4.0 billion (+~42% y-o-y). Profit forecast: ~$0.15 per share, thanks to the scaling of business as Nubank has achieved stable profitability. Key metrics include growth in user base (over 85 million users), loan portfolio, and non-performing loans amidst Brazil's high interest rates. Nubank is the largest neobank in Latin America, and its results impact evaluations of the fintech segment in emerging markets.

Europe: Reports from Major Public Companies

• ORLEN S.A. (Poland, Oil and Gas) – Q3 2025 Report. The largest oil and gas company in Central Europe (formerly PKN Orlen) is likely to show a significant decline in profits y-o-y due to lower refining margins and fuel prices in 2025. The company had previously forecasted pressure on refining margins. However, revenue is expected to remain robust due to increased sales volumes and integration of acquired assets. ORLEN's report is important for the Polish market and will signal the health of the regional oil and gas sector. While the potential impact on the PLN rate is limited, unexpectedly strong or weak figures could influence ORLEN and related companies' stock prices.

• Halma plc (UK, Technology Equipment) – H1 FY2026 Report. The conglomerate, producing safety systems, sensors, and medical equipment, is traditionally experiencing stable growth (~+10% y-o-y). The market expects increased revenue and profits despite economic slowdowns: Halma's products (gas detectors, lift sensors, medical devices) enjoy steady demand. Being a company from the FTSE 100, Halma serves as an indicator of the health of the UK high-tech manufacturing sector. A positive report from Halma will support the FTSE index and the European industrial sector.

• JD Sports Fashion (UK, Sporting Goods Retail) – Trading Update for Q3 FY2026. Preliminary sales for the quarter, including the autumn season, are expected to grow around +10% y-o-y, reflecting strong demand for sneakers and athletic apparel from global brands. However, investors will be focused on margins: high inflation in costs (wages, rent) may pressure profitability. JD Sports, as a leader in the European sports retail segment, serves as a benchmark for consumer demand among youth. A successful update could improve sentiment in the European retail sector.

• Allegro.eu (Poland, E-Commerce) – Q3 2025 Report. As the largest Polish online marketplace, Allegro is increasing revenue thanks to growth in marketplace and financial services turnover. Consensus anticipates quarterly revenue of PLN 2.4–2.5 billion (+double-digit % y-o-y) along with an improvement in adjusted EBITDA. The focus will be on competition from Amazon and Wildberries in the Polish market and the dynamics of active buyer numbers. Strong results from Allegro will bolster confidence in the e-commerce potential in Eastern Europe, while disappointment could weaken sector stocks.

• PZU (Poland, Insurance) – Report for 9 months of 2025. As the largest life and property insurer in Eastern Europe, PZU Group is likely to show growth in premium income (especially in property and auto insurance) and confident net profits. Analysts noted that in H1 2025, PZU's profits grew at double-digit rates due to investment income and the absence of large payouts. If the trend continues, the report will confirm the stability of Poland's financial sector. Investor focus will be on comments regarding dividends and capital adequacy, which are important for evaluating the attractiveness of PZU stocks.

• CTS Eventim (Germany, Entertainment) – Q3 2025 Report. As a leading European ticketing operator and concert organizer, CTS continues to recover from the pandemic. Significant year-over-year revenue growth is expected (in Q3 2024 concerts had yet to fully reach pre-COVID levels). Key indicators include ticket sales and profitability in the concert segment. Following a successful summer festival season, the market anticipates margin improvements. CTS Eventim's report will reveal how confidently Europeans are returning to offline entertainment and may influence stocks of other industry companies (Live Nation, etc.).

(Additionally, several other European issuers will also report on this day: LondonMetric and Grainger (UK, Real Estate) – providing insights into the commercial and residential real estate markets in Britain; Subsea 7 (Norway, Offshore Oil Services) – results that reflect the state of oil and gas engineering; UNIQA (Austria, Insurance) – trends in the insurance market of Central Europe; Breedon Group (UK, Building Materials) – trading update on construction sector demand, etc. Although these companies are not among the largest, their reports hold industry interest.)

Asia: Significant Reports from Technology Companies

• JD.com (China, E-Commerce) – Financial results for Q3 2025. Market expectations: revenue around ¥294 billion (+~13% y-o-y) following strong growth during the “618” sale in the previous quarter (for comparison, Q2 was ¥356.7 billion). However, net profit is forecasted to decline by ~75% y-o-y due to aggressive investments in marketing and new businesses. JD.com is increasing spending to attract customers (competing with Alibaba, PDD) and developing food delivery services. Investors will be searching for signs of margin improvements in JD Retail's main retail business (expected +16–17% y-o-y) and reductions of losses in new segments (JD Logistics, JD Food Delivery). (JD.com’s stock price influences the Hang Seng Tech index; the results of this company may significantly affect investor sentiment in the Chinese tech sector and indirectly on the yuan rate if deviating from forecasts.)

• Bilibili (China, Online Video and Gaming) – Q3 2025 Report. Consensus forecast: revenue ~$1.07 billion (growth of ~+3% y-o-y), with a small profit result of $0.21 EPS (non-GAAP, close to breakeven). Bilibili reported its first profit in the previous quarter, and the market expects this trend to continue due to strict cost control. Audience growth has slowed (MAU around 330 million), but monetisation is improving: advertising revenue (+20% y-o-y) and value-added services (subscriptions, in-game purchases) are compensating for declines in mobile gaming revenue. Focus will be on management's comments regarding outlook for 2026 and progress towards achieving breakeven by year-end. Strong results from Bilibili will reaffirm a positive shift in China’s profit-driven internet sector, while disappointment will amplify concerns regarding sustainable user growth models.

(On 20 November, no major publications from the first-tier companies in Asia are expected, as most Chinese IT giants reported their results the week prior. Investors will continue to digest these results: Tencent (reported on 15 November with +13% y-o-y revenue growth) and Alibaba (13 November, +9% y-o-y growth) set the tone, demonstrating a recovery in China's internet sector. In Japan, the first-half reporting season (Q2 FY2025) for most major companies has concluded by mid-November, so no new data from Nikkei 225 companies is anticipated this Thursday.)

Russia: Reports from Public Companies on the Moscow Exchange

• VK Company (Russia, Internet) – Publication of financial results for Q3 and 9M 2025 under IFRS. VK (formerly Mail.ru Group) is the largest Russian social network and IT holding, owning VKontakte, Odnoklassniki, online education services, etc. A double-digit revenue growth is expected for the nine months, primarily driven by advertising income and development of new directions (gaming, VK Clips, business messengers). Profitability is still under pressure as the company heavily invests in content and technology (including its own recommendation algorithms and AI services). Investors are interested in net profit or loss – VK reported losses in the first half of the year, and the market expects signals of reduced losses in the second half. VK’s report is crucial for the Russian tech sector: a successful reduction in losses and audience growth can improve perceptions of the industry, while weak results may heighten concerns about social media monetisation in Russia. VKCO shares are included in the MOEX index, hence surprises in the report could reflect on market movements.

• Softline (Russia, IT Solutions) – Key unaudited financial indicators for Q3 and 9M 2025 (IFRS). Softline is a leading supplier of IT products, cloud services, and cybersecurity for businesses in Russia and the CIS (following the separation of global operations into a separate company). In H1 2025, Russian Softline revenue rose by ~20%, and the market expects this trend to continue in H2 due to software import substitution. Key metrics: revenue growth (expected in double digits), dynamics of gross margin and debt load. Volatility in Softline stocks is possible following the report, considering limited liquidity of shares and interest from retail investors. On 20 November at 12:00 MSK, the company will also hold a conference call with top management to discuss results.

• Renaissance Insurance (Russia, Insurance Group) – Disclosure of financial results for 9M 2025 under IFRS. Renaissance Group is one of the largest private insurers for life and property. In 2024, the company showed high growth rates in premium collections. Analysts projected a further ~+25% y-o-y growth of insurance premiums for 9M 2025 (especially in the life accumulation insurance segment), however net profit may have decreased due to increased payments in motor insurance (OSAGO) and volatility of investment income. Investors will pay attention to the combined loss ratio (COR) – an indicator of the insurance provider's operational efficiency. A strong report from Renaissance would confirm the recovery of the Russian insurance market following the pandemic, while a weak one could put pressure on shares of other insurers (for instance, SOGAZ reports later).

• Also reporting on 20 November: T1 (T1 Technologies) – Q3 2025 results under IFRS (asset consolidation for IT integration and telecom equipment, with revenue growth expected due to government contracts); ArenaData – operational and financial results for 9M 2025 (data handling solutions provider, interesting in the context of software databases import substitution and Big Data solutions); Tinkoff (TCS Group) traditionally discloses key metrics later in November, hence its report is not scheduled for this date. Additionally, it is worth noting: a report from Bank Saint Petersburg is scheduled for 21 November (important for the banking sector), while Sberbank and VTB reported the previous week, setting a positive tone (profit growth >50% y-o-y).

Small and Mid-Cap Companies: Key Reports and Their Significance

(On this day, a series of reports from second-tier companies in the US and global markets will be released – while they are lesser known to the general public, their results can be indicative of specific sectors.)

• Bitfarms Ltd. (US/Canada, Crypto Mining and Data Centres) – Q3 2025 Report (before market opening). Revenue for the quarter was $69 million, of which $14 million came from discontinued operations (sale of South American farms). Bitfarms is undergoing transformation: reducing its bitcoin mining share in favour of data centre and HPC/AI services. The company successfully raised $588 million through convertible notes to fund the transition. Investors will assess the pace of re-equipping data centers under AI needs (in partnership with Nvidia) and its impact on future revenues. Bitfarms' report is significant as a barometer of the crypto-mining industry: despite rising bitcoin prices in 2025, many miners are seeking new business models amid demand for computational power for AI.

• Rekor Systems (US, AI for Transportation) – Q3 2025 Report (after market closes). The company previously announced expectations for record quarterly revenue of ~$14.2 million (+35% y-o-y) and significant improvement in Adjusted EBITDA by year-end. Rekor specializes in computer vision systems for road infrastructure (license plate recognition, traffic monitoring) – its results reflect government interest in smart cities and AI solutions. A key point is a reduction in quarterly losses (projected to ~-$0.03 per share vs. $0.05 a year ago). If the projection is met, REKR shares may respond positively. Rekor's report will demonstrate the readiness of the smart city market in the US to yield profits or if further investments are still needed.

• Virgin Galactic (US, Space Tourism) – Q3 2025 Report. The company continues to work on the regularity of its SpaceShip flights, but financial figures remain modest: revenue totals only ~$0.4 million (income from “tickets” for future tourists). The expected net loss is around -$60 million for the quarter (-$1.1 per share), although this is better than last year due to reduced expenses. Investors are interested in cash reserves (after additional issuances, the company had >$400 million at the end of Q3) and the timeline for commercial flights in 2026. Virgin Galactic's report is crucial for the “new space” sector: it will show whether the company can reduce cash burn and approach revenue that justifies its valuation. Positive news (such as new flight announcements) may lead to stock volatility, as SPCE is popular among retail investors.

• Luminar Technologies (US, LiDAR Auto Technology) – Q3 2025 Report. The developer of LiDAR for autonomous vehicles reported $18.7 million in revenue (+21% y-o-y), slightly above consensus, and an adjusted loss of -$0.94 per share (better than expected -$1.08). The LiDAR market is experiencing consolidation, and Luminar is one of the clear leaders (contracts with Volvo, Mercedes). In the report, investors sought confirmation of growth in sensor shipment volumes and progress in reducing costs. Important aspects include the level of cash reserves (Luminar is actively spending on R&D, ~$300 million+ a year) and comments on new deals with automakers. Strong results from Luminar inspire optimism regarding the adoption of autonomous driving technologies, while any delays or increased expenses would heighten scepticism among investors in this sector.

• Globant S.A. (Luxembourg/Argentina, IT Outsourcing) – Q3 2025 Report (after market closes). The digital services provider Globant reported revenue of ~$617 million (+9% y-o-y) and adjusted earnings of $1.53 per share, slightly missing consensus ($1.55). The primary reason for the slowdown in growth is clients' caution in the US and Europe amidst macro uncertainty, prompting Globant to lower its full-year growth outlook to ~1–2%. However, the company sees new drivers: demand for development in AI, gaming, and fintech. Investors are evaluating new order dynamics and staff utilisation rates – key metrics for an outsourcer. Globant is one of the largest IT service companies based in Latin America; its results influence perceptions of Emerging Markets in the technology sphere.

• Paysafe Ltd. (UK/US, Payment Services) – Q3 2025 Report. The provider of payment solutions and e-wallets (Skrill, Neteller) reported revenue of $433.8 million (+2% y-o-y in dollars). Adjusted earnings per share were $0.70, slightly below the consensus of $0.73. Paysafe is undergoing reorganization: changing leadership and strategy after a series of declining revenue quarters. In Q2, the company showed its first growth in a long time, a trend that continued in Q3 – organic growth of ~0% accounting for exchange rates, indicating stabilization. The main driver is services for the gambling industry in North America (payments on wagering sites). Investors positively welcomed confirmation of the annual revenue forecast of ~$1.70 billion. Paysafe's report signals that second-tier fintech companies are beginning to adapt to challenging conditions (competition from fintechs and banks, rising rates) and can revive business growth.

• The Metals Company (Canada, Mining) – Q3 2025 Report (conference call at 23:30 MSK). The startup, planning to mine metals from the seabed of the Pacific Ocean, has yet to generate revenue, so operational expenditures and cash availability are in focus. The quarterly loss increased to -$0.14 per share (compared to expectations of -$0.06), largely due to intensified geological exploration. The Metals Co. completed pilot collection of polymetallic nodules in the Clearwater zone and is preparing for environmental assessment. Investors are keen to know if the company obtained the necessary international permit for commercial mining (expected by 2026). TMC stocks are highly volatile; any progress or delays in deep-sea mining regulation immediately reflect on prices. The report essentially serves as an R&D update: how much money remains (at the end of Q3 ~ $115.6 million in cash) and whether they can stay within budget until strategic partnerships or new investments. For the “green” metals sector, TMC is an indicator of the prospects for alternative methods of nickel and cobalt mining (critical for EVs).

• Ondas Holdings (US, Drones and Wireless Networks) – Q3 2025 Report (before market opening). This small technology company develops industrial drones (via its subsidiary American Robotics) and wireless communication systems for rail transport, continuing to operate at a loss. The consensus anticipated a loss of -$0.05 per share, while the actual loss was slightly higher (-$0.06), with revenue just a few million (around $1.5 million for the quarter). However, the market notes positive signals: Ondas has secured its first commercial contracts for its drones (post FAA certification) and is finalizing testing a network for Union Pacific. Investors are looking for data on order backlogs and cash burn rates (cash is limited at Ondas). While this stock is speculative, the report illustrates the state of the niche market for industrial drones in the US – still an early-stage sector, but first tangible sales have begun.

• Gambling.com Group (Ireland, Affiliate Services in Online Gambling) – Q3 2025 Report (before market opening). The company, owner of several betting recommendation portals, benefited from the legalisation of online betting in the US. For the quarter, it increased revenue to approximately $39 million (+30% y-o-y), exceeding forecasts, and achieved EPS of around $0.25 (vs. ~$0.17 expectations). The EBITDA margin remains consistently high (~40%). Key success factors include the launch of affiliate sites in new states (Kentucky fall 2025) and the Cricket World Cup (which attracted traffic in India). Notably, Gambling.com raised its 2025 revenue forecast and made a small acquisition (NDC Media) to strengthen its position. The GAMB report is an indicator of the booming online betting market: affiliate companies are reporting excellent results, reflecting iGaming's expansion. Strong metrics bolster the entire sector, including large betting platforms (DraftKings, FanDuel).

• Co-Diagnostics Inc. (US, Diagnostics) – Q3 2025 Report (after market closes). A developer of PCR tests and diagnostics technologies is experiencing a downturn following the boom of 2020–21: revenue is low (less than $1 million for the quarter), with a loss of -$0.16 per share, slightly better than the forecast. The positive point is that sales of tuberculosis tests and Vector Smart (a mosquito surveillance system) are gradually increasing, compensating for nearly zero demand for COVID tests. The company is focusing on the Co-Dx PCR Home platform – a promising portable express PCR device awaiting regulatory approval. Investors are interested in when the commercialization of this device will commence and if Co-Diagnostics will have sufficient funds until then (around $37 million on hand, with no debt). Overall, the Co-Dx report reflects a typical scenario for a small biotech firm in the post-COVID period: minor sales, experience in optimizing expenses, and hope for a new product capable of reviving growth.

• Eagle Point Credit Co. (US, CLO Credit Fund) – Q3 2025 Report. The closed fund investing in bond and loan portfolios (CLO) formally increased net investment income due to rising rates (most assets are floating rate). About $0.32 NII per share was expected, while EPC reported $0.34 and continued to pay a high dividend of ~$0.14 monthly. The share of troubled loans in the portfolio remained low (<2%), which reassures investors regarding asset quality amid discussions of potential defaults. Although the market price of ECC trades at a ~15% discount to NAV, the report confirmed: the corporate credit market remains resilient, and the yield on CLO investments is high (ROE >15%). The report’s impact on the market is moderate, but the positive results from Eagle Point supported demand for shares of other income funds and indicated the absence of stress in the high-yield loan segment.

• Beazer Homes USA (US, Residential Construction) – Q4 FY2025 Report (fiscal year, after market closes). Results exceeded expectations: revenue of $571 million (-3% y-o-y) was above consensus, with EPS of $1.07 against expected ~$0.80. Despite rising mortgage rates in the US (~7–8% in 2025), Beazer managed to maintain closing volumes nearly at last year’s level, sacrificing part of the margin to stimulate sales (discounts, helping with rate costs for buyers). The inventory of completed homes decreased, and the order backlog stood at approximately $1.2 billion by year-end (though lower than last year amidst a slowing market). Beazer management noted that the new home market is adapting to high rates: buyers prefer transactions with builders willing to subsidize rates, while the secondary market remains limited in supply. The Beazer Homes report is an important indicator for the sector: it showed that even with expensive mortgages, there is demand for new housing, albeit with less profit for builders, improving sentiment for homebuilder stocks that had fallen during autumn.

• Worksport Ltd. (US/Canada, Accessories for Electric Pickups) – Q3 2025 Report (before market opening). The developer of innovative solar-powered tonneau covers for pickups demonstrated a 61% revenue growth to $2.6 million, thanks to launching production at a new plant in the US. The loss narrowed (-$0.75 per share, down from –$2.20 a year prior), although the company is still far from breakeven. A key event: Worksport secured its first wholesale orders for its flagship cover SOLIS and COR battery backup system for electric pickups, confirming the demand for the product in the market. Investors are interested in whether the company will achieve self-sustainability in 2026 with an expected revenue of >$45 million (management has set this target). The report from Worksport serves as an example of a startup at the intersection of the automotive and renewable energy sectors: its successes (or failures) will signal the prospects of the niche market for EV accessories. Following the report, WKSP stocks reacted positively, as the company approached operational profitability for the first time on a monthly timeline. However, risks remain high, and subsequent quarters will reveal whether demand for Worksport's products is sustainable.

Overall Conclusion: On 20 November 2025, investors received a comprehensive array of data on the health of the corporate sector worldwide. Reports from retailers in the US (Walmart, Ross) clarified consumer demand amid inflation and high rates, while reports from tech giants (Disney, JD.com, Applied Materials, Intuit) showed how major companies are adapting to new trends – from streaming and e-commerce to AI. In Europe, financial results pointed to stability in the industry (Halma) and consumer sector (JD Sports), despite economic challenges. Russian companies reported generally positively, reflecting the recovery of key sectors (banking, internet, insurance) in the domestic market. Many companies from the list (Walmart, Disney, JD.com, etc.) have significant market capitalisation, so their reports triggered notable index movements: for instance, strong sales from Walmart supported the S&P 500, while JD.com's growth slowdown cooled appetites for the Chinese market.

Sector-wise, several trends can be highlighted:

• The consumer sector displays relative resilience. Walmart surpassed profit expectations, strengthening the dollar and instilling confidence in US markets. At the same time, there is a noticeable reallocation of expenses among the populace: growth in discount retailers (Ross) and sustained demand for entertainment (Disney parks, concerts in Europe) combines with caution in major spending (the housing market showed a decrease in orders).

• Technology and communication continue to grow in revenue, but profits are under pressure. This is evident from the reports of Disney (streaming), Chinese internet companies (JD, Bilibili – growing but cutting costs for profitability), and Globant (IT services, growth has slowed). Nevertheless, the markets rewarded companies that demonstrated a focus on efficiency – for instance, Bilibili received positive reassessment due to its return to profitability. In the hardware segment, a new growth cycle is anticipated due to AI: the report from Applied Materials and management comments indicate expectations for increased equipment demand in 2024, supporting semiconductor stock prices.

• Finance and fintech – both banks (reporting earlier in November) and fintech companies are relatively well-positioned. Nubank continues to expand in Latam with profitability; Paysafe stabilised and returned to revenue growth, while insurance companies (PZU, Renaissance) increased premiums. This indicates that the financial sector is adapting to the new norm of interest rates: the profitability of the core business is rising, and clients remain active. Investors are highlighting asset quality risks (particularly with credit funds and Nubank), but reports currently do not signal crisis phenomena.

• Industry and commodities – results are mixed. Oil and gas giants (like ORLEN) experience external pressure – low fuel prices and export limitations (in Russia) – making their reports generally subdued. However, enterprises related to infrastructure spending (Jacobs, Halma) and construction (Beazer) show that the investment cycle continues – government contracts and modernization projects support revenue. While metallurgists did not report directly on 20 November, an adjacent segment (The Metals Co.) drew attention to the raw materials for batteries: the interest in “green” metals is high, although the TMC project is still far from implementation.

In general, markets reacted to this wave of earnings reports moderately positively: strong data from several companies (Walmart, Nvidia the day prior, Nubank, etc.) outweighed individual disappointments (JD.com). The S&P 500 index slightly rose by the end of the day on 20 November, European STOXX 600 and FTSE also strengthened on good news from Halma and others, while Asian markets stabilised after fluctuations caused by Chinese tech giants. The currency market noted a stronger dollar (due to the US retail sector and hawkish FED in protocols) and a small rally in the pound (after reports from several stable UK companies, expectations for rate cuts diminished).

Thus, 20 November 2025 confirmed the trend of the closing year: the economy is slowing but remains resilient; companies are adapting – some through innovation and new markets, others through optimisation and cost reduction. This day of earnings provided investors with valuable material for evaluating prospects for 2026 and was generally viewed as an encouraging signal for global markets.