Investor Calendar for Friday 24 July 2026: Bank of Russia's Interest Rate, PMI and American Express and Verizon Reports

Economic Events and Corporate Reports on Friday, 24 July 2026: The Central Bank of Russia's Decision on Key Rate, Press Conference, Preliminary PMIs from Japan, Germany, Eurozone, UK, and USA, Japan's CPI Inflation, New Home Sales. Reports from American Express, Verizon, NextEra Energy, HCA Healthcare, Charter, Booz Allen, Lamb Weston, and Shin-Etsu Chemical. Investor Overview

Friday, 24 July 2026, concludes an eventful macroeconomic week with two significant blocks of events. The first is the global wave of preliminary PMIs for July, starting in Australia and Japan and moving through India, Germany, the Eurozone, and the UK to the USA. The second is the meeting of the Bank of Russia followed by a press conference, where investors will be looking for signals regarding future monetary policy directions. An additional factor contributing to volatility will be the dense flow of corporate earnings reports prior to the opening of the American markets: American Express, Verizon, NextEra Energy, HCA Healthcare, Charter Communications, and other S&P 500 issuers. For investors from the CIS region, this day is particularly significant as the decision on the key rate directly influences the OFZ market, the ruble exchange rate, and the valuation of MOEX stocks.

Asia-Pacific Session: Australia's PMI and Japan's Inflation

The trading day opens with a block of statistics from the Asia-Pacific region, traditionally setting a primary tone for global market sentiments.

• 02:00 MSK — Australia, Preliminary PMIs for July (Manufacturing / Services / Composite). The composite index remains a key indicator of domestic demand resilience. Values above 50 points confirm business activity expansion and reduce the likelihood of policy easing by the Reserve Bank of Australia, supporting the Australian dollar.
• 02:30 MSK — Japan, CPI Consumer Inflation for June. This release is particularly sensitive during the Asian session. The core measure, stripped of volatile components, remains a crucial guideline for the Bank of Japan. Persistent exceedance of target levels strengthens arguments for further normalisation of rates, directly impacting the yen exchange rate and Nikkei 225 dynamics.
• 03:30 MSK — Japan, Preliminary PMIs for July. The gap between the industrial and services segments continues to be a structural characteristic of the Japanese economy: services show greater resilience amid domestic consumption and tourist influx, while manufacturing is dependent on external demand.
• 08:00 MSK — India, Preliminary PMIs for July. The Indian economy remains one of the fastest-growing major markets, with its composite PMI consistently in the zone of confident expansion. These data are important for evaluating capital inflows into emerging markets as a whole.

European Session: Business Activity Indexes in Germany, Eurozone, and UK

The European block of statistics is the central event during the first half of the day for the Old Continent's markets and the Euro Stoxx 50 index.

1. 10:30 MSK — Germany, Preliminary PMIs for July. The largest economy in the Eurozone remains a barometer for the continent's industrial cycle. Particular attention is paid to the manufacturing sector, which has been experiencing pressure from energy costs, competition from Asian producers, and weak external demand over the past few quarters.
2. 11:00 MSK — Eurozone, Preliminary PMIs for July. The composite index of the bloc forms the basis for GDP forecasts for the third quarter. Investors assess the extent to which the service sector is compensating for industrial weakness, as well as the dynamics of sub-indices for selling prices — direct signals for the ECB's inflation expectations.
3. 11:30 MSK — UK, Preliminary PMIs for July. The data is crucial for assessing the prospects of the Bank of England's policy. The combination of slowing business activity and persistent price pressures in services poses a significant dilemma for the UK regulator and influences the dynamics of the pound and FTSE 100 index.

Bank of Russia Meeting: A Key Event for the CIS Market

At 13:30 MSK, the Bank of Russia will announce its decision on the key rate — the central event of the day for Russian investors and the entire CIS space.

What to Watch in the Decision

• The Rate Decision Itself. The market assesses the balance between the trajectory of declining inflation, credit dynamics, and the state of the labour market.
• The Tone of the Signal. The tone of the statement — whether it is hawkish, neutral, or dovish — historically has a more substantial impact on the OFZ market than the rate change itself.
• Updated Medium-Term Forecast. A revision of the average key rate range for the current and next year sets a benchmark for the entire yield curve.

At 15:00 MSK, a press conference with the management of the Bank of Russia will take place. Comments given during this conference, rather than the press release itself, often become sources of sharp movements in bonds, bank sector stocks, and the ruble exchange rate. Companies with high debt loads — real estate developers, retail, and transport — react most sensitively to the decision. Conversely, exporters in the raw materials sector are more sensitive to the currency component.

North American Session: PMIs, Housing Market, and US Industry

The second half of the day shifts focus to US macro statistics that will determine the direction of the S&P 500 and Nasdaq as the week concludes.

• 15:30 MSK — Canada, PPI Industrial Inflation for June. The producer price index serves as a leading indicator for consumer inflation and is considered by the Bank of Canada when evaluating price pressures in supply chains.
• 16:45 MSK — USA, Preliminary PMIs for July. The publication from S&P Global completes the global wave of business activity indexes. Key components for the market include the employment and selling price sub-indices, providing early signals about the labour market and inflation costs before the official statistics are released.
• 17:00 MSK — USA, New Home Sales for June. This indicator reflects the sensitivity of the housing market to mortgage rates. Weak data heighten expectations for a dovish Fed policy and support shares of construction companies.
• 18:00 MSK — USA, Kansas City Fed Manufacturing Activity Index for July. The regional survey adds context to the state of the manufacturing sector and acts as a confirming signal for the national PMI.

Corporate Earnings on 24 July 2026: American Issuers Before Market Opening

Friday falls in the middle of the Q2 2026 earnings season. The main block of publications occurs before the US trading opens.

Financial Sector

• American Express (AXP) — one of the most informative reports of the day. The company serves as an indicator of the state of the premium consumer segment in the USA. Investors evaluate card spending volume (billed business), the dynamics of commission income, credit portfolio quality, and reserves for losses. The robustness of spending by affluent households is an important signal for the broader consumer sector within the S&P 500.
• Booz Allen Hamilton (BAH) — a consulting group focused on government and defence contracts. Key metrics include backlog, book-to-bill ratio, and margins amid federal government budget dynamics in the USA.

Telecommunications and Media

• Verizon Communications (VZ) — focus on net postpaid mobile subscriber growth, ARPU dynamics, broadband revenue, and free cash flow, which define dividend payment sustainability.
• Charter Communications (CHTR) — the key performance indicator for the cable operator is the broadband subscriber base dynamics in light of competition from mobile access and fibre optic providers, as well as capital expenditures for network upgrades.

Healthcare

• HCA Healthcare (HCA) — the largest operator of private hospitals in the USA. Attention is directed towards volumes of admissions, revenue per patient, payer mix, and personnel expense trends.
• Tenet Healthcare (THC) — the second representative of the hospital segment. Metrics from the ambulatory surgery network typically demonstrate higher margins and serve as a driver for revaluation.

Energy, Transport, and Consumer Sector

• NextEra Energy (NEE) — the world's largest operator of renewable generation. Key metrics include the project portfolio, capacity additions rate, and regulated returns from the Florida division.
• Canadian National Railway (CNI) — a North American railway operator whose shipping volumes serve as a leading indicator of industrial activity in the region. Special attention is directed towards the operating ratio.
• Lamb Weston (LW) — a producer of potato products for the foodservice segment. The report reflects the state of restaurant traffic and the ability to pass costs onto prices.

Asian Block

• Shin-Etsu Chemical (4063.T) — a Japanese chemical giant and world leader in the production of silicon wafers and PVC. The report from this company within Nikkei 225 serves as a leading indicator for the entire semiconductor supply chain and the construction cycle in the USA.

Key Risks and Market Interrelations of the Day

The coincidence of the global block of PMIs with the Bank of Russia's rate decision creates increased volatility in a narrow time frame. Several interrelations must be considered:

1. Weak European PMIs heighten expectations for an easing of ECB policy, putting pressure on the euro and supporting exporters within the Euro Stoxx 50.
2. Strong US PMIs accompanied by an increase in the price sub-index can shift expectations regarding the Fed's rate trajectory and strengthen the dollar, which is negative for commodity assets and currencies of emerging markets.
3. Inflation in Japan directly affects the yen exchange rate and, via the carry trade mechanism, global liquidity.
4. The Decision of the Bank of Russia will define movements in the RGBI index and lead to a revaluation of the stocks of heavily indebted issuers in MOEX.

What Investors Should Pay Attention to

Friday, 24 July 2026, necessitates a differentiated approach from investors depending on their portfolio's geography.

• For Investors in Russian Assets — the key consideration is not so much the decision on the rate itself as the regulatory signal and updated forecast. Sharp movements in long OFZs and bank sector stocks are likely precisely during the interval of 15:00–16:00 MSK, coinciding with the press conference.
• For Investors in the US Market — the report from American Express provides the most comprehensive snapshot of consumer demand, while Verizon and Charter shape the telecom sector's outlook in terms of dividend sustainability.
• For Investors in European Assets — the divergence between industrial and services PMIs remains a key structural theme; a narrowing of the gap would be a positive signal for cyclical sectors.
• For Investors in Asia — the combination of Japan's CPI and Shin-Etsu Chemical's report allows for an assessment of both monetary and industrial contours of the region.
• Overall Risk Management — Friday before the weekend is traditionally associated with position reductions and decreasing liquidity in the second half of the day, which amplifies price movements on any unexpected data.

The day's outcome will be shaped at the intersection of two forces: the global business activity indicator, which will reveal whether the global economy is slowing synchronously or divergently, and a local monetary decision that sets the tone for the Russian market for the coming weeks. It is advisable for investors to pre-define reaction scenarios for each block and to avoid leveraging ahead of data publication.