Detailed Review of Economic Events and Corporate Reports for Wednesday, 3rd December 2025: Global PMIs, Inflation Data, Major Company Reports, the “Russia Calls!” Forum, and Key Indicators for Investors.
Wednesday promises a busy economic agenda for the markets. In Asia, investors are focused on key indicators: Australia will release GDP data and the services PMI, while Japan, China, and India will report November PMIs. In Europe, attention is on the services PMI in Germany, the Eurozone, and the United Kingdom, as well as an address by ECB President Christine Lagarde at public hearings in Strasbourg. In the United States, the focus will be on employment statistics (ADP) and activity in the services sector (ISM and S&P indices), along with the weekly oil inventories report (EIA). At the same time, significant events are taking place: French President Emmanuel Macron's official visit to China and the second day of the investment forum “Russia Calls!”. Investors should correlate macroeconomic results with market dynamics: inflation and PMI ↔ yields, commodities, risk appetite.
Macroeconomic Calendar (MSK)
- 01:00 — Australia: Services PMI (November).
- 03:30 — Australia: GDP (Q3 2025, year-on-year).
- 03:30 — Japan: Services PMI (November).
- 04:45 — China (Caixin): Services PMI (November).
- 08:00 — India: Services PMI (November).
- 09:00 — Russia: Services PMI (November).
- 10:00 — Turkey: Consumer Inflation CPI (November).
- 10:30 — Switzerland: Consumer Inflation CPI (November).
- 11:55 — Germany: Services PMI (November).
- 12:00 — Eurozone: Services PMI (November).
- 12:00 — Russia: Central Bank announces currency market operation volumes.
- 12:30 — United Kingdom: Services PMI (November).
- 13:00 — Eurozone: Producer Price Index PPI (October).
- 16:00 — Brazil: Services PMI (November).
- 16:15 — USA: ADP - Employment Estimate in the Non-Farm Sector (November).
- 16:30 — Europe: Speech by ECB President C. Lagarde (Public Hearings at the EU).
- 17:15 — USA: Industrial Production Index (September).
- 17:30 — Canada: Services PMI (October).
- 17:45 — USA: S&P Global Services PMI (October).
- 18:00 — USA: ISM Services PMI (November).
- 18:30 — Europe: Follow-up Speech by C. Lagarde (Financial Risks, EU Hearings).
- 18:30 — USA: EIA Oil Inventory Report (weekly).
- 19:00 — Russia: Consumer Inflation CPI (November).
Asia
- Australia: GDP data (Q3 2025) and Services PMI (November). The recent reduction in the RBA's key rate raises expectations for moderate economic growth. Modest GDP and stable PMIs could strengthen the AUD and support Australian assets.
- Japan and China: November Services PMI (03:30 and 04:45 MSK). These data will signal the recovery of domestic demand. A slowdown in PMIs in both countries could weaken risk sentiment in the markets.
- India: Services PMI (08:00 MSK). The index often leads economic growth: a high result will highlight the strength of India’s economy amid GDP growth.
Force majeure: In Beijing, the state visit of French President Emmanuel Macron continues, underscoring the geopolitical significance of China. While no immediate market impact is anticipated, attention to the negotiations could heighten the volatility of Asian stock indices.
Europe
- Eurozone, Germany, United Kingdom: Services PMIs for November (11:55–12:30 MSK). Stabilisation is expected following the previous downturn: a weak PMI may slow down euro equities, while an improvement will support risk appetite.
- Switzerland, Turkey, Eurozone: Inflation Data. At 10:30 – Switzerland CPI (November), at 10:00 – Turkey CPI (November), at 13:00 – Eurozone PPI (October). Rising prices in Europe may increase pressure on the ECB, prompting currencies to strengthen against the dollar.
- ECB (Lagarde): Speeches (16:30 and 18:30 MSK). The ECB President may provide cues that affect the euro and bonds: a hawkish tone will strengthen the EUR, while calls for easing will weaken it.
Russia
- “Russia Calls!” Forum: The second day of the VTB Forum. Discussions on new investments in sectors are ongoing, with possible announcements regarding state companies and regulators.
- Bank of Russia: At 12:00, it will announce currency purchase/sale volumes. A small deficit of currency will help the rouble, while a surplus will weaken it. These volumes impact market liquidity.
- Data from Russia: Services PMI (09:00 MSK) and Consumer Inflation CPI (19:00 MSK). A slowdown in PMI reflects stagnation in domestic spending; an accelerated CPI will increase pressure on rates and the rouble.
Collectively, these factors create the backdrop for the Russian market: rising inflation and oil volatility may restrain the rouble, while the outcomes of the forum will set the investment portfolio mood.
USA and North America
- USA: The ADP employment report (16:15 MSK) will show hiring dynamics outside the agricultural sector. Strong data may accelerate labor market growth and could increase Treasury yields; weak data will weaken the dollar. Later at night (18:00 MSK) – the ISM Services Index (November), and at 17:45 – S&P Global Services PMI. Coinciding PMI and ISM indices will indicate trends in the services sector where jobs are created: acceleration is positive for stocks, while slowdown is not.
- Canada: Services PMI (17:30 MSK). Stability in the Canadian PMI will support the Bank of Canada’s policies and the CAD; an unexpected drop will weaken it.
- Corporate Reporting (USA): Major players will report results. Salesforce (CRM) – after market close (press release and conference at 02:00 MSK), Macy’s (M) – before market open (08:00 ET), PVH (PVH) – after close, Five Below (FIVE), Torrid (CURV), Guidewire (GWRE), Sprinklr (CXM), Inotiv (NOTV) – will also be reporting. They may cause additional volatility: positive results will increase demand for sector stocks, whereas disappointing results will weaken them.
- Chinese Companies: Waterdrop (WDH) and Yuanbao (YB) – reports for Q3 (before market opens). As online insurers, they will provide sensitivity to domestic demand in China; releasing data before the market opens will allow for adjustments in evaluations.
Commodities and Currencies
- Oil: EIA report (18:30 MSK). A decrease in commercial inventories is expected after seasonal demand: a deeper drawdown will support Brent/WTI prices, while an increase in inventories will exert pressure.
- Commodity Prices: The overall background remains stable – metals are performing positively, oil around $75. A strengthening dollar is moderately curbing commodities. Investors will monitor OPEC+ actions and demand dynamics.
Corporate Reporting
- USA, Retail and Technology Sectors: Salesforce (NYSE: CRM) – Q3 FY2026 after market close; Macy’s (NYSE: M) – Q3 2025 before market open; Five Below (NASDAQ: FIVE) – Q3 FY2025 after close; Torrid Holdings (NYSE: CURV) – Q3 after close; PVH Corp (NYSE: PVH) – Q3 after close. Retail chains and technology services are in focus after the festive season.
- USA, Other Sectors: Guidewire Software (NYSE: GWRE) – Q1 FY2026 after close (finance/insurance), Sprinklr (NYSE: CXM) – Q3 FY2026 before market open (Social Media, CRM), Inotiv (NASDAQ: NOTV) – IVQ FY2025 after close (scientific services).
- China: Waterdrop Inc. (NYSE: WDH) – Q3 2025 before market open (online insurance); Yuanbao Inc. (NASDAQ: YB) – Q3 2025 before market open (online insurance). Their performance reflects demand for insurance services and the investment climate in China.
Key Considerations for Investors
- PMI and ADP data in the USA — these will indicate the strength of consumer and business demand: growth will accelerate stock indices, while weak releases will signify a “breaking point” in the macro cycle.
- ECB President C. Lagarde’s speech — her tone will set expectations for ECB rates: a hawkish rhetoric will support the euro and euro-denominated bonds.
- Oil inventories (EIA) — will act as a catalyst for oil prices: discrepancies with forecasts will set the tone for energy stocks.
- Quarterly reports from companies (Salesforce, Macy’s, etc.) — these will determine the dynamics of the stock sector: standout performances may heat up the race of indices, while weak ones will cool down the market.
- The Russian factor — outcomes of **forums and inflation**: it is crucial for investors to track the geopolitical backdrop and price growth indicators that affect the rouble and Moscow Exchange stocks.
