Overview of Key Economic Events and Corporate Reports on Friday, 28 November 2025: GDP Data from Switzerland, India, and Canada, Chicago PMI Index, Impact of Early Market Closures in the US and Reports from Major Public Companies in the US, Europe, Asia, and Russia for Investors from the CIS Countries.
The final trading day of the week appears to be a combination of reduced activity in US markets due to the ongoing Thanksgiving celebrations and the publication of important macroeconomic indicators from several countries. Investors will receive fresh updates on GDP dynamics from three economies — Switzerland, India, and Canada — enabling an assessment of both developed and emerging markets as the year draws to a close. Furthermore, the Chicago PMI index for November will be released, reflecting trends in the US manufacturing sector. On the corporate front, the focus shifts to reports from individual companies across Europe, Asia, and Russia, including results from Chinese internet giant Meituan and various Russian corporations. In the context of a shortened trading session in New York and decreased liquidity, global investors should be particularly vigilant to potential surprises in the statistics that could lead to heightened volatility.
Macroeconomic Calendar (MSK)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — USA: Chicago PMI Index (November).
- 21:00 — USA: Early closure of trading on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The Swiss economy, traditionally stable, faced external pressure in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the previously anticipated neutral growth. Key reasons include global slowdown and the shock from the US sharply increasing import tariffs (to 39%) on certain Swiss goods, which severely impacted the industrial sector — especially the chemical and pharmaceutical segment. In Q2, the economy grew by merely +0.1% quarter-on-quarter, making the move into negative territory an unwelcome surprise. Nonetheless, the government maintains a relative optimism: according to updated forecasts, Switzerland’s GDP is still expected to grow by about 1.3% for the entire year of 2025.
India: GDP for Q3 2025
India’s GDP for July–September 2025 is estimated by analysts to maintain a high growth rate of approximately +7–7.5% year-on-year. This is slightly below the record +7.8% year-on-year recorded in the previous quarter but confirms the strong momentum of the Indian economy, driven by sustained domestic demand, increased production, and the expansion of the services sector. Government spending has provided substantial support: for the first half of the current financial year, the Indian economy grew by 7.6% year-on-year, and authorities are forecasting around +7% for the entire year. While external demand has weakened somewhat, the internal market remains the key growth driver, and the upcoming GDP data will reveal how robust this trend is. Their release may influence investor sentiment in emerging markets and the performance of the Indian rupee.
Canada: GDP for Q3 2025
The Canadian economy is teetering on the brink of technical recession. Following a GDP decline of -1.6% in Q2 (on a year-on-year basis) due to a sharp drop in exports, a symbolic growth of about +0.5% year-on-year is expected in Q3 (essentially negligible change compared to the previous quarter). This lacklustre outlook reflects weak domestic demand and continued difficulties in external trade (partly due to new US tariffs on certain Canadian goods). Additionally, a strike at Air Canada this summer acted as another adverse factor. If the statistics for July–September show a decline again, Canada will formally enter a recession. Confirmation of even minimal growth would alleviate concerns and support the Canadian dollar, while a renewed downturn would heighten expectations of an imminent rate cut by the Bank of Canada.
USA: Chicago PMI Index in November
The Chicago PMI index for November reflects the state of the manufacturing sector in the Midwest. The previous October reading was 43.8 points, indicating a severe contraction (values below 50 signal a decline). The consensus forecast anticipated a slight increase in the index to around 45 points; however, data released on the previous day unexpectedly plunged the indicator to 36.3 points — the lowest level since spring 2024. This sharp fall in the Chicago PMI underscores worsening issues in the manufacturing sector (declining orders and employment) and serves as a worrying signal ahead of the publication of national ISM indexes. However, the response of US markets to this weak data may be subdued due to the shortened session and low liquidity on the day following the holiday.
Europe: Final Company Reports
In European markets, the quarterly reporting season is coming to a close, with results from several mid-sized companies due on Friday. Notable among them are:
- Elia Group (Belgium) — the grid operator presenting its report for Q3; investors will assess revenue dynamics from electricity transmission amid Europe’s energy market volatility.
- CPI Property Group and CPI FIM — related commercial property developers with assets in Europe, releasing financial results for Q3 2025; their outcomes will signal the state of the EU real estate markets against the backdrop of rising interest rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company, whose report for Q2 of the 2025/26 financial year will indicate demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sectors, presenting data for July–September; markets will monitor their profitability amid changes in electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions revealing results for Q3; market participants will be keen 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, publishing Q2 2025/26 results; its financials reflect the overall condition of the British property sector.
Overall, no major surprises are expected from European reports: most large companies have already reported earlier, and the market is reacting sluggishly to releases from second-tier issuers. However, unexpectedly strong or weak outcomes could regionally impact the share prices of these companies.
Asia: Meituan Report and Others
In Asia, the primary focus is on the report from the Chinese internet company Meituan for Q3 2025. As one of China’s leading online service platforms (food delivery, marketplace, etc.), Meituan’s results serve as a barometer for consumer activity in the country. Double-digit revenue growth is anticipated against the backdrop of recovering domestic demand and the company’s service expansion. Investors will be interested in the dynamics of active user numbers and delivery segment profitability, as well as management’s comments on competition (considering pressure from Alibaba and other platforms).
Besides Meituan, there are hardly any significant corporate reports in Asia on this date, which can be attributed to the conclusion of the reporting season: most major Asian corporations published their quarterly results back in the first half of November. Therefore, sentiment in Asian markets on Friday will be largely influenced by external factors and macro data (notably the Indian GDP), rather than corporate developments.
Russia: Results from Transneft and Other Companies
The Russian corporate calendar for Friday highlights the publication of financial results from Transneft for Q3 2025 under IFRS. Transneft, the operator of trunk oil pipelines, typically attracts investor attention with its results. Forecasts indicate stable performance for the company: revenue is expected to be around 355–360 billion rubles (1% more than in Q2), while net profit is expected to be close to previous quarter results. Earlier (according to RAS), the company reported a 3% year-on-year revenue growth for 9 months, confirming business resilience. Investors will be analysing not only the absolute profit figures but also management’s statements regarding dividends and future investment programmes amid volatile oil prices.
Additionally, the publication of delayed results from some other issuers for Q3 continues. For instance, last week, RusHydro disclosed its 9-month report, revealing a nearly +29% year-on-year net profit increase. However, most flagship Russian market players reported earlier, so no significant new releases are expected on Friday apart from Transneft's report. The dynamics of Russian stocks on this day will likely depend on the overall mood in global markets and fluctuations in commodity prices.
What Investors Should Focus On
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a multifaceted view of the state of the global economy. It is crucial for investors to compare this data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high dynamics persist in emerging markets (India).
- US Markets in Holiday Mode: Due to a shortened session in New York, lower volumes and increased volatility are possible. Unexpected deviations in statistics (such as a sharp drop 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 a small number of active participants.
- Corporate Stories: Meituan’s report serves as an indicator of China’s consumer sector, while Transneft’s results are a barometer for the resilience of the Russian oil transport business. Investors holding shares of these or related companies should consider not only the cold hard figures of the report but also management’s statements regarding future prospects and dividends. In Europe, no high-profile reports are anticipated, but individual strong or weak results from mid-sized companies could locally influence their stocks.
- Currencies and Commodities: Weak macro data may weaken corresponding currencies (for instance, the Canadian dollar in response to disappointing Canadian GDP) and exert pressure on commodities. Signs of a global economic slowdown could temporarily dampen risk appetite in commodity markets and the currencies of emerging countries.
