Overview of Key Events from 27th-31st October 2025: Fed and ECB Meetings, Reports from Apple, Amazon, Microsoft, Inflation, GDP, PMI, and Markets

Comprehensive Overview of Key Events for the Upcoming Week 27–31 October 2023: Reports from major IT companies (Apple, Microsoft, Amazon, Meta), key central bank meetings (US Fed and ECB), as well as the publication of GDP data for the US and Eurozone.

Monday, 27 October – Ifo in Germany and US–China Talks

The new week will begin relatively calmly, as several markets in Asia and the CIS (New Zealand, Kazakhstan) will be closed on Monday for public holidays. Attention will be focused on trade discussions between the US and China at the ministerial level, alongside the first important economic indicators from Europe and the US. In the morning, the ASEAN summit (Day 2) will continue in Malaysia, discussing issues of regional trade and cooperation. Key events for Monday include:

Geopolitics: The US-China trade negotiations will take place on the sidelines of the ASEAN summit, aimed at easing tensions between the two economies. Additionally, a bilateral meeting is expected between US President Donald Trump and Japan's new Prime Minister, where trade and economic relations as well as security in the Asia-Pacific region will be discussed.
Central Banks: The head of the Reserve Bank of Australia will deliver a speech (11:15 MSK). Investors will be attentive to his comments regarding inflation and monetary policy in Australia.
Data from Europe: The Ifo Business Climate Index in Germany (October) will be released at 12:00 MSK. This indicator will reveal sentiment in the German business community, potentially impacting the euro and European stock prices, given Germany's role as the motor of the Eurozone economy.
US Statistics: At 15:30 MSK, durable goods orders for September will be published – an important indicator of investment activity in the manufacturing sector. Later, at 17:00 MSK, new home sales for September will be released, reflecting the state of the real estate market, followed at 17:30 MSK by the Dallas Fed's Manufacturing Index for October, which characterizes business activity in the region's industries.
Russian Retail: X5 Retail Group (Russia), one of the largest retail chains in the RF (including ‘Pyaterochka’ and ‘Perekryostok’), will announce its financial results for the nine months of 2025 (IFRS). The report will show revenue trends in the food segment and the effect of inflation on consumer demand.
US Industrial Sector: Waste Management (US), a leading company in waste recycling and disposal, will report its Q3 results. Its performance will signal the level of business activity and infrastructure investment. Additionally, Nucor (US), the largest steel producer in the US, will release its report. Investors will evaluate whether high steel prices and demand from the construction sector support the company’s profitability.
High Technology and Chips: NXP Semiconductors (US), a major semiconductor manufacturer (especially for the automotive industry), will announce its quarterly results amid global demand for automotive and industrial chips. Cadence Design Systems (US), a software developer for chip design, will also report, with its performance reflecting trends in the semiconductor industry and R&D spending by clients.

Thus, on Monday, the combination of diplomatic activity at the ASEAN summit and the first quarterly reports will set the tone for the start of the week. Investors will be watching to see if the business climate improves in Germany and whether US statistical data confirms the resilience of the US economy. The initial corporate results (especially in industrial and technological sectors) will provide signals about business sentiment ahead of an influx of reports in the coming days.

Tuesday, 28 October – Bank Reports (Sberbank, HSBC) and Consumer Confidence

On Tuesday, the information backdrop will intensify. The third day of the ASEAN summit continues, where world leaders are discussing economic integration, while important data on consumer sentiment is awaited in parallel. European markets will react to the morning reports of large companies, while the US market is preparing for several significant quarterly results after the close. Key events of the day include:

Consumer Sentiment in Europe: Early in the morning, Germany will publish the GfK Consumer Confidence Index for November (10:00 MSK). A slight change in the index is expected, which will reflect the sentiment of German households ahead of the holiday spending season.
US Housing Market: At 16:00 MSK, the S&P/Case-Shiller Home Price Index for August will be released, evaluating price trends in major US cities. Trends in the housing market will illustrate the impact of rising mortgage rates on housing prices.
Confidence in the US Economy: At 17:00 MSK, two indicators will characterize sentiment in the American economy. The Conference Board Consumer Confidence Index (October) will reflect household confidence in the economic situation and the labor market. Concurrently, the Richmond Fed’s Manufacturing Index (October) will show the state of industry in the US Mid-Atlantic region. These indicators are essential for assessing the prospects of consumer spending and the manufacturing sector at the beginning of Q4.
Commodity Markets: At 23:30 MSK, the American Petroleum Institute (API) will publish weekly oil inventory data in the US. A sharp change in inventory levels may affect oil prices, which is crucial for the commodity market and the currencies of exporting countries.
Russian Banking Sector: Sberbank and VTB – the two largest banks in Russia – will present their financial results. Sberbank will publish an IFRS report for the first nine months of 2025, while VTB will report for Q3 2025. Investors will analyze profit dynamics, interest income, and lending volumes, allowing an assessment of the health of the Russian banking system against the backdrop of changing key rates and economic conditions.
Global Banking Sector: One of the largest international banks, HSBC (UK), will report on its Q3 earnings. As a global lender with a significant presence in Asia, HSBC will provide insight into the state of the banking sector in Europe and Asia, including trends in interest margins and provisioning for potential losses.
Digital Payments: Companies in the fintech sector will publish their quarterly reports. PayPal (US), a leader in online payments, will report amid competition in the fintech industry and the development of digital wallet services. Visa (US), the world’s largest payment system, will also present results, with investors expecting a rise in transaction volumes due to the recovery in travel and consumption, as well as management commentary on plans amid the evolution of digital payments.
Transport and Logistics: UPS (US), a global leader in express delivery, will release its Q3 results. UPS’s data are traditionally viewed as a barometer of global trade: its shipping volumes and forecasts will signal the state of global supply chains and demand from businesses and online retailers.
Healthcare: UnitedHealth Group (US), the largest health insurance company in the US, will report for the quarter. Investors will evaluate the growth in the number of insured, medical expenses, and management forecasts amidst changes in the healthcare system and medication costs.

Tuesday will prove to be a day of significant confidence indicators: morning data from Germany and evening data from the US will reveal how confident consumers and businesses are in the economic situation. In this context, Russian investors will pay close attention to the results from Sberbank and VTB to evaluate the financial health of key banks. Meanwhile, global players will await reports from Visa, PayPal, UPS, and HSBC, which will set the tone for their respective sectors and may influence market sentiment leading into the middle of the week.

Wednesday, 29 October – Fed Meeting and Big Tech Reports (Microsoft, Alphabet, Meta)

On Wednesday, market attention will be focused on the meeting of the US Federal Reserve – investors are anticipating a decision on interest rates and signals about future policy. In addition to the Fed, Wednesday is filled with other important events, including various inflation metrics, a meeting of the Bank of Canada, and major corporate reports from technology giants. Trading in Hong Kong and Turkey will again be halted (public holiday), but global activity will remain high. Key events for Wednesday include:

Inflation in Asia: Early in the morning (03:30 MSK), Australia's Consumer Price Index (CPI) for Q3 2025 will be released. Inflation data from Australia may impact the Australian dollar and expectations regarding future RBA decisions, setting the tone for the Asian session.
Monetary Policy in Russia: Bank of Russia Chair Elvira Nabiullina will speak at the Federation Council, providing an assessment of the economic situation and may signal the regulator's stance on interest rates and inflation. On the same day, Rosstat will release updated consumer inflation data in Russia. These events are crucial for understanding the direction of Russian monetary policy and the stability of the ruble.
Statistics in the US: At 15:30 MSK, the preliminary US trade balance for September will be released – an indicator of foreign trade reflecting the ratio of exports and imports. At 17:00 MSK, data on pending home sales for September will be published, reflecting market activity in real estate. Although these indicators are overshadowed by the impending decision from the Fed, they will provide additional context for the state of the US economy at the end of Q3.
Decision from the Bank of Canada: At 16:45 MSK, the Bank of Canada will meet, with a decision on interest rates expected. The Canadian regulator will assess its policy in light of recent inflation and GDP data. During a press conference (17:30 MSK), the Governor of the Bank of Canada will share economic outlooks – this will influence the Canadian dollar and sentiments in commodity markets, given Canada's significance as an oil producer.
Energy Market: At 17:30 MSK, the US Department of Energy will publish oil and petroleum product inventory data (EIA). These weekly figures may cause fluctuations in oil prices, particularly considering demand and supply dynamics ahead of the winter season.
Fed – Decision of the Day: The culmination of the day will be the announcement of the results of the meeting of the US Fed at 21:00 MSK. The Federal Open Market Committee will announce its decision on interest rates (most investors expect rates to remain unchanged yet will scrutinize the phrasing). At 21:30 MSK, Jerome Powell's press conference will begin. His comments regarding inflation, the labor market, and future steps by the Fed will direct market movements – from currencies and bonds to equities, especially among companies sensitive to rates.
European Automotive and Banking: On Wednesday, significant European companies will report. Volkswagen (Germany), one of the world’s leading car manufacturers, will present its results for Q3 – investors will closely watch sales data on electric vehicles and the state of key markets in Europe and China. Additionally, Deutsche Bank (Germany), the largest bank in the country, will provide its earnings results, indicating the health of the European banking sector and the impact of ECB rate hikes on the financial industry.
Aerospace and Industrial Sector: Boeing (US), a leading global manufacturer of aviation equipment, will report amid the recovery of air travel. Investors will be interested in new aircraft orders and the state of supply chains. Caterpillar (US), an industrial giant and indicator of global engineering, will present its quarterly results, drawing particular attention to demand for construction and mining machinery as a barometer of infrastructure and commodity investments.
Telecom and Consumer Sector: Verizon (US), one of the largest telecommunications operators in the US, will publish its financial results. Analysts will assess the growth of 5G services and the influx/outflow of mobile subscribers, allowing an evaluation of competitive dynamics in the communications market. Starbucks (US), a global coffee shop chain, will also report: its sales and customer traffic worldwide will indicate trends in consumer spending and recovery in China – the second largest market for the company.
Technology Giants: Attention will be focused on the reports from three companies classified as "Big Tech." Microsoft (US) will disclose its quarterly results: stable growth in its Azure cloud segment and commentary on the implementation of AI services impacting spending are anticipated. Alphabet (US), the parent company of Google, will present its results, where key factors will include growth in advertising revenue on Google and YouTube platforms, as well as successes in its cloud division. Meta (US), the parent company of Facebook, Instagram, and WhatsApp, will report a rise in audience and revenue; investors will be keen on monetising Reels, advancements in virtual reality businesses, and expense control.

Wednesday promises to be one of the busiest days: the Fed's decision and the reports of the largest tech companies could lead to heightened volatility. Until the Fed’s announcement, markets will remain relatively cautious, responding to data from Canada and Australia. However, in the evening, the focus of investors will shift to Jerome Powell’s statements – any hints of changes in monetary policy will impact all assets. Moreover, the financial reports from Microsoft, Alphabet, and Meta will set the direction for the tech sector: positive surprises may encourage a risk appetite, while disappointing results could intensify concerns regarding growth valuations. In Europe, attention will be on Volkswagen and Deutsche Bank, whose reports will complement the overall picture of the real sector and finances in the region.

Thursday, 30 October – ECB Meeting, US GDP, and Reports from Apple and Amazon

Thursday could prove to be a defining day of the week: several major economies will publish GDP estimates for Q3, the European Central Bank will hold a meeting, and investors are eagerly awaiting reports from Apple and Amazon in the evening. The geopolitical agenda also remains in focus – on this day, a meeting of US and Chinese leaders is scheduled. All these events are expected to significantly impact investor sentiment. Key themes for Thursday include:

US–China Leaders' Summit: US President Donald Trump will meet with China’s President Xi Jinping. This high-level bilateral meeting will occur amid ongoing trade discussions and the APEC summit. Markets are hoping for positive signals, a reduction in trade tensions, or at least plans to continue dialogue between the two largest economies globally.
Bank of Japan: At 06:00 MSK, the Bank of Japan will meet to discuss monetary policy. After a prolonged period of extremely loose policy, investors will be looking for hints at potential changes – such as adjusting bond yield control. During a press conference at 09:30 MSK, Bank of Japan officials will clarify decisions; any changes or projections could significantly affect the yen's value and sentiments in Asian markets.
Eurozone Economy (First GDP Estimate): Several key publications will emerge from Europe. In France, GDP preliminary data for Q3 will be released at 09:30 MSK, followed by Germany's GDP estimate at 12:00 MSK. Weak growth or stagnation is expected against a backdrop of high rates and the energy crisis from the previous winter. At 13:00 MSK, aggregated GDP data for the Eurozone for Q3 will be published, along with the consumer sentiment index and October inflation expectation indicators. Together, these metrics will provide a broad overview of the economic state of the region amid the battle against inflation.
US GDP: One of the day's key events is the first estimate of US GDP for Q3 (15:30 MSK). Predictions suggest that growth may slow compared to the surge in Q2, yet it might still exceed trend levels. Concurrently, weekly data on initial jobless claims will be released, supplementing the overall view of the labour market. A strong GDP figure could strengthen the dollar and push bond yields higher, while weak data might increase discussions about a potential rate cut by the Fed.
ECB Decision: At 16:15 MSK, the European Central Bank will announce its interest rate decision. Following a series of rate hikes, the market anticipates a pause from the ECB amid signs of an economic slowdown in the Eurozone. In the press conference (16:45 MSK), ECB President Christine Lagarde will present updated forecasts and explain the regulator's position. Any signals regarding the ECB's future intentions – for instance, on the duration of the high-rate period – will influence the euro, European bonds, and stock markets.
Russian Economic Policy: On Thursday, the State Duma will consider the main directions of Russia's monetary policy for the upcoming period. This annual discussion, where legislators and representatives of the Central Bank formulate guidelines for inflation, the ruble's exchange rate, and the banking sector, is unlikely to elicit an immediate market reaction, but may provide insights into the priorities of economic policy in Russia.
Energy Sector: At 17:30 MSK, the US weekly natural gas inventory statistics will be released. This report may influence gas prices, especially considering the start of the heating season and the level of storage in Europe and the US.
European Oil and Gas Giant: Royal Dutch Shell (Shell plc, UK/Netherlands), one of the largest oil and gas companies in the world, will announce its financial results for Q3. Investors will evaluate Shell's profits amid oil prices around $90 per barrel, as well as the return of capital to shareholders (dividends, share buybacks) and progress in business diversification (gas, renewable energy).
Finance and Payments: Mastercard (US), a leading global payment system, will report for the quarter. The market anticipates growth in card turnover due to increased consumer spending and travel; interest also lies in advancements in digital payment technologies. The American brokerage and cryptocurrency fintech SoFi (US) will also release its results – these figures will signal the sentiment in the new-generation financial services market, although the company's scale is much smaller than traditional players.
Pharmaceuticals: Three pharmaceutical giants will publish their quarterly reports: Eli Lilly (US), Merck (US), and Bristol Myers Squibb (US). Investors will closely scrutinize sales of key medications and forecasts for launching new products. Particular attention will be on the oncology and diabetes medication segments (for Eli Lilly, thanks to the success of weight loss and diabetes treatments). Successful reports from pharmaceutical companies could support the healthcare sector on the stock market.
Consumer Sector: Two large American consumer market brands will unveil their financial results. Altria Group (US), a tobacco product manufacturer (Marlboro), will report amidst stable demand and a transition towards electronic cigarettes – important comments regarding industry regulation will be awaited. Kimberly-Clark (US), a global consumer goods company (brands like Kleenex, Huggies, etc.), will demonstrate how inflation and changes in commodity prices have affected margins and demand for essential goods.
Media Corporations and Communications: Comcast (US), a media and telecommunications conglomerate, will present its quarterly report. Investors will be interested in the dynamics of subscriber numbers for the streaming service Peacock, the performance of its cable business and theme parks, as well as the company's prospects amid competition in the media market.
Big Tech – Culmination of Reporting Season: Once the market closes, investors will receive financial reports from the two largest companies in the world. Apple (US) will disclose its Q3 2025 financial results: key questions include sales of the new generation of iPhones, revenue dynamics in China, and successes in the service business and wearables. Amazon (US) will present figures for its retail business and its cloud division, AWS. Focus will be on the growth of online sales and the profitability of e-commerce amidst changing consumer preferences, as well as the expansion of cloud services in the face of competition from Microsoft and Google. These two reports could cause significant fluctuations in both the companies' stocks and the broader market, given their weight in the indices.
New Technologies and the Crypto Industry: Thursday will also see the results of new economy firms. Coinbase (US), the largest cryptocurrency exchange, will report amidst volatility in the digital assets market – investors will focus on trading volumes and revenue from fees. Additionally, the market is awaiting its first public report from Reddit (US) – a popular social media platform that has recently gone public. Audience metrics and advertising revenue from Reddit will serve as indicators of the health of the digital advertising market and investor interest in new tech issuers.

On Thursday, the markets will be flooded with a mass of critically important information. The US and Eurozone GDP data will reflect the trajectory of economic growth – it will help assess how effective central bank measures to contain inflation have been and whether they have led to recession. The ECB’s decision and Lagarde’s comments will shape expectations regarding monetary policy in Europe for the upcoming months. In the evening, the focus will shift to the corporate sector: reports from Apple and Amazon may trigger large-scale movements in the tech index Nasdaq and set the tone for the entire market in the final trading day of the week. Investors will need to carefully filter news to extract the most relevant signals for their strategies.

Friday, 31 October – Inflation in the Eurozone and US; APEC Summit Outcomes

On Friday, business activity will decrease somewhat following the busy previous days, yet markets are still expecting important inflation data, while a large-scale international forum commences in Asia. The APEC summit in South Korea begins (Day 1), where leaders from the Asia-Pacific region will gather to discuss global trade and investment issues. Key events for Friday include:

Chinese Economy: Early in the morning (04:30 MSK), China will publish the Purchasing Managers' Index (PMI) for manufacturing, services, and composite indices for October. These indicators will reveal whether the second-largest economy in the world continues its recovery after a summer slowdown. The state of the manufacturing PMI is particularly crucial – a return above 50 points would indicate growth in China’s manufacturing sector, which is positive for commodity markets.
Eurozone Inflation: At 13:00 MSK, the preliminary assessment of the Eurozone Consumer Price Index (CPI) for October will be released. Following a peak in inflation earlier in the year, markets are hoping for a further slowdown in price growth. A decrease in inflation would reinforce expectations of an ECB pause on rate hikes, while an unexpected spike in prices would increase pressure on the regulator. The response of the euro and European bonds will depend on how closely actual data aligns with forecasts.
US Inflation: At 15:30 MSK, the US Department of Commerce will release the Personal Consumption Expenditures (PCE) price index for September – this is the Fed's preferred inflation indicator. Data on income and spending of Americans will also be released. A slowdown in PCE inflation could support expectations of an imminent rate cut, while persistently high inflation might remind investors of the risks of prolonged tight policy from the Fed.
State of the Canadian Economy: At 15:30 MSK, Canada’s GDP for August will be published. Although this is a lagging indicator, it will reflect the trajectory of the Canadian economy at the end of summer – important in the context of the recent Bank of Canada decision. Moderate growth without signs of recession could support the Canadian dollar.
Business Activity in the US: At 16:45 MSK, the Chicago PMI for October will be released. This regional leading indicator for the manufacturing sector will provide insight into how the US manufacturing sector is feeling at the start of Q4, complementing the overall picture following the previously released national PMIs and federal indexes.
Oil Sector: The two largest oil corporations in the US will report their Q3 results. ExxonMobil (US) and Chevron (US) will present their financial outcomes amidst high oil prices. The focus will be on production volumes, free cash flow, and plans for returning capital to shareholders. These reports will provide insight into how effectively oil and gas giants have capitalized on favorable pricing conditions and how they view market prospects.
Pharmaceuticals: AbbVie (US), a large biopharmaceutical company, will publish quarterly results. Investors will examine the dynamics of sales of its flagship drugs (particularly the immunology drug Humira and its new competitors), as well as successes in diversifying its drug portfolio. AbbVie’s results will impact sentiment in the healthcare sector following the earlier reports from other pharmaceutical giants.
Consumer Sector: Colgate-Palmolive (US), a leading manufacturer of household and hygiene products, will report its earnings. Investors will pay attention to sales growth in emerging markets, the company’s pricing strategy, and the impact of commodity prices on its margins. As a company selling everyday consumer goods, Colgate serves as an indicator of consumption resilience even during periods of economic uncertainty.

The last day of the week will provide markets with final touches for forming a weekly balance. The morning PMIs from China will set the tone for the Asian session – improvements in these metrics will support commodity currencies and shares of mining companies. European and US inflation indices (CPI and PCE) will either confirm the trend of slowing price growth or compel investors to reevaluate expectations regarding rates. Reports from ExxonMobil and Chevron may impact the entire energy sector, culminating the quarterly reporting season for oil and gas companies on a positive note. Overall, Friday's events will assist investors in adjusting strategies ahead of the new month, especially concerning bond yields and sector preferences in stock markets.

Saturday, 1 November – APEC Summit Outcomes

On Saturday, active trading in the markets will be paused, but political life will continue: the APEC summit (Day 2) in South Korea will conclude. Leaders of Asia-Pacific economies will summarise the meeting, potentially agreeing on a joint declaration regarding trade, investment, and sustainable development. The final statements of the summit may contain agreements that could influence international relations and market sentiments in the following week – investors should pay attention to mentions of cooperation in technology, energy, and geopolitics.

What Investors Should Focus On

The week of 27–31 October is rich in events capable of altering the balance of power in markets. Investors should primarily track central bank decisions – outcomes from the Fed meeting (Wednesday) and the ECB meeting (Thursday) will set the direction for the currency and debt markets, subsequently influencing equities. Corporate earnings reports from technology giants are no less significant: results from Apple, Microsoft, Amazon, Alphabet, and Meta will provide fresh insight into the state of key sectors – from cloud technologies to consumer demand in e-commerce. It's prudent to account for potential volatility in strategies: positive surprises may boost risk appetite, while disappointments could intensify the flight to safe assets.
Additionally, macroeconomic data on GDP and inflation in major economies (US, Eurozone, China) will allow for adjustments in growth and monetary policy expectations. Special attention should be given to the US PCE index and European CPI: their dynamics will either confirm that the peak of inflation has passed or indicate a need for a more prolonged period of strict central bank policies. Finally, geopolitical signals from the ASEAN and APEC summits, as well as the meeting between US and Chinese leaders, may indirectly affect sentiments – any signs of easing trade disputes will be favourable for markets, while escalations will add to unease. In summary, investors will need to balance between corporate news and the macroeconomic landscape, carefully reacting to the most significant impulses of the week.