Detailed Review of Economic Events and Corporate Reporting as of September 20, 2025. EU Finance Ministers Meeting (ECOFIN), Absence of New Macroeconomic Data and Corporate Financial Reports, and Market Reassessment of Central Bank Decisions Following a Busy Week.
Saturday concludes one of the busiest weeks for global markets this month. Following a series of key events - from the first rate cut by the US Federal Reserve in a year to the maintenance of current monetary policy stances in the UK and Japan - the economic agenda lacks new macroeconomic releases. Investors are taking a breather: markets are utilizing the weekend to digest the outcomes of central bank decisions and adjust expectations regarding interest rates and economic growth.
In Europe, the focus is on the meeting of EU finance ministers (ECOFIN) taking place amidst Brussels' efforts to align new budgetary rules. The absence of corporate reports and significant statistics shifts market participants' attention to analyzing the already available information. Major stock indices have finished the week on a positive note, buoyed by signals of looser monetary policy, and investors now face the task of evaluating whether this optimistic sentiment is justified and what factors may influence market dynamics in the coming days.
Macroeconomic Calendar (MSK)
- 13:00 — European Union: Meeting of Finance Ministers (ECOFIN).
European Union: Finance Ministers Meeting (ECOFIN)
- EU finance ministers are negotiating the reform of the union's fiscal rules. The focus is on updating the Stability and Growth Pact: new limits on deficits and public debt are being discussed, which are set to take effect in 2026. Against the backdrop of high debt levels in certain countries (such as Italy), finding a compromise between budget discipline and economic stimulus is crucial.
- The overall economic situation in the region is also expected to be addressed at the meeting. Slowing inflation in the eurozone and stagnation risks compel ministers to strike a balance between continuing support measures and returning to strict fiscal frameworks. Statements in support of the EU economy, plans for investment in energy transition, or assistance to Ukraine may be included in the final communiqué.
- Market Impact: Any agreed-upon steps regarding budget rules or messages of unity may moderately support the euro and demand for European assets. Conversely, disagreements or a lack of specificity could leave investors without new guidance—resulting in the Euro Stoxx 50 and EUR/USD dynamics being driven by external factors and overall risk appetite at the start of next week.
Reporting: A Pause in Publication Schedule
- Due to the holiday, no major public companies are releasing financial reports today. The global corporate release calendar takes a pause, leaving investors without new micro-drivers.
- In the US, the third-quarter earnings season has not yet begun (major reports start in October), and following recent unexpected releases from companies like FedEx and Oracle, no new earnings data is expected.
- European and Asian markets are also experiencing calm: most companies have already reported for the first half of 2025, and reports for the third quarter will begin later. Thus, on September 20, there are no significant corporate reports in either Europe or Asia.
- On the Russian market, all major issuers from the Moscow Exchange index presented results for the first half of the year by the beginning of September. No new reports are scheduled for today, resulting in a neutral domestic news backdrop, with the focus of Moscow Exchange participants on external conditions—in particular, the ruble exchange rate and commodity prices.
Other Regions and Indices: S&P 500, Euro Stoxx 50, Nikkei 225, MOEX
- S&P 500 / USA: The US stock market closed the week with solid gains. The S&P 500 index remains close to local highs, supported by signals of looser monetary policy from the Fed and signs of declining inflation in the US. The absence of fresh data over the weekend means that future movements will depend on the overall investor sentiment: currently, there is heightened risk appetite, bolstered by falling bond yields following the Fed's decision.
- Euro Stoxx 50 / Europe: The leading European index experienced a relatively calm Friday session, finishing the week with moderate gains. With no new reports from blue-chip companies and key statistics, market players are focused on external conditions. The euro-to-dollar exchange rate, comments from European officials at ECOFIN, and the general state of global markets will set the tone: if global optimism prevails, European stocks may hold their ground; however, any deterioration in global sentiment will also affect EU markets.
- Nikkei 225 / Japan: The Japanese stock market continues to operate at high levels. The Bank of Japan's continued ultra-loose policy amid moderate domestic inflation maintains the status quo: the yen remains weak, benefiting exporters and pushing the Nikkei 225 index to multi-year highs. There are currently no new financial results from Nikkei companies (the main earnings season for April–June concluded earlier), so the dynamics of Japanese stocks in early next week will be dictated by the yen's movements and global investor sentiment following the Fed and BoJ decisions.
- MOEX / Russia: The Russian stock market concluded the week without any clear direction, balancing between external and domestic factors. Brent crude prices remain around $65–67 per barrel, limiting the growth potential of oil and gas stocks, while the ruble has stabilized around 83–84 per dollar following recent actions by the Central Bank of Russia. With no new reports or economic data available domestically today, the Moscow Exchange index is likely to remain in wait-and-see mode until trading opens on Monday, primarily responding to global trends and changes in risk appetite in emerging markets.
Day's Conclusions: What Investors Should Focus On
- ECOFIN and the Euro Exchange Rate: Statements from the EU finance ministers' meeting could affect the EUR exchange rate and the sentiment of European exchanges. If ministers demonstrate progress in budgetary agreements or economic support, it will bolster investor confidence in the eurozone. Otherwise, the euro and European stocks are likely to remain more dependent on external factors.
- Monetary Policy After the Fed: Last week marked a turning point—the Fed cut rates while the ECB and Bank of England paused rate hikes. Investors need to assess whether this shift towards a softer policy will become a sustainable trend. Any new hints from central bank representatives (even in informal comments over the weekend) about future actions could adjust rate expectations and subsequently lead to movements in bond and equity markets.
- Geopolitical and Unplanned News: The weekend carries the risk of sudden news—from statements by country leaders to escalating geopolitical tensions. In the absence of scheduled releases, any unexpected developments (e.g., comments on trade disputes between the US and China or news from commodity markets) could trigger gaps and spikes in volatility at the market open on Monday. Investors should remain vigilant and factor in such risks in their strategies.
- Strategy Adjustment and Risk Management: As the week concludes, investors have gained more clarity on direction for interest rates and the global economy. Now is an opportune moment to reassess portfolio structure in light of new realities—such as the growing attractiveness of technology sector stocks amid falling rates or the re-evaluation of the banking sector in a looser credit policy environment. In a context of reduced uncertainty, it’s also essential to ensure that risk levels within the portfolio align with updated forecasts and investment horizons.
- Expectations for Upcoming Data: Markets will be looking for new drivers in next week's statistics. Preliminary PMI indices for September from key economies, inflation data from individual countries, and other indicators capable of influencing sentiment will come into focus. As September 20 did not yield new information, investors will take this pause to prepare for these releases: unexpectedly strong or weak data in the coming days may either confirm the current optimism in the markets or serve as a rationale for correction.
