Analytical Review of Economic Events and Corporate Reports for Saturday, November 29, 2025: Expectations from OPEC+ Meeting, Early Results of Black Friday, Impact of Global Factors on Markets in the US, Europe, Asia, and Russia.
The last Saturday of November brings investors a pause in the markets following a shortened trading week and the opening of the holiday sale season. Stock exchanges around the world are closed for the weekend, giving market participants a chance to assess the impact of recent macroeconomic data and corporate news. The key themes of the day are the initial results of "Black Friday" — the kickoff day of the sales season — and preparation for a key event in the oil market: the upcoming OPEC+ meeting on Sunday. In this context, the focus of investors from the CIS countries shifts to external factors and global indicators, as no new corporate reports are set to be released on Saturday itself.
For global stock markets—from Wall Street to Asian exchanges (including the S&P 500, Euro Stoxx 50, Nikkei 225, and the MOEX index)—the past week has been uneven. American markets saw reduced activity due to the Thanksgiving holiday and a truncated session on Friday, while Europe and Asia traded normally, digesting a flow of statistics and final reports. Now, amid the calm of the weekend, investors are evaluating how strong the signals of consumer demand and stability in the commodity market are before trading resumes on Monday.
Global Agenda: Expectations from OPEC+ Meeting
The focus is on the upcoming OPEC+ ministers' meeting scheduled for Sunday, November 30. The oil market holds its breath in anticipation of the outcomes of these negotiations. According to recent reports, the cartel and its allies are likely to maintain the current production limits: previously, the eight largest exporters (the "volunteers," including Russia and Saudi Arabia) extended production cuts until the end of Q1 2026. Therefore, the main question at the upcoming OPEC+ meeting is not the quotas for the next quarter (which have already been determined), but rather the technical details: ministers will discuss the mechanism for assessing the maximum production capacities of member countries to plan policy for 2027.
Ahead of the meeting, oil prices are demonstrating relative stability. Brent is hovering just above $60 per barrel, while WTI is around $58–59, rebounding from recent lows. The absence of expectations for new production cuts is curbing price growth. Analysts note that without additional measures from OPEC+ on the horizon, a new wave of oil price declines could be possible over the next few months—potentially dropping below $50 per barrel by early 2026.
However, any unexpected steps resulting from Sunday's meeting will be crucial: confirmation of the current course (stable production) will be perceived neutrally by the market, while an unexpected signal for deeper cuts could support oil prices and shares of oil and gas companies. At the same time, the lack of any action could increase pressure on exporters: currencies of commodity-dependent countries, including the Russian ruble, may react sensitively to the meeting's outcomes.
Consumer Demand: Early Results of Black Friday
This weekend in the US and Europe sees a bustling holiday sales season, traditionally kicked off by Black Friday on November 28. Early data indicate a high level of consumer activity, particularly in the online sector. Analysts estimate that American consumers may set a new record for online sales: the total online revenue for the holiday weekend (from Thanksgiving to Cyber Monday) could exceed last year's figures by 5–7%. Meanwhile, foot traffic in physical stores has increased marginally or remained at last year’s levels as more shoppers prefer to order online.
Retailers are noting increased demand for electronics, toys, and home goods. Retail giants such as Walmart and Amazon report stable sales, whereas off-price discount retailers (such as the TJX chain, which owns TJ Maxx, and Ross Stores) are trying to attract budget-conscious shoppers with aggressive discounts. Amid high inflation and rising credit costs, low-income consumers are being cautious with their spending, while affluent households, benefiting from the stock market's rise in 2025, continue to spend actively.
In Europe, the Black Friday event is also gaining momentum: major chains and online stores are recording a surge in revenue, although the real pace of sales growth is being tempered by squeezed consumer incomes in several countries.
Nevertheless, a successful start to the holiday sales will signal positively for stock markets: shares of retail and e-commerce companies may receive support if strong sales are confirmed by statistics.
US Corporate Reports
The American corporate calendar for the weekend is nearly empty—no new financial reports are scheduled for Saturday. This is unsurprising as the quarterly reporting period in the US has come to an end. The overwhelming majority of companies in the S&P 500 have already reported for Q3, and fresh releases are not expected until next week. The past week brought the last important reports of the season. For instance, tech giant NVIDIA recently exceeded profit forecasts due to high demand for artificial intelligence chips, which spurred a rally in the sector and bolstered confidence in the ongoing “AI boom.” Major retail chains Walmart and Target also shared quarterly results: their revenue remained at a steady level, signaling sustained consumer demand even in a high-inflation environment. After such a news-heavy period, the current weekend provides the markets with a breather. Investors have time to digest the information received and adjust strategies before the remaining few companies report in early December, and the focus shifts to macroeconomic statistics.
European Corporate Reports
European stock markets also do not expect new corporate publications on Saturday. Most leading issuers in the region (including companies in the Euro Stoxx 50) have already disclosed their Q3 financial results in previous weeks. The earnings season in Europe has effectively ended, and no significant releases are planned for the weekend. Following a flood of corporate news in October and early November, there is currently a relative lull: investors are digesting previously published reports and evaluating macroeconomic trends. Recent results from major European corporations paint a mixed picture of the region's economy. For example, reports from industrial conglomerate Siemens and several large Eurozone banks confirmed that growth persists in certain sectors, while consumer demand and investments appear weak. In the absence of new reports during these days, European market participants will primarily focus on external factors—global news, the dynamics of Wall Street following the holidays in the US, as well as developments in the commodity markets. Upcoming December macroeconomic statistics (including data on inflation and business activity) and year-end company forecasts will serve as the next benchmarks for Europe.
Asian Corporate Reports
The Asia-Pacific region is also lacking in corporate events on Saturday. The reporting season for July–September in the largest Asian economies is practically complete by the end of November. Many technology and industrial giants from China and Japan reported earlier in the month. This week, Chinese internet giant Alibaba released its financial results, reporting approximately 5% year-on-year revenue growth for Q3 2025 (about +15% excluding sold-off subsidiaries), though net profit fell by more than half due to large investments in new business areas. Another indicator of the Chinese consumer market, Meituan, disappointed investors: its quarterly revenue only increased by 2% year-on-year, falling short of forecasts, and due to a price war with competitors, Meituan recorded a net loss—the first in three years.
Nevertheless, these isolated cases do not alter the overall picture: most large Asian firms have already shared decent results earlier. As a result, external drivers are dominating Asian exchanges this weekend. In the absence of fresh reports, market participants will keep an eye on the week's outcomes and global events—especially signals from the US market and commodity prices—that will set the tone for trading in Asia on Monday morning.
Russian Corporate Reports
No new reports from major public companies are expected in the Russian stock market on Saturday. The main wave of financial results publications for the first nine months of 2025 has already passed in November. Almost all flagship companies on the Moscow Exchange have reported earlier: banks showed moderate profit growth (for example, Sberbank reported a ~+6% year-on-year increase in net profit as per RAS for the first nine months, demonstrating resilience in the banking sector amid sanctions and high rates); oil and gas corporations recorded revenue declines due to lower energy prices and increased tax pressure; metallurgical and chemical companies published mixed results, balancing between export restrictions and the recovery of domestic demand.
This past week, investors received a few more belated reports: the pipeline monopoly Transneft presented its financial results for Q3 2025 under IFRS—its figures were close to expectations (approximately 360 billion rubles in revenue for the quarter, net profit remaining at previous quarter levels). Additionally, power company RusHydro reported a nearly 29% year-on-year increase in profit for the first nine months, confirming a positive trend in the electricity sector. With no new releases expected over the weekend, traders on the Moscow Exchange are taking a pause to analyze the data already published and adjust their positions. The further trajectory of the Russian market in early next week will primarily depend on the global news backdrop—the dynamics of oil prices following the OPEC+ meeting and overall sentiment in global markets.
What Investors Should Keep an Eye On
- Results of OPEC+ Meeting: On Sunday, the decisions of oil-exporting countries regarding production for the upcoming months will be revealed. If OPEC+ meets expectations and keeps the current quotas unchanged, the oil market's reaction will be subdued. However, any unexpected actions—such as announcing additional production cuts—could sharply alter the commodity market's dynamics. Investors need to monitor the statement following the meeting: it will determine the trajectory of oil prices in December and the dynamics of stocks in the oil and gas sector. Additionally, the Russian ruble and other currencies of commodity economies may experience significant fluctuations on Monday due to the outcomes of the OPEC+ meeting.
- Holiday Sales: The first reporting data from retailers over the holiday weekend will provide benchmarks for consumer activity. A strong start to Black Friday and Cyber Monday will indicate consumers' readiness to spend, improving revenue forecasts for retail and e-commerce companies in Q4. This could support their stock prices and overall market optimism. Conversely, if consumer activity is weaker than expected, investors may reassess growth expectations for the year-end. Stocks of retail chains and online platforms risk facing pressure, and stock indices may begin the week with a cautious sentiment.
- Global Risk Appetite Ahead of the New Week: The cumulative news over the weekend will shape investors' mood as trading opens on Monday. The absence of negative surprises and positive signals (such as successful sales from retailers, stable OPEC+ decisions without conflicts) could strengthen the risk appetite, pushing futures on major indices upward ahead of the session's start. However, if the weekend yields conflicting or concerning news, markets may greet Monday with increased demand for safe-haven assets—such as gold and government bonds—along with weakened currencies of emerging markets. Investors in CIS countries should monitor the news on Sunday evening and the dynamics of futures on stock indices to prepare for possible spikes in volatility at the start of the new week.
Overall, November 29 is marked by the evaluation of consumer and commodity indicators. The success of the holiday sales kickoff and the verdict from OPEC+ will largely determine the starting positions of the markets heading into December. In the absence of domestic events, investors from the CIS are advised to pay special attention to external factors. Starting next week, the focus will shift to upcoming central bank meetings and year-end statistics—but the foundation for this is being laid now, during these calm weekend days, as global markets digest the signals from consumers and oil producers.
