Key Economic Events and Corporate Earnings from September 22 to 26, 2025: PMI in the US and Europe, Core PCE, SNB Rate Decision, Earnings Reports from Micron, Accenture, Costco, CarMax, Jabil, TD Synnex, Cintas, and KB Home. Analytical Benchmarks for CIS Investors.
The new trading week from September 22 to 26 is marked by significant economic events and the concluding phase of the corporate earnings season. Following the recent decision by the Federal Reserve to lower rates and signals of policy easing in the US, investors are anticipating further actions from central banks, including the Swiss National Bank's upcoming meeting. Simultaneously, markets are assessing inflation data and economic trends in the US, Europe, and Asia. For CIS investors, this means the necessity to closely track global trends in the equities and commodities markets, adjusting strategies based on new signals.
Monday, September 22, 2025 - A Calm Start to the Week
- 17:00 MSK – Consumer Confidence Index in the Eurozone (September, preliminary). The indicator reflects household sentiments in Europe, emerging against the backdrop of declining inflation and a stabilizing economy.
- No major corporate earnings reports are scheduled. Markets are using this day's pause to assess the repercussions of the Federal Reserve's decisions and the situation in China.
Tuesday, September 23, 2025 - Global PMIs and Earnings Reports from Micron and AutoZone
- 10:15–12:00 MSK – Series of preliminary Purchasing Managers' Index (PMI) results for September: manufacturing and services sector indicators from France, Germany, the Eurozone (11:00), and the UK. Moderate growth is expected without surprises from Europe.
- 16:45 MSK – Preliminary PMI figures in the US (September) from S&P Global – a crucial indicator of business activity in the US manufacturing and services sectors.
- 17:00 MSK – Existing home sales in the US (August) and the Richmond Fed's business activity index. Statistics will reflect the state of the American housing market and production amid a changing monetary course by the Fed.
- AutoZone (US, S&P 500) – Q4 financial report before the opening of the US markets. The auto parts retailer is experiencing stable demand, and its results will provide insights into consumer demand for automotive services.
- Micron Technology (US, NASDAQ) – quarterly report after market close. The company is one of the largest memory chip manufacturers; its forecasts serve as a barometer for the entire semiconductor sector and the technology segment of the stock market.
- Additionally, several mid-cap companies in the US (AAR Corp, MillerKnoll, Worthington Industries, etc.) will report, garnering less investor attention.
Wednesday, September 24, 2025 - Ifo Index and Earnings Reports from Cintas and KB Home
- 11:00 MSK – Ifo Business Climate Index in Germany (September). This key indicator reflects sentiments in Europe’s largest economy; a moderate improvement is expected amid gradual recovery from a downturn.
- 17:00 MSK – New home sales in the US (August). Data from the primary housing market will show whether growth momentum is maintained amid declining rates.
- 17:30 MSK – Weekly oil inventories in the US from EIA. This commodity report impacts global oil prices, which are particularly crucial for the Russian and CIS markets.
- Cintas (US, S&P 500) – Q1 financial results (before market opening). The company is considered a barometer of business activity, serving the corporate sector (workwear, services). Its forecasts reflect the current state of small and medium-sized businesses.
- KB Home (US) – Q3 report (after market close). One of the largest homebuilders in the US. Its results and management comments will clarify the situation in the US housing market and real estate price dynamics.
- Moreover, several mid-sized companies in the US will release their earnings after the market close on Wednesday: H.B. Fuller (chemicals), Steelcase (office furniture), Stitch Fix (online retail), etc. Their overall impact on the stock market is limited, but they may cause movements in niche sectors.
Thursday, September 25, 2025 - SNB Decision and Earnings Reports from Accenture and Costco
- 10:30 MSK – Swiss National Bank meeting. A rate decision is expected: a potential decrease of 0.25%, which would continue the course of policy easing in Europe following the Federal Reserve's actions. The SNB's rhetoric regarding the franc exchange rate and inflation will be a guide for central banks in the region.
- 15:30 MSK – Key US statistical releases: final GDP for Q2 and the GDP deflator, durable goods orders (August), and weekly initial claims for unemployment benefits. Collectively, these data will clarify the trajectory of US economic growth and demand conditions as the quarter comes to a close.
- Accenture (US) – Q4 financial report (before market opening). This is the largest global consulting company. Its results will demonstrate the level of corporate spending on services and digital transformation worldwide.
- CarMax (US) – Q2 report (before opening). The largest used car dealer in the US. Its sales and profit dynamics serve as indicators of consumer demand and the availability of auto loans.
- Jabil and TD Synnex (both US) – quarterly results release before market opening. Jabil is a leading contract electronics manufacturer. TD Synnex is a major distributor of IT equipment. Their reports reflect the state of global supply chains and demand in the IT sector.
- Costco Wholesale (US, S&P 500) – Q4 report (after market close). One of the largest retailers in the US. Costco’s sales serve as a barometer for American consumer spending and inflation trends in retail.
- BlackBerry (Canada) – Q2 report (after market close). Known in the past for its smartphones, the company is now focused on software and cybersecurity. Its results are of interest to the technology sector, although the direct impact on the market is limited.
- Concentrix (US) – Q3 financial results (after market close). A provider of customer and business process outsourcing services. The company’s earnings reflect demand for corporate services, particularly in the technology and financial sectors.
- Hennes & Mauritz (H&M) (Sweden) – publication of a 9-month report (before the opening of European markets). This is one of the largest fashion retail companies in Europe. H&M’s results will help assess consumer demand in Europe and the impact of inflation on retail business.
Friday, September 26, 2025 - PCE Inflation in the US and Consumer Sentiment
- 15:30 MSK – Core PCE Price Index in the US (August). A key inflation indicator closely monitored by the Federal Reserve. Its dynamics will determine future interest rate trajectories and market sentiment.
- 17:00 MSK – University of Michigan Consumer Sentiment Index (September, final estimate) and household inflation expectations. Final data regarding American consumer sentiments will help understand how confident households are in the economy amid changes in rates and prices.
- On this day, there are no earnings reports from major public companies. Markets are focused on macroeconomic statistics and are wrapping up the week in anticipation of the upcoming start of a new month and the quick initiation of earnings season for Q3.
Week Summary: Benchmarks for Investors
The week from September 22 to 26 is rich in indicators that will shape market sentiment. The main themes are inflation and central bank policy: last week's rate cut by the Federal Reserve and potential easing by the SNB signal a global shift toward supportive economic growth. At the same time, investors are assessing economic resilience: PMI data from Europe and China (in the context of stimulus measures) indicates uneven recovery, while the US shows strong labor market indicators and household spending supporting growth, albeit with a need for careful monitoring of price pressures.
This week's corporate earnings – from technology firms to retailers – will provide important benchmarks. Results from Micron will showcase the state of global demand for microchips, Costco and H&M will reflect consumer demand strength in the US and Europe, while Accenture will indicate how ready businesses are to invest in services. In Russia, the half-year earnings publication season has mostly concluded, and with no major releases expected, attention shifts to external factors – oil prices, currency exchange rates (a potential ruble strengthening on the back of high oil prices and a soft Fed policy), and geopolitical context.
For CIS investors, the combination of slowing inflation and more accommodating regulatory actions is a positive signal that could support risk appetite. However, caution persists: ahead lies the Q3 earnings season and new data that could recalibrate expectations. It is advisable to maintain a diversified strategy, considering the dynamics of both global and local markets in the US, Europe, Russia, and Asia. A balanced approach and attention to key indicators of the week will facilitate successful navigation through the fluctuating market conditions.
