Economic Events and Corporate Reports January 19-23, 2026 Davos, CPI, PMI, Company Reports

Weekly Overview January 19-23, 2026: Key Economic Events and Corporate Reports. Focus on Netflix, Intel, Johnson & Johnson, the World Economic Forum in Davos, Inflation (CPI), PMI indices, Central Bank Decisions, and Global Market Dynamics.

The upcoming week from January 19 to 23, 2026, promises a busy flow of corporate earnings reports and significant economic events. The earnings season continues: major companies from the US, Europe, Asia, and Russia will present their financial results while investors worldwide keep an eye on inflation indicators (CPI) and business activity (PMI). The global agenda also includes the World Economic Forum in Davos, where state and business leaders will gather. These events have the potential to influence global stock indices—from the S&P 500 and Euro Stoxx 50 to the Nikkei 225 and the Moscow Exchange index. Let’s break down the week by day and analyze what the markets can expect, and which investment signals deserve attention.

Monday, January 19, 2026

The start of the week appears relatively calm: US markets are closed in observance of Martin Luther King Jr. Day, thus global exchanges may trade within a narrow range. Investor attention shifts to macroeconomic data from Asia and Europe, as well as the kickoff of the World Economic Forum in Davos (Day 1). The lack of trading in the US will limit volume, with major impulses stemming from morning statistical releases and commentary from Davos.

• No major corporate reports are expected – trading in US markets is suspended, and no significant corporate publications are anticipated.

• No major companies are reporting this day.

• 05:00 – GDP of China for Q4 2025. The data on China’s economic growth will set the tone for Asian markets in the morning. Moderate growth is expected, and unexpectedly strong (or weak) GDP figures will influence risk appetite: exceeding forecasts will support stocks in Shanghai and Hong Kong, while weak figures will heighten concerns about a slowdown in the global economy.
• 13:00 – Consumer Price Index (CPI) for December, Eurozone. This is the final assessment of inflation in the Eurozone. A further slowdown in annual inflation is anticipated, which would be positive for the ECB and European markets: confirmation of the trend towards declining prices may strengthen the euro and lift the Euro Stoxx 50.
• 16:30 – Consumer Price Index (CPI) for December, Canada. Inflation figures in Canada will provide insight into global inflation trends. A slowdown in CPI will bolster expectations that the Bank of Canada will approach interest rate hikes cautiously, supporting sentiments in Canadian equity markets and the CAD currency.

Investor takeaway: Monday begins without major shocks—a limited number of events and the US holiday will keep volatility low. The absence of the American session means that global stock indices will primarily respond to Asian and European news. Market focus will shift towards China and Europe: strong GDP data from China or confirmation of slowing inflation in the Eurozone may drive investor interest towards risk assets in Asia and the EU. Davos will also be in focus—statements from world leaders and corporate heads at the forum can set the overall tone for the markets, but sharp signals are usually not expected on the first day. Investors should use this calm day to evaluate positions: if macro statistics indicate an improvement in market conditions, Asian and European stocks may gain momentum, while any negative surprises will have a limited effect due to low activity. The Russian stock market, lacking internal drivers, will lean on external conditions—commodity price dynamics and global market sentiments.

Tuesday, January 20, 2026

On Tuesday, the focus shifts to corporate earnings: the trading week in the US begins, with several major companies publishing their results. The day’s significant reports span industries such as manufacturing, finance, and technology—from industrial conglomerates to airlines and streaming services. There are relatively few macroeconomic publications (the key ones being the rate decision in China and confidence indicators in Europe), so corporate news could set the market direction. Investors will gain insights into the state of various sectors of the economy, helping them assess the resilience of consumer demand and investment activity at the start of the year.

• 3M Company (MMM) – American diversified industrial conglomerate. The quarterly report from 3M will serve as an indicator of the health of the manufacturing sector and the demand for industrial goods globally. Investors will focus on sales dynamics across various segments (electronic, materials, office supplies) and management comments regarding the impact of a strong dollar and costs. 3M's results will influence mood in the industrial sector and may reflect on the Dow Jones index, indicating the resilience of global industrial demand.
• D.R. Horton – largest home builder in the US. This housing developer’s quarterly report will reveal how high mortgage rates affect home sales and new orders. Sustaining high sales volumes signals resilience in the US housing market, while a slowdown would indicate cooling due to expensive borrowing. Investors will compare D.R. Horton’s results with past trends to evaluate the prospects for the construction sector and related companies.
• Fifth Third Bancorp – a large regional bank in the USA. Fifth Third’s financial results reflect the health of the banking sector: the growth of interest income against the backdrop of higher Fed rates and the quality of its loan portfolio. Special attention will be paid to deposit volumes and reserves set aside for possible losses—this will show how the economy and consumers are faring under tightening monetary policy. The report of this bank will set the tone for the entire mid-sized financial sector.

• Netflix – leading global streaming service. The report for Q4 2025 is one of the most awaited in the tech sector. Investors are eager for subscriber growth figures following the launch of new products and monetization measures (advertising, combating password sharing). Revenue and profits are also critical, particularly Netflix’s forecast for the next quarter. Strong results and an optimistic outlook could significantly raise Netflix's stock and propel the entire tech sector (Nasdaq) upwards, while disappointment could trigger sell-offs in media and communication company stocks.
• United Airlines (UAL) – one of the largest airlines in the US. UAL’s financial results for the last quarter will illustrate the state of the travel and business activity sector. Investors will analyze passenger revenue, flight load, and management forecasts in the context of changing jet fuel prices. Sustained demand for air travel and the profitability of routes will support United’s stock and the entire aviation sector, while signs of declining demand or rising costs may negatively affect airline stock valuations.
• Interactive Brokers – a global electronic brokerage. Although less known to the general public, its report is of interest for assessing market sentiments. Data on customer account growth, investor trading activity, and interest income (from client deposits) will provide a picture of how actively retail and institutional traders participated in the market at year-end. Interactive Brokers' results may influence shares of brokerage firms and fintech companies, indicating whether interest in trading on stock markets remains strong.

• 04:15 – People’s Bank of China rate decision (Loan Prime Rate). China publishes an update on its benchmark lending rates (LPR). It is expected that the rate will remain unchanged, continuing to stimulate the economy. Any unexpected moves (such as a reduction in the LPR) could prompt a reaction in Asian markets: the yuan may weaken, while mainland China and Hong Kong stocks might receive support on expectations of additional economic stimulus.
• 10:00 – UK unemployment rate (November). Labor market statistics for the UK. Unemployment is expected to remain low, indicating economic resilience. If unemployment unexpectedly rises, the pound may come under pressure, and the Bank of England will face arguments for a looser policy. Stable figures will support the pound and UK company stocks, particularly in sectors reliant on domestic demand.
• 13:00 – ZEW Economic Sentiment indices (January) for Germany and Eurozone. The ZEW Institute's business expectations survey will show how analysts and investors assess the prospects for Germany and the EU's economies. An increase in the sentiment index will be a positive signal, indicating improved confidence, which may push the DAX and broader European indices higher. A decline in the indicator will raise concerns of recession in the region.
• 16:15 – ADP employment change in the US (weekly data). An informal indicator of the US labor market from ADP (usually published monthly, but there are operational estimates) will help assess the employment dynamics. A reduction in job numbers may raise concerns in the markets, while stable employment growth will support resilience expectations. However, the impact of this weekly data is limited; investors will likely use it as a preliminary signal ahead of the official statistics.
• 18:30 – US oil inventories from EIA (weekly report). Official data on commercial oil and petroleum product inventories. This week’s release may be pushed due to the holiday, but investors still await indicators of supply and demand. A reduction in oil inventories will indicate high demand or restricted supply, potentially driving oil prices up, supporting shares of oil and gas companies. Conversely, a rise in inventories signals weakened demand or increased production, which could temporarily lower oil prices.

Investor takeaway: On Tuesday, the primary focus is on corporate earnings, given the limited availability of significant macro data. Strong results from 3M in the morning will set a positive tone: showcasing resilient industrial demand will support stocks of industrial giants and may lift the Dow Jones. Investors will also analyze the banks' and construction firms' reports closely—signs of stability in the financial and real estate sectors will bolster confidence in the robustness of the US economy. After the market closes, all eyes will be on Netflix: the results of this media industry tech leader will essentially set the mood in the growth sector. If Netflix exceeds expectations for subscriber growth and profits, the Nasdaq and overall market are likely to gain momentum in the next session; conversely, disappointment might lead to profit-taking in tech stocks. Macro news (for example, rate decisions in China or ZEW sentiment indices) will likely take a backseat but may have localized effects on the currency market (yuan, euro). Overall, Tuesday's dynamics will reflect a balance between corporate optimism and caution: investors will be looking for management's guidance for 2026. The Russian market, lacking significant internal events, will focus on the external backdrop—especially oil price movements post-EIA data—and general risk appetite on global markets.

Wednesday, January 21, 2026

Wednesday becomes one of the pivotal days of the week: several important macroeconomic releases and speeches coincide, along with a series of reports from market leaders. In the morning, investors expect data on UK inflation and remarks from the ECB president, with fresh signals regarding the global commodity market from the IEA during the day, and closer to evening, Donald Trump could deliver a speech at the Davos forum. On the corporate front, reports will come from giants in healthcare, insurance, and oil services, reflecting the state of key industries. This information-rich backdrop may heighten market volatility: participants will respond rapidly to both economic indicators and comments from influential figures.

• Johnson & Johnson (JNJ) – global pharmaceutical and consumer conglomerate. The JNJ quarterly report will be one of the barometers of global healthcare health. Investors will evaluate key product sales and medical devices, along with the dynamics of the consumer goods segment following a recent spin-off of brands into a separate company. Special interest will be on J&J's 2026 forecasts and comments regarding inflation in costs. Strong results and a positive outlook for this defensive asset will bolster confidence in pharmaceutical sector stocks and support the S&P 500, while weakness in the report could somewhat cool interest in defensive papers.
• Halliburton (HAL) – one of the world leaders in oil services. Halliburton's financial performance will reflect the state of the oil and gas industry: drilling volumes, demand for extraction services, and oil price dynamics. At high oil prices, oil service companies usually demonstrate revenue and profit growth. Investors will search the report for signs of sustained investment activity by oil companies—growth in Halliburton’s orders will indicate producers are ramping up operations, which is positive for the entire energy sector. HAL's results may influence energy company stocks and the overall dynamics of the S&P 500, given the significance of the oil sector.
• Travelers Companies (TRV) – major insurance company from the Dow Jones index. Travelers' report will provide insights into the insurance sector and corporate risks. Investors will look at the size of insurance payouts and losses during the quarter (especially from natural disasters or other major events) as well as the returns on the insurer's investment portfolio. Strong results and stable premiums indicate that businesses and consumers continue to insure actively. This will support the stocks of insurance and financial companies. Any signals of increasing losses or declining premium collections may raise concerns about sector profitability.
• Prologis (PLD) – the world's largest owner of industrial real estate (REIT), specializing in logistics complexes. Prologis's report is interesting as an indicator of the global supply chain and e-commerce. High warehouse occupancy and rising rental rates indicate that demand for logistics spaces remains strong due to the growth of online trade and industrial production. Investors will pay attention to management forecasts: continued growth in demand for warehouses will be a positive signal for the economy, while a slowdown may indicate some correction after the boom in e-commerce. Prologis's results could influence the real estate sector and provide a gauge for global trade.

• Kinder Morgan (KMI) – one of the largest infrastructure companies in energy (pipeline operator for oil and gas). KMI's quarterly report will reveal how transport volumes of hydrocarbons and tariffs have impacted revenues. Investors will assess free cash flow and any changes in dividends since midstream companies are known for stable payouts. An increase in the transport of oil and gas via KMI's networks will indicate strong demand for energy carriers, which is positive for the oil and gas market. Kinder Morgan's financial results impact the midstream segment and may serve as an indicator of the health of US energy infrastructure.

• 10:00 – Consumer Price Index (CPI) for December, UK. A key inflation indicator for the UK economy. A continuation of the trend towards slowing annual inflation is expected after its peak, while the price level remains above the Bank of England's target. If data shows a significant decrease in inflation, the British pound may weaken on expectations of a softer policy, while the Bank of England would gain room for a pause in interest rate hikes. Conversely, an unexpected acceleration in CPI will increase pressure on the regulator to continue tightening. The FTSE 100 market and British bonds will react to this release: decreasing inflation will support local company shares, while high inflation will alarm investors.
• 10:30 – ECB President Christine Lagarde's speech. The head of the European Central Bank will speak at one of the events (possibly on the sidelines of Davos). Investors are closely listening to Lagarde's rhetoric regarding economic prospects and monetary policy plans in the eurozone. Any hints at a change in the ECB's course—such as a more "dovish" tone due to declining inflation or warnings about risks—may trigger significant movements in the euro and European bond markets. Lagarde is likely to reaffirm her commitment to combating inflation while acknowledging improving inflation trends, which markets may view positively.
• 11:00 – Consumer Price Index (CPI) for December, South Africa. Inflation data from the Republic of South Africa is important in the context of emerging markets. A further decline in annual inflation is projected, supporting expectations for easing monetary policy in the region (the South African Reserve Bank recently discussed rates). For global investors, South Africa's indicators reflect the overall trend in EM: if inflation is brought under control, it will be positive for risk appetite and currencies of emerging countries. However, an unexpected rise in CPI could weaken the rand and dampen interest in South African assets.
• 12:00 – Monthly report from the IEA on the oil market (International Energy Agency). The IEA publishes an overview of the global oil market. The report contains estimates of oil supply and demand, inventories, and forecasts for the coming months. Oil investors and traders will examine how the IEA views the market balance: signals of supply shortages or rising demand may drive oil prices higher, while indications of oversupply or slowing demand will put pressure on quotes. The IEA report influences oil prices and, consequently, the shares of oil and gas companies globally, including in the Russian oil sector.
• 16:30 – (Expected) Donald Trump's speech at the Davos forum. Former US President Donald Trump is scheduled to speak at the WEF in Davos. If this occurs, markets will track any statements regarding the economy, trade, or elections in the US. Although Trump is out of office, his views on taxes, regulations, or foreign trade remain influential for a number of investors. Sharp political statements may briefly affect sentiments, especially in sectors sensitive to trade policies (industry, technology). Nonetheless, no immediate market effect from this speech is expected unless specific details are presented.
• 18:00 – US existing home sales (December, Pending Home Sales). An indicator of activity in the US real estate market. Preliminary home sales reflect how high rates and prices affect buyers' willingness to close deals. An increase in the indicator after previous declines would suggest stable demand, supporting the stocks of construction companies and real estate firms. Further declines in sales will amplify fears of a cooling economy in interest-sensitive sectors. This release is capable of impacting sentiment in the US stock market, though its influence is moderate.
• 19:00 – Consumer Price Index (CPI) for December, Russia. Rosstat will publish inflation data for the RF from the past month. The annual inflation level in Russia is crucial for expectations regarding the Central Bank of the Russian Federation's policy. If inflation slows and moves closer to the target, it will strengthen forecasts for lowering the key rate in the future and positively reflect on the bond market and consumer sector stocks (retail, banks). However, any acceleration in inflation may compel the CBR to be cautious, which may limit growth in the Russian stock market. The impact of this release on a global scale is limited, but it is significant for the ruble and local stocks.

Investor takeaway: On Wednesday, several signals for global markets arise, and participants must filter their significance. Morning inflation data from the UK, along with Lagarde's speech, confirm the continuation of the trend to slow price growth in developed economies, which may support European stock indices (Euro Stoxx 50, FTSE 100) and moderately strengthen the euro. Meanwhile, statements at Davos—particularly a potential appearance by Donald Trump—will add informational noise but are unlikely to shift fundamental investor sentiments. During the day, focus will shift to reports from market leaders: strong results from Johnson & Johnson will enhance confidence in the stability of "defensive" sectors (healthcare and consumer goods), while Halliburton's success will signal favorable conditions in energy, supporting oil prices and stock prices of oil and gas companies. By the end of the day, domestic investors will receive signals from Russian inflation: its deceleration could lower OFZ yields and provide momentum for stocks targeted at domestic demand. Overall, Wednesday may experience heightened volatility as multiple diverse news items will require investors to balance optimism (decelerating inflation, strong corporate reports) with caution (geopolitical statements, potential surprises from the IEA). The Russian stock market, though receiving internal guidance from CPI data, will still largely follow global trends and commodity prices given the absence of other local drivers.

Thursday, January 22, 2026

Thursday creates a rich mix of corporate and macroeconomic factors. At dawn, the World Economic Forum in Davos concludes (Day 4), summarizing discussions among global leaders, while during the day, investors shift their attention to a series of crucial economic releases from the US. Concurrently, the peak of the earnings season continues: today, industrial giants, high-tech corporations, and consumer companies report their results, shaping market sentiments. Morning reports from companies such as Procter & Gamble and General Electric will set the tone for the session, reflecting consumer and industrial health. In the second half of the day, a block of statistics from the US, including inflation and GDP, will directly influence Fed interest rate expectations. Investors will face mixed signals, and heightened volatility may be expected by the close of the day.

• Procter & Gamble (PG) – leading global producer of consumer goods (Pampers, Gillette, Tide, etc.). The P&G quarterly report will serve as a critical indicator of global consumer demand health. Investors will analyze revenue growth across segments and regions: is high demand for everyday goods being maintained despite price inflation? Crucially, has the company managed to sustain or raise operational margins—indicating whether it can pass on increased costs to consumers? Strong sales and profits from P&G will inspire markets, lifting shares in the consumer goods sector and supporting indices (such as the S&P 500), signaling household expenditure resilience. Conversely, if P&G reports demand slowdown or margin pressure, it will heighten concerns regarding consumer health and potentially weigh down the overall consumer sector.
• General Electric (GE) – an industrial conglomerate covering aviation engines, energy equipment, and more. GE's financial results showcase trends in multiple industries. Investors will focus on the aviation division (the demand for aircraft engines and servicing being indirect indicators of airline recovery) and the energy business (turbines, renewable energy) amid the global shift to clean energy. GE's successes in reducing debt load and increasing orders will signal that global industry is gaining momentum. A robust GE report could improve investor sentiment in the industrial sector worldwide, giving a boost to cyclical stocks. Weakness in any segments (such as reduced equipment demand) may locally undermine trust in industrial companies.
• Abbott Laboratories (ABT) – international medical company producing pharmaceuticals, diagnostic equipment, and health products. Abbott's report will reveal the state of global demand for medical services and devices post-pandemic. Investors will scrutinize sales of diagnostic tests, equipment, and baby nutrition, alongside company forecasts. Consistently high sales indicate that healthcare remains a priority for expenditures worldwide, positively impacting the sector. Particular interest will lie in the dynamics of new medical devices and testing systems—growth in these areas will support Abbott's shares and other medtech companies.
• Freeport-McMoRan (FCX) – one of the largest copper producers globally. Freeport's results are globally significant as indicators of industry and construction health, as copper is widely used—from electronics to infrastructure. Investors will assess production and sales volumes for copper, alongside comments on demand (particularly from China, the largest copper consumer). High copper prices and increased sales volumes will boost confidence that the global economy is on the rise, supporting shares in mining and metallurgical companies. Conversely, deteriorating performance or a cautious Freeport outlook may indicate slowing industrial activity, reflecting negatively on all cyclical assets.

• Intel (INTC) – a technology giant and one of the leaders in the global semiconductor market. Intel’s Q4 report is the week’s culmination: the company unveils results amid challenging conditions in the microchip sector. Investors look forward to revenue data from sales of processors for PCs, data centers, and increasingly for automotive and industrial electronics. Special attention will be on Intel’s forecast and management comments regarding demand: are there signs of recovery in the personal computer segment, and how well is the company progressing in conquering new technology niches (for instance, chips for artificial intelligence, where NVIDIA dominates)? If Intel exceeds expectations and reports positive trends, it could invigorate the Nasdaq and the entire tech sector, signaling that the worst demand slump for chips has passed. Conversely, a weak report or cautious guidance will intensify investors' concerns regarding the duration of the downturn in the semiconductor industry.
• Intuitive Surgical (ISRG) – a pioneer in robotic surgical systems (Da Vinci system). ISRG’s financial results reflect demand in the high-tech medical segment. Investors will consider how many robotic surgical systems were sold and revenue growth from servicing and consumables (an indicator of active usage of installed systems). If hospitals and clinics continue to invest heavily in advanced medical technologies, ISRG's revenue will grow at double-digit rates—this would be positive for the entire medtech and biotech sector. A decline in the pace of installing new systems may indicate budget constraints in healthcare or market saturation, which would cool investor enthusiasm for sector stocks.
• Alcoa (AA) – a major aluminum producer. Although Alcoa is less influential than it was a decade ago, its report is often considered as one of the sector indicators. Sales and profits from Alcoa reflect demand for aluminum from the automotive, construction, and packaging industries. Investors will pay attention to aluminum price dynamics and the company’s outlook regarding demand (especially from China). Growth in shipments and optimistic remarks about the aluminum market will bolster shares of metallurgical companies and signal the resilience of global manufacturing. However, if Alcoa reports decreased demand or price pressures, this could indicate a slowdown in industries consuming aluminum, leading to negative market perception.

• 16:30 – Consumer Price Index (CPI) for December, USA. One of the central macro indicators of the week. December inflation data in the USA will show whether the decline in annual inflation continues to accelerate. A slowdown in CPI growth is expected due to falling energy prices and stabilization in goods prices, but core inflation (excluding volatile components) may remain above the Fed's target (~2%). Every decimal point is crucial for the markets: a CPI figure lower than the forecast will inspire investors, intensifying hopes for the imminent conclusion of the Fed's tightening cycle – this will drive up stocks and bonds. Conversely, if inflation exceeds expectations, sell-offs may ensue, especially in the bond market, as participants reprice expectations for further tightening of monetary policy.
• 16:30 – US GDP for Q3 2025 (final estimate). Final data on economic growth in the USA for the third quarter. Typically, the final revised GDP estimate differs little from the preliminary one, but investors focus on the growth structure: revisions in consumer spending, investment, or exports may offer hints on the economy's strength heading into 2026. If GDP is confirmed at a high level, it indicates the resilience of the US economy but may also signal that the Fed keeps rates high for longer. A weak downward revision points to the onset of a slowdown—drawing a dual effect: on the one hand, a recession risk; on the other, possibly a softer policy from the regulator. This release's influence on the market will be moderate, as it pertains to the past period, but the data remains important for overall sentiment.
• 16:30 – Initial jobless claims in the USA (week). This weekly labor market indicator in the USA remains in focus. The number of new claims for unemployment benefits has been consistently low in recent months, reflecting a strong labor market. If this figure suddenly spikes, it could be seen as the first signal of economic weakening, triggering bond yields to drop and caution in the stock market. However, it is likely that the data will remain within a normal range, and it will not have a significant impact on the markets, complementing the overall picture of economic health alongside GDP.
• 18:00 – Personal Consumption Expenditures (PCE) price index for November, USA. This is the inflation indicator preferred by the Federal Reserve. It is expected to confirm the trend of declining both overall and core PCE. Investors will particularly focus on the core PCE index, which excludes food and energy: a slowdown in core inflation will bolster expectations that the Fed could pause or even start lowering rates in the second half of 2026. PCE data meeting or falling below forecasts will support the bond market (lowering yields) and may trigger stock price increases, especially in interest-sensitive sectors (technology, real estate). If PCE inflation remains high, it will dampen investor enthusiasm and remind them of the possibility of a prolonged period of tight Fed policy.
• 18:30 – US natural gas inventories (weekly EIA report). Weekly statistics on the volume of gas in storage. During the winter season, this indicator is important: high gas withdrawals (inventory reductions) due to cold weather can lead to rising gas prices, while unseasonably warm weather and stable inventories could suppress those prices. Energy traders and investors in gas company stocks will closely monitor this publication. A substantial deviation from the typical seasonal inventory drawdown will provoke price movements: for example, if inventories fall more than expected, this will support the rise of prices at Henry Hub and shares of LNG producers, while lesser withdrawal may weaken the gas market.

Investor takeaway: On Tuesday, the primary attention centers on corporate earnings, considering the scant availability of important macro data. Strong results from 3M in the morning will set a positive tone: demonstrating resilient industrial demand will uplift stocks of industrial giants and might propel the Dow Jones upwards. Investors will also carefully analyze the banking and construction companies' results—signs of resilience in the financial and real estate sectors will strengthen confidence in the US economy's sturdiness. After the market closes, Netflix looms large: the results from this media industry's tech leader will essentially determine the mood in the growth sector. If Netflix exceeds expectations for audience growth and profits, the Nasdaq and overall market are likely to gain momentum in the following session; conversely, disappointment might prompt profit-taking in tech stocks. Macro news (for example, rate decisions in China or ZEW sentiment indices) will likely take a backseat but may have localized effects on the currency market (yuan, euro). Overall, Tuesday's dynamics will reflect a balance between corporate optimism and caution: investors will be observing management forecasts for 2026. The Russian market, in the absence of significant internal events, will focus on external conditions—especially the dynamics of oil prices following EIA data—and general risk appetites in global markets.

Friday, January 23, 2026

The final day of the week brings forth a substantial block of global economic events, while the corporate earnings season temporarily takes a pause. The primary focus is on business activity indices (PMI) from key countries for January, which will provide the first reviews on how global business has begun 2026. Throughout the day, inflation data and the Bank of Japan's decision will set the tone in the Asia-Pacific region, along with a number of other macro indicators. Although significantly fewer corporate publications are scheduled, the report from the largest oil service company will still attract attention to the energy sector. Overall, on Friday, investors will be analyzing macro statistics and the outcomes of a busy week, adjusting their strategies ahead of the weekend. Sharp movements are possible at the start of the day ( influenced by Asian news) as well as a spike in activity towards the week's close, as traders lock in profits or losses based on the information received.

• SLB (Schlumberger) – the world's largest oil service company. Its quarterly report typically serves as an indicator of the health of the oil and gas sector. Investors will examine revenue dynamics in drilling and exploration segments, as well as geographical growth—especially in the Middle East and North America. High oil prices at the end of 2025 should have stimulated activity among oil producers, which is positive for Schlumberger: growth in orders and profits will signal continued investments in oil and gas extraction. Shares of SLB and its competitors (Halliburton, Baker Hughes) will respond to these results, and so will the broader energy sector. Weaker-than-expected figures (if they occur) could temporarily cool the enthusiasm of bulls in the energy sector, but the general trend depends on oil prices.

• No major companies are reporting this day.

• 00:45 – Consumer Price Index (CPI) for Q4 2025, New Zealand. Quarterly inflation data in New Zealand signal trends in peripheral developed markets. It is expected that inflation growth continued to slow due to the actions of the Reserve Bank of New Zealand in raising rates. If CPI turns out lower than forecasts, the New Zealand dollar (NZD) may weaken, providing the central bank space for a pause in its cycle. Conversely, higher-than-expected inflation growth will strengthen the NZD, reminding investors that inflationary pressures have not been fully alleviated in certain economies. The report's influence is localized but fits into the broader global picture of combating inflation.
• 01:00 – Business Activity Indices (PMI, preliminary) for January, Australia. Preliminary values for composite PMI as well as manufacturing and services sectors in Australia will be released. These early indicators will show how confidently Australian businesses have started the new year. A slight improvement in indices is forecast; however, the key question is whether they remain above the threshold of 50 points. A rise in Australian PMI will support the Australian dollar and resource company stocks, indicating that the economy continues to grow despite external challenges (such as demand fluctuations in China). A decline in the index below 50 will intensify discussions about the necessity for stimulus and could temporarily pressure the AUD and the local stock market.
• 03:30 – Business Activity Indices (PMI, preliminary) for January, Japan. Preliminary PMIs for Japan’s manufacturing and services will provide a similar signal about the year’s start for the world's third-largest economy. In recent months, Japanese PMIs have balanced around 50: a small improvement in January will be viewed positively, signaling renewed activity—this may support the Nikkei 225 and boost the yen on expectations of a stronger economy. Alternatively, if PMIs fall deeper into contraction territory (<50), investors may become cautious regarding corporate profit prospects in Japan, especially following recent yen depreciation.
• 02:30 – Consumer Price Index (CPI) for December, Japan. Inflation data from Japan is crucial in light of the country’s longstanding deflationary history. Year-on-year inflation is expected to hover around 3%, exceeding the Bank of Japan's target of 2%. A second consecutive wave of price acceleration will heighten pressure on the BoJ to reassess its ultra-loose monetary policy. The CPI release could trigger fluctuations in the yen and impact Japanese bond yields: high inflation will bolster expectations for tightening (potentially strengthening the yen), while unexpectedly low figures will provide the BoJ with justification to continue its incentives (weakening the yen and supporting the stock market). Japanese shares (Nikkei 225) typically react inversely to yen movements—a weaker yen amid inflation is advantageous for exporters and lifts the index.
• 06:00 – Bank of Japan’s interest rate decision. The January meeting of the Bank of Japan is one of the key events of the day. Markets expect the rate to remain unchanged (currently at -0.1%), but adjustments may occur in yield curve control (YCC) policy or hints at forthcoming changes. Any unexpected moves by the BoJ—such as expanding the range for bond yields or signaling future rate increases—could create a “bombshell” effect on financial markets: the yen could sharply strengthen, Japanese stocks may decline, and volatility might spill over into other markets through strengthened competing bonds. Conversely, if the BoJ maintains the status quo and a “dovish” tone, it will weaken the yen and support continued growth in the Nikkei 225. The BoJ's decision will be closely analyzed by global investors, given Japan's status as the last major economy maintaining negative rates.
• 09:30 – Bank of Japan press conference. The head of the Bank of Japan will hold a press conference following the announcement of the decision. Clarifications and additional signals regarding future policy may arise here. If the regulator hints at potential changes (such as tapering stimulus amid ongoing inflation), markets will respond accordingly—these comments could alter the initial reaction to the decision. Particularly for the currency market, every word will carry weight: affirming a soft approach will weaken the yen, while acknowledging inflationary risks and readiness to act will strengthen it. Volatility on the Japanese market will be heightened during هذه الساعات.
• 08:00 – Business Activity Indices (PMI, preliminary) for January, India. Similar to other countries, India publishes its flash-PMIs for manufacturing and services. The Indian economy demonstrated robust growth in 2025, and positive PMIs (~around 55) will confirm that trend, strengthening the Indian rupee's position and attracting interest in the Indian stock market among global investors. A decline in PMIs, while remaining in the growth zone, could indicate some momentum loss—however, even at 50-52, India will outperform many other nations. The influence of Indian PMIs is primarily regional, but given India's rising global role, strong figures will support overall optimism regarding Emerging Markets.
• 11:30 – Business Activity Indices (PMI, preliminary) for January, Germany. The first estimate of the PMI for Europe’s largest economy. Forecasts indicate slight improvement in both the manufacturing and services sectors in Germany, though values may remain around 47-49 points (below 50, indicating contraction). If the German PMI unexpectedly rises closer to or above 50, this will be a strong positive surprise: the euro will strengthen, and the DAX will surge upwards, easing recession fears in the EU. However, continued weakness (especially in manufacturing) will confirm that Germany is still struggling with declining demand and high costs—in this scenario, the ECB will feel pressured to ease policy. The European markets' reaction to PMIs will be pronounced, as they directly influence growth expectations and rates.
• 12:00 – Business Activity Indices (PMI, preliminary) for January, Eurozone. A composite index of business activity for the entire currency bloc, along with separate PMIs for manufacturing and services. Slight growth in indicators compared to December is expected, but they could remain around 49-50 points. It is essential for investors to assess whether the Eurozone's PMI has returned to growth territory (≥50). If so, it will be perceived as a sign that the European economy is adapting and beginning to revive—the Euro Stoxx 50 and euro will gain support, and recession fears will recede. Conversely, a weak PMI (below expectations) will amplify discussions about a potential technical recession in the EU—stocks in cyclical industries (banks, industrials, autos) could decline, while defensive assets could benefit.
• 12:30 – Business Activity Indices (PMI, preliminary) for January, UK. Preliminary business activity indices for the UK’s manufacturing and services sectors. The British economy has been teetering on the edge of recession, so PMIs around 50 are critical. If figures reflect growth and return to positive territory, the pound will strengthen and the FTSE 100 will get a boost (notably stocks of companies operating in the domestic market). Weak figures (say, a drop below previous levels) will increase pressure on the Bank of England to support the economy; investors may start incorporating a rate cut closer to the end of the year. In general, UK PMIs will supplement the picture in Europe: their dynamics will either confirm improving sentiments or underscore the economy's vulnerability to high rates and inflation.
• 16:00 – Trade balance for December, Russia. Publication of data on Russia’s trade balance (the difference between exports and imports). A surplus in the trade balance is expected to persist due to high energy prices and relatively restrained imports. Investors and analysts will look at this indicator to gauge the influx of foreign currency revenue into the country. A stable, large surplus supports the ruble and gives the government maneuvering room. However, if the surplus narrows more than expected (for instance, due to falling oil prices or increased imports), this may exert pressure on the ruble and provoke discussions about possible adjustments to economic policy. For the RF stock market, the trade balance is a background indicator but affects sentiments in the currency segment.
• 17:45 – Business Activity Indices (PMI, preliminary) for January, USA (S&P Global). Initial PMI figures for the American economy in the new year. It is expected that both manufacturing and services indices will remain at around December levels (around 50). An increase in US PMI above 50 points will be a positive surprise, indicating economic acceleration—the stock markets may rise on this, particularly stocks of cyclical sectors (industry, finance). Conversely, if PMIs decrease, especially in manufacturing, it will heighten concerns that high interest rates are starting to weigh down the economy. The reaction may be negative: the S&P 500 and the Nasdaq may correct, with investors shifting to bonds and defensive assets. The S&P Global PMI will supplement the picture previously drawn by regional indices and other surveys and set the tone ahead of next month’s key statistics.
• 18:00 – University of Michigan Consumer Sentiment Index (preliminary, January) and consumer inflation expectations in the USA. Publication of American consumers' sentiments: the University of Michigan index measures households' confidence in the economy, and accompanying surveys reflect expected inflation over 1 and 5 years. An increase in the confidence index suggests consumer optimism, which is good for spending and economic outlook—it can support stocks of retail, automotive, and other companies focused on domestic demand. Particularly crucial are movements in inflation expectations: a decline toward historical norms will calm the Fed (and markets) regarding inflation anchoring, while a surge will signal alarm. The bond market typically reacts more sensitively to inflation expectations (an increase in expectations leads to bond selling), while the stock market is more focused on overall consumer confidence (high confidence supports cyclical company shares).
• 21:00 – Active rig counts by Baker Hughes (week). A traditional weekly indicator of activity in the US oil and gas sector. The number of drilling rigs indicates how oil and gas companies respond to price changes: an increase in the number of rigs in recent weeks indicated a desire to boost production in response to rising oil prices. If this week’s figure increases, it confirms the trend—potentially signaling future production growth and offering more supply to the oil market, which may limit further price increases. A decline or stagnation indicates producers are remaining cautious—typically supporting oil quotes, as it suggests supply constraints. For oil and gas companies, this release is an indirect signal about industry sentiment, but it rarely significantly moves the market; it usually reinforces the existing trend.

Investor takeaway: On Friday, markets will digest a substantial block of macroeconomic information, closing out the week on an analytical note. The primary intrigue lies in whether the PMIs from the USA, Europe, and Asia can demonstrate that global business is confidently stepping into the first quarter of the new year. A positive scenario for stock markets entails rising PMIs and improved corporate sentiments: this will support cyclical company stocks globally and set an optimistic tone for the upcoming week. In such a case, investors may actively seek to buy riskier assets, anticipating a soft landing for the economy. Conversely, if business activity disappoints (especially in Europe or the USA, the key economies), a new wave of discussions about impending slowdown may emerge—on this backdrop, capital is likely to flow towards safety: rising gold prices, strengthening government bonds, and a preference for stocks from stable sectors (utilities, healthcare) over cyclical ones. Meanwhile, data from Japan serve as a reminder that inflation in certain regions remains elevated, but the actions of the Bank of Japan will demonstrate whether the last major central bank is ready to change its course—any indications of tightening policy in Tokyo may momentarily disturb global bond and currency markets. Nevertheless, the overall sentiment heading into the end of the week leans towards gradually improving global inflation conditions, with central banks nearing the conclusion of their tightening cycles. For the Russian market, this external economic backdrop appears moderately positive: declining global inflation risks and consistently high energy prices sustain investors' interest in risky assets and commodity currencies. Alongside the gradual conclusion of the earnings season, this creates more predictable market conditions. Oil prices towards the week’s end may react to PMI data: weak activity will point to demand risks for energy carriers and may temporarily depress oil quotes, while optimistic signals will keep them elevated. Ultimately, traders—both retail and institutional—will draw conclusions for the week, balancing between optimism (declining inflation, stable data) and caution (slowdown risks). In planning investments for the near future, it is essential for investors to pay attention to the signals received: on the one hand, the external situation is gradually improving; on the other, the need for selectivity and risk hedging in portfolios persists until trends for the start of the year become clearer.