Economic Events and Corporate Reports — Thursday, January 22, 2026: World Economic Forum, US CPI and US GDP

Detailed Review of Economic Events and Corporate Reports as of January 22, 2026. World Economic Forum in Davos, Key Economic Indicators for the U.S. (CPI Inflation, PCE Index, GDP for Q3, and Labor Market), Oil and Gas Statistics from the EIA, as well as Quarterly Reports from Major Companies in the U.S. (Intel, Procter & Gamble, etc.), Europe (LVMH, etc.), Asia, and Russia.

Macroeconomic Calendar (Moscow Time)

1. 16:30 – U.S.: Consumer Price Index (CPI) for December 2025.
2. 16:30 – U.S.: GDP for Q3 2025 (final assessment).
3. 16:30 – U.S.: Initial jobless claims (weekly).
4. 18:00 – U.S.: Personal Consumption Expenditures (PCE) Price Index for November 2025.
5. 18:30 – U.S.: Natural Gas Inventories (EIA), weekly report.
6. 19:00 – U.S.: Kansas City Fed Manufacturing Activity Index (January).
7. 20:00 – U.S.: Commercial Oil Inventories (EIA), weekly report.

U.S. Inflation: CPI and PCE Index

• Core inflation (Core CPI, Core PCE) will be the main benchmark for future Fed actions. A decline in core CPI/PCE towards target levels will support markets (growth stocks and bonds); conversely, accelerating inflation will heighten expectations of tightening policy, raising government bond yields and cooling interest in risk assets. Notably, the dynamics of housing and services prices are essential: their deceleration indicates weakening inflationary pressure, while sustained growth signifies inflationary inertia.
• Market Reaction: Inflation data will determine the dynamics of the U.S. dollar and interest rates. A decrease in CPI/PCE will weaken the dollar and lower yields, which is positive for tech stocks and gold prices; a higher index, on the other hand, will strengthen the USD and negatively impact high-risk assets (including tech companies).

U.S. Economy: GDP and Labor Market

• The U.S. GDP (Q3 2025) will provide the final assessment of economic growth rates. Confirmation of robust expansion is anticipated. Strong GDP growth signals stable consumer demand and investments despite the effects of high rates; a downward revision would indicate a more pronounced slowdown under their pressure.
• Labor Market: The number of new jobless claims serves as a leading indicator of employment conditions. A low level of claims confirms continued tightness in the labor market and upward pressure on wage growth; an increase in this figure could be an early sign of hiring softening and decreasing inflationary pressure. Investors will compare this data with the recent unemployment and payrolls trends.

World Economic Forum in Davos

• Global leaders, central bank heads, and major companies at the forum discuss economic and socio-political issues. On day 4 of Davos, statements regarding the prospects of the global economy, inflation, and monetary policy are possible. Investors are diligently monitoring signals from representatives of the Fed and ECB that could influence market expectations.
• Apart from macroeconomics, long-term development topics are also addressed at the forum – from artificial intelligence and digital economy to climate initiatives and the "green" transition. The outcomes of these discussions will shape perceptions of future investment trends: from technology regulation to new projects in sustainable development.

Energy: EIA Oil and Gas Inventories

• Oil (EIA): The weekly report from the Energy Information Administration on U.S. crude oil inventories will reflect the short-term market balance. A larger-than-expected drop in inventories will indicate strong demand or reduced supply – a factor that could drive oil prices up and support shares of oil and gas companies. Conversely, an increase in inventories signals oversupply or weakening demand, which could pressure oil prices.
• Natural Gas: EIA data on gas storage will show inventory dynamics amid winter conditions. A rapid decrease in inventories (for example, due to cold weather) will intensify price increases for gas and support revenues for gas extraction and utilities. Conversely, if inventories decrease slowly due to mild weather and remain high, this will limit price growth and impact sector profitability.

Corporate Earnings: Before Market Opening (BMO, U.S. and Asia)

• Procter & Gamble (PG) – a global leader in the consumer sector will present results for October-December. Investors will evaluate organic sales growth and the effect of pricing strategy: whether P&G managed to sustain volumes amid rising prices and inflationary pressures. Focus will also be on margins across key product categories and management's forecast for 2026.
• Abbott Laboratories (ABT) – a major medical-pharmaceutical company will report on revenue in core segments (medical devices, diagnostics, pharmaceuticals). Special attention will be on sales of cardiology and diabetes equipment, as well as demand for diagnostic tests. Abbott's results will signal the state of the global medical technology and services market.
• Bank Central Asia and First Abu Dhabi Bank will present earnings, allowing an assessment of the condition of the banking sector in Asia and the Middle East.

Corporate Earnings: After Market Close (AMC, U.S.)

• Intel (INTC) and KLA Corp (KLAC) – the semiconductor sector will be under focus in the evening. Intel will disclose results for Q4 2025: revenue in data center and PC segments, as well as demand forecasts for chips (including for artificial intelligence) are crucial for the market. KLA, a manufacturer of equipment for the chip industry, will complement the picture: order volumes for lithography and measurement equipment will indicate chipmakers' capital expenditure plans. Together, Intel and KLA's reports will set the tone for the entire tech sector.
• Intuitive Surgical (ISRG) – the developer of robotic surgical systems will announce quarterly results. Key metrics include the number of new Da Vinci systems installed and an increase in the number of surgeries performed using them. These metrics reflect the penetration level of robotic surgery: a demand surge will support revenue and service income, while a slowdown will indicate market saturation. Investors will also assess the company's margins.
• Capital One (COF) – a major credit card issuer will reveal the state of consumer lending. The dynamics of credit volumes issued and default rates will indicate how households manage debt loads amid high rates. A rise in reserves for potential losses will be a worrying signal, while stable figures will confirm sustained demand.
• CSX Corp (CSX) – one of the largest U.S. railroad operators will provide insights into freight transport. The volumes of various categories of cargo and tariff dynamics will reflect the level of business activity in industry and trade. Increased volumes signify economic strengthening, while a decline may be an early indicator of deceleration.

Corporate Reports from Europe: LVMH and Others

• LVMH Moët Hennessy Louis Vuitton – the leading global luxury conglomerate will present sales data for Q4 2025. Investors are anticipating information on demand dynamics for premium brand products in China, the U.S., and Europe during the holiday season. Particularly important are metrics from the fashion and leather goods division, as well as segments of watches/jewelry and wines&spirits. A successful quarter for LVMH will support the entire luxury sector, while signs of deceleration will point to weakening consumer demand in the premium niche. (Notably, results from Christian Dior SE, LVMH's major shareholder, will largely reflect similar trends.)
• Bankinter (BKT) – a Spanish bank will publish a report shedding light on the state of the Eurozone banking sector. The market will assess growth in interest income from lending amid rising ECB rates, dynamics of mortgage and corporate loans in Spain, as well as asset quality (level of non-performing loans). Strong results will confirm the stability of Spain's economy, whereas weak results will serve as a warning signal for the European banking sector.

Other Regions and Indices: Euro Stoxx 50, Nikkei 225, MOEX

• Euro Stoxx 50: On January 22, the European market will largely depend on external factors. Reactions to U.S. data, discussions outcomes in Davos, as well as oil price dynamics and the euro exchange rate will set the tone for the index. A strong report from LVMH may support the luxury stock segment in France, but the Euro Stoxx 50 will generally follow the global investor sentiment towards risk.
• MOEX / Russia: There are no major corporate events scheduled for this date — the main flow of annual reports is expected in February-March. Therefore, the external backdrop (oil prices, ruble exchange rate, global risk appetite) will become the key driver for the Moscow Exchange. Geopolitical news or sanction factors may cause individual fluctuations.

End of Day: What Investors Should Pay Attention To

• 1) U.S. Inflation: the release of CPI and PCE data is the key factor of the day. Deviations from forecasts will immediately reflect on Fed rate expectations and bond yield movements, potentially triggering volatility spikes in the stock market (especially in the tech sector) after 16:30 MSK.
• 2) Economic Momentum: the combination of GDP and labor market figures in the U.S. will reveal the stability of growth. Strong numbers will reinforce confidence in the economy (but also the likelihood of a tighter Fed policy), while weak results will raise expectations for a more dovish stance from the regulator. This will impact risk appetite – from S&P 500/Nasdaq index dynamics to sentiments in emerging markets.
• 3) Commodity Markets: EIA reports on oil and gas may provoke price movements in energy resources. Monitor how oil responds to inventory data – price increases will support shares of energy companies and commodity currencies (rubel, Canadian dollar), while price drops will weaken these market segments.
• 4) Corporate Surprises: key reports of the day (Intel, P&G, LVMH, etc.) will locally influence their respective sectors and indices. Surprisingly strong results in technology or consumer sectors will improve overall market sentiment, while disappointments will exacerbate sell-offs in affected industries. The balance between macro- and micro-factors will define market direction.
• 5) Risk Management: on a day with multiple events, investors should remain cautious. It is advisable to determine in advance acceptable fluctuation ranges for key assets in the portfolio and establish trigger levels for orders. Utilizing limit orders and hedging instruments will help limit potential losses during sharp market movements.