Economic Events and Corporate Reports - Wednesday, January 28, 2026: FOMC Meeting, Bank of Canada Rate, and Inflation in Russia and Australia

Detailed Overview of Economic Events and Corporate Reports on January 28, 2026. Meeting of the Federal Reserve of the United States, Decision of the Bank of Canada, Publication of CPI in Russia and Australia, Minutes of the Bank of Japan, Weekly EIA Oil Stock Reports, as well as Reports from Companies in the USA, Europe, Asia, and Russia.

An extensive agenda is being formed for global markets on Wednesday. In Asia, attention is drawn to the minutes of the latest meeting of the Bank of Japan and the opening of the largest aviation exhibition Wings India 2026 in Hyderabad (featuring Boeing, Airbus, and others), reflecting the growth of India’s aviation sector. In Australia, inflation data for the fourth quarter will impact expectations regarding the policy of the Reserve Bank of Australia. The European session is relatively calm in macroeconomic terms; however, investors are monitoring the corporate reports of leading companies in the region, while the market atmosphere will be largely shaped by expectations for central bank decisions in North America.

The key event of the day will be the meeting of the Federal Reserve System (FRS US) late in the evening: the outcome of the FOMC meeting will determine market participants' sentiment regarding interest rates in the United States and future monetary policy. Earlier in the evening, the Bank of Canada will announce its interest rate decision, setting the tone for other central banks. The energy market is focused on the weekly oil inventory statistics from the EIA, potentially impacting oil prices and commodity currencies. On the corporate side, a series of financial results from major public companies will be released, ranging from U.S. tech giants (Microsoft, Meta, Tesla, etc.) to industrial leaders in Europe (ASML, Volvo) and leading players in Asian markets (Advantest, Maruti). Russian investors will evaluate new inflation statistics and operational data from X5 Group. Collectively, these factors will determine the dynamics of the indices S&P 500, Euro Stoxx 50, Nikkei 225, and Moscow Exchange throughout the day. It is crucial for investors to analyze events in conjunction: central bank decisions ↔ bond yields and dollar exchange rate ↔ commodity prices ↔ risk appetite in equity markets.

Macroeconomic Calendar (MSK)

1. 02:50 — Japan: Publication of the minutes from the latest meeting of the Bank of Japan.
2. 03:30 — Australia: Consumer Price Index (CPI) for Q4 2025.
3. 05:00 — India: Opening of the Wings India 2026 aviation exhibition (January 28–31, Hyderabad).
4. 17:45 — Canada: Decision of the Bank of Canada on the key interest rate.
5. 18:30 — Canada: Press conference of the Head of the Bank of Canada following the meeting.
6. 18:30 — USA: Weekly commercial oil inventories (EIA).
7. 19:00 — Russia: Consumer Price Index (CPI) for December 2025 (preliminary data).
8. 22:00 — USA: FRS decision on interest rates (results of the FOMC meeting).
9. 22:30 — USA: FRS press conference (Chair Jerome Powell on the economy and monetary policy).

Federal Reserve of the United States: Interest Rate Decision

• Monetary Policy: Markets expect the FRS to maintain the federal funds rate at current levels following a tightening cycle. The focus is on whether the FOMC signals a potential course change in the coming months. Any hint at a near-term rate cut could spur stock growth and weaken the dollar, while statements retaining a tough rhetoric against inflation could boost Treasury yields and pressure high-risk assets.
• Forecasts and Rhetoric: Investors are closely analyzing the accompanying statement and the tone of comments from Jerome Powell. Assessments of the U.S. economy are critical – a stable labor market and inflation close to target levels may allow the FRS to pause or conclude the rate hike cycle. However, if the regulator expresses concern about persistent inflationary pressures, this could indicate a longer period of high rates without easing.
• Market Reactions: The FRS decision and the rhetoric from the press conference traditionally provoke increased volatility. S&P 500 and Nasdaq may sharply react to any changes in rate forecasts, particularly sensitive is the technology sector. The U.S. dollar and the prices of gold and oil are also directly influenced by FRS signals, as they affect global liquidity and risk appetite.

Bank of Canada: Rate Expectations

• Rate Decision: The Bank of Canada will announce its key rate decision amid stabilizing inflation around the 2% target. Most analysts predict the rate will remain unchanged, given the slowdown in the Canadian economy at the end of 2025. Nevertheless, an unexpected rate change would surprise the markets, directly impacting the Canadian dollar (CAD) exchange rate and the dynamics of the TSX index on the Toronto Stock Exchange.
• Regulator's Comments: During the press conference, the Governor of the Bank of Canada will provide an updated view on inflation risks and the state of the economy. Investors will assess whether the rhetoric indicates a likelihood of future rate cuts in 2026. Any mentions of price stability for commodities (crucial for the Canadian economy) and the housing market situation will influence monetary policy expectations. Consistency or divergence in the approach of the Bank of Canada with that of the FRS could set the tone for movements in the USD/CAD currency pairs and the overall sentiment of global investors.

Inflation in Australia and Russia

• Australia (CPI): Consumer inflation data for Q4 2025 will reflect the pace of price growth in the Australian economy. Special attention is given to the core CPI: a sustained slowdown in core inflation may reinforce expectations that the Reserve Bank of Australia will refrain from further rate hikes or shift to easing. Amid the economic slowdown in China (a key trading partner of Australia) and declining commodity prices, a weak CPI would enhance "dovish" sentiments, while an unexpected rise in inflation could boost Australian bond yields and strengthen the AUD.
• Russia (Price Index): Rosstat will release fresh data on consumer prices, which will provide insights into inflation dynamics at the end of 2025. In previous months, inflation in Russia accelerated amidst a weakening ruble and budgetary stimuli, prompting the Bank of Russia to raise the key rate. If December data shows a slowdown in price growth, it could alleviate pressure on the regulator regarding further policy tightening. However, high inflation (significantly above the target of 4%) will maintain expectations of a continued high key rate in Russia. The reaction of the OFZ (federal loan bonds) market and the ruble's exchange rate will depend on whether the statistics meet forecasts or deliver surprises.

Oil and Commodities: EIA Inventory Report

• U.S. Oil Stocks: The weekly report from the Energy Information Administration (EIA) on crude oil and petroleum product inventories in the U.S. traditionally comes out on Wednesdays and serves as an indicator of supply and demand balance in the largest global fuel market. If data show a significant drop in commercial oil inventories, it may indicate robust demand or limited supply, supporting a rise in prices for Brent and WTI oil. Conversely, an unexpected rise in inventories may weaken oil prices, which is particularly sensitive for the shares of the energy sector and commodity currencies (including the Russian ruble and the Canadian dollar).
• Commodities Price Dynamics: Besides inventories, investors are monitoring the overall trend in commodity markets. Oil prices towards the end of January are trading in the context of a combination of factors: geopolitics, OPEC+ production agreements, and global demand prospects. Fluctuations in oil prices affect inflation expectations worldwide. Additionally, prices for industrial metals and gold are in focus: expectations of lenient FRS policy could support precious metals, while strong economic data from China typically fuels growth in industrial metals.

United States: Reports from Microsoft, Meta, Tesla, and Others

• Microsoft (MSFT): One of the leaders in the S&P 500 will present its financial results for October–December 2025. Investors expect revenue growth driven by steady demand for Azure cloud services and AI products. Special emphasis will be placed on management's comments regarding business prospects in the fields of artificial intelligence and corporate software. A strong report from Microsoft could support the entire technology sector in the U.S. market, while weak figures could trigger a sell-off in growth stocks.
• Meta Platforms (META): The parent company of Facebook and Instagram will report for Q4 2025, which includes the holiday advertising season. The market anticipates a recovery in advertising revenue growth due to enhanced monetization of Reels and a stable audience. The focus will also be on expenses related to metaverse and AI projects, as investors look for signs of improved profitability following cost-cutting measures earlier in the year. Meta's results will set the tone for the entire NASDAQ, particularly in the internet segment.
• Tesla (TSLA): The largest electric vehicle manufacturer will publish financial metrics for Q4, including delivery data for the entire year of 2025. Investor attention is focused on Tesla's operating margin – whether the company has managed to maintain profitability amid high competition and rising raw material costs. Markets are also awaiting updates on the production of new models (e.g., Cybertruck) and demand forecasts for 2026. Tesla's stock dynamics post-report may significantly influence the Nasdaq index and sentiment surrounding the automotive sector.
• IBM (IBM): The conservative technology giant will report earnings for the last quarter of 2025. Investors will examine results from the cloud solutions and software divisions, as well as metrics of the company's new business after the restructuring (spinning off the services division into a separate firm Kyndryl). Steady growth in IBM's earnings and revenue will signal positively for "legacy" IT companies, whereas weak segments (like consulting or mainframes) could heighten concerns about demand from corporate clients.
• Starbucks (SBUX): The world's largest coffee chain will disclose results for the first financial quarter of 2026 (October–December 2025). The focus will be on comparable sales (like-for-like) in the U.S. and China: consumer activity recovery in China post-COVID restrictions could have significantly boosted revenue in Asia, while in the U.S. investors are interested in enduring demand amid high interest rates. Profitability of Starbucks and the dynamics of the loyalty program will also be key points of analyst attention. The outcomes of the SBUX report will allow assessments of the consumer sector’s health and trends in the hospitality industry.

Europe: Reports from ASML, Volvo and Others

• ASML Holding (ASML): The Dutch chip equipment manufacturer, one of the largest companies in Euro Stoxx 50, will report for Q4 2025. ASML's results are considered a barometer for the semiconductor industry in Europe and worldwide. Investors are expecting data on the volume of new orders for lithography systems, particularly amid potential decreases in demand from chipmakers in China and Taiwan. ASML's management forecasts for 2026 (especially regarding demand for advanced EUV scanners) will impact the entire European technology sector.
• AB Volvo (VOLV): The Swedish truck and special equipment manufacturer will present financial results for Q4. Volvo's metrics are interesting as an indicator of global industrial activity: order volumes for trucks in Europe, North America, and Asia will reflect the state of the transportation and construction sectors. The focus will also be on business margins – whether the company has managed to pass rising costs (for raw materials, energy, labor) onto equipment prices. Steady results from Volvo will support the stocks of the industrial sector in Europe, while signs of declining demand may lead to caution among investors.
• Lonza Group (LONN): The Swiss chemical-pharmaceutical company specializing in producing ingredients and services for biotech will reveal its Q4 2025 report. Lonza is a key contractor for many pharmaceutical firms, so its revenue and order dynamics reflect trends in developing new drugs and vaccines. Investors are expecting updates on margins, as high energy costs in Europe may have impacted profits. Lonza's results will signal the health of the pharmaceutical sector and the level of investment activity in biotechnology.
• Other European Companies: On Wednesday, several other companies in Europe covering various sectors will also publish reports. Among them: Royal KPN (Netherlands, telecommunications), Tele2 (Sweden, communications), online broker Nordnet (Sweden), and steel company SSAB (Sweden). While these firms do not rank among the largest by capitalization, their results complement the overall picture of the state of the telecom sector, fintech services, and industry in the European region. The reaction of local markets to their reports will depend on whether companies exceed analysts' forecasts or face slowing growth.

Asia: Reports from Advantest, Maruti, Larsen & Toubro

• Advantest (6857.T): The Japanese semiconductor testing equipment manufacturer will present results for Q3 of the fiscal year 2025. The company is a notable component of the Nikkei 225, and its reports will help assess the state of the global chip supply chain. A growing order book from chip manufacturers (for instance, in Taiwan and the USA) would point to a recovery in the industry, whereas weak sales signal an ongoing inventory correction in the sector. Investors will also be keen on Advantest's comments regarding demand for testing equipment for new chips in light of advances in AI and 5G technologies.
• Larsen & Toubro (LT.NS): The largest Indian engineering and construction conglomerate will announce financial results for the quarter. L&T metrics serve as a barometer for investment activity in India's infrastructure and industry. Growth in earnings and order book amid government projects and private investments will confirm the country's accelerated economic development. Special focus will be on project margins and the situation within the energy division. Strong results from L&T could support growth in the Indian stock index Nifty 50 and bolster confidence among foreign investors in the Indian market.
• Maruti Suzuki India (MARUTI): The largest automotive manufacturer in India, controlling about half of the local automotive market, will publish a report for Q3 of the fiscal year 2026. Investors will assess Maruti’s car sales dynamics amid rising interest rates and competition from foreign brands. The export figures and the market share of new models will be of particular importance, as well as management's comments on the status of supply chains (chip shortages) and plans for electric vehicles. Maruti's results will reflect sentiments in the Asia automotive sector and signal consumer demand in emerging markets.

Russia: X5 Group and Corporate Results of the Day

• X5 Group (FIVE): The leading retail chain in Russia (brands such as “Pyaterochka”, “Perekrestok” etc.) will present operational results for 2025. Investors are interested in the dynamics of comparable sales (LFL) in the grocery segment amid double-digit food inflation and changing consumer behavior. Overall revenue growth is expected due to new store openings and the expansion of online delivery, although growth rates may slow compared to the peak of post-pandemic recovery. Additionally, X5 may disclose preliminary profit or margin estimates, which will allow evaluating the impact of inflation in costs (wages, logistics) on retail. As one of the "blue chips" of the Moscow Exchange index, X5 is likely to influence the mood of the Russian equity market, especially in the consumer goods sector.
• Other corporate events in Russia: Apart from X5, operational results for 2025 will also be published by the relatively new public retailer of men's clothing Henderson Fashion Group (HNFG). While Henderson’s business scale pales in comparison to X5, its performance is noteworthy in the context of recovering demand in non-food retail and fashion segments in Russia. Moreover, investors in the Russian market continue to monitor external factors – decisions from the FRS US and oil prices, which might outweigh the impact of local reports. Combined with inflation data in Russia, these corporate news will help shape expectations regarding the future monetary policy of the Bank of Russia and the overall state of the economy.

Day's Summary: What to Pay Attention to as an Investor

• 1) Central Bank Decisions (FRS and Bank of Canada): will set the global “tone” for the markets. Dovish signals will support stocks and bonds, while hawkish rhetoric will enhance volatility, especially in the currency and commodity segments.
• 2) Inflation Data: will indicate price trajectories in various parts of the world. A low CPI in Australia and a slowdown in inflation in Russia will be positive for local markets, while unexpected growth will reinforce expectations of a tough stance from regulators.
• 3) Corporate Earnings from Giants: results from Microsoft, Meta, Tesla, and other leaders will set direction for the technology sector and indices on Wall Street. Key companies in Europe and Asia (ASML, Volvo, Advantest etc.) will provide signals for their sectors. Surprises from earnings reports may lead to sharp movements in individual stocks and sectors.
• 4) Oil Market: the reaction of oil prices to EIA statistics will reflect on oil and gas companies and oil-dependent economies. Investors need to understand whether changes in inventories are a short-term fluctuation or part of a more sustainable demand/supply trend.
• 5) Geopolitics and Other Factors: Alongside scheduled events, there remains a backdrop of geopolitical risks and news that might unexpectedly adjust sentiments. Market participants should maintain flexibility: the interplay of macro data, central bank decisions, and corporate results creates a complex picture requiring a balanced approach to risks and assets.