Investor Calendar for Friday, July 24, 2026: Bank of Russia Interest Rate, PMI, and American Express and Verizon Reports

Economic Events and Corporate Earnings on Friday, July 24, 2026: Central Bank of Russia's Decision on Key Rate and Press Conference, Preliminary PMIs for Japan, Germany, Eurozone, UK, and US, Japan's CPI Inflation, New Home Sales. Earnings Reports from American Express, Verizon, NextEra Energy, HCA Healthcare, Charter, Booz Allen, Lamb Weston, and Shin-Etsu Chemical. Investor Overview

Friday, July 24, 2026, concludes a busy macroeconomic week with two significant blocks of events. The first is a global wave of preliminary PMIs for July, rolling out from Australia and Japan through India, Germany, the Eurozone, and the UK, all the way to the US. The second is the meeting of the Bank of Russia and the subsequent press conference, where investors will seek signals regarding the future trajectory of monetary policy. Additionally, a dense stream of corporate earnings will add volatility ahead of the opening of the US market: American Express, Verizon, NextEra Energy, HCA Healthcare, Charter Communications, and other S&P 500 issuers. For investors from the CIS, this day holds particular significance: the decision on the key rate directly influences the OFZ market, the ruble exchange rate, and the valuation of MOEX stocks.

Asia-Pacific Session: Australia PMI and Japan Inflation

The trading day opens with a block of statistics from the Asia-Pacific region, traditionally setting the initial tone for sentiment in global markets.

02:00 MSK - Australia, preliminary PMIs for July (Manufacturing / Services / Composite). The composite index remains a crucial indicator of internal demand resilience. Values above 50 points confirm expanding business activity and reduce the likelihood of a dovish shift by the Reserve Bank of Australia, supporting the Australian dollar.
02:30 MSK - Japan, consumer inflation CPI for June. This is the most sensitive release of the Asian session. The core index, stripped of volatile components, remains the main benchmark for the Bank of Japan. A sustainable exceedance of the target level strengthens arguments for further normalizing rates, which directly impacts the yen exchange rate and the performance of the Nikkei 225.
03:30 MSK - Japan, preliminary PMIs for July. The gap between the industrial and service segments continues to be a structural feature of the Japanese economy: services show greater resilience amid domestic consumption and tourism flows, while manufacturing depends on external demand.
08:00 MSK - India, preliminary PMIs for July. The Indian economy continues to be one of the fastest-growing major markets, with its composite PMI firmly in the zone of confident expansion. The data is important for assessing capital inflows into emerging markets as a whole.

European Session: Business Activity Indices for Germany, Eurozone, and UK

The European block of statistics is the central event of the first half of the day for the markets of the Old World and the Euro Stoxx 50 index.

10:30 MSK - Germany, preliminary PMIs for July. The largest economy in the Eurozone remains a barometer for the continent's industrial cycle. Special attention should be paid to the manufacturing sector, which has faced pressures from energy costs, competition from Asian producers, and weak external demand in recent quarters.
11:00 MSK - Eurozone, preliminary PMIs for July. The composite index of the bloc informs projections for GDP growth in the third quarter. Investors evaluate how resilient the service sector is in offsetting manufacturing weaknesses, as well as trends in sub-indices relating to selling prices—a direct signal for inflation expectations from the ECB.
11:30 MSK - UK, preliminary PMIs for July. The data is critical for assessing the prospects of the Bank of England's policy. The combination of slowing business activity and continued price pressures in services remains a major dilemma for the British regulator, influencing the dynamics of the pound and the FTSE 100 index.

Bank of Russia Meeting: A Key Event for the CIS Market

At 13:30 MSK, the Bank of Russia will announce its decision on the key rate—the central event of the day for Russian investors and the entire CIS space.

What to Watch in the Decision

The rate decision itself. The market assesses the balance between the trajectory of inflation slowing, lending dynamics, and labor market conditions.
The formulation of the signal. The tone of the statement—whether it is hawkish, neutral, or dovish—historically influences the OFZ market more significantly than the rate change itself.
Updated medium-term forecast. A revision of the average key rate range for the current and following year sets benchmarks for the entire yield curve.

At 15:00 MSK, there will be a press conference with the leadership of the Central Bank of Russia. The comments made during this session, rather than the press release itself, often become a source of sharp movements in bonds, shares of banking sector stocks, and the ruble exchange rate. Companies with high debt loads—such as developers, retailers, and transport—react most sharply to the decision. Conversely, exporters in the raw materials sector are more sensitive to currency factors.

North American Session: PMI, Housing Market, and US Industry

The second half of the day shifts focus to US macro statistics, which will determine the direction of the S&P 500 and Nasdaq as the week concludes.

15:30 MSK - Canada, PPI for June. The Producer Price Index acts as a leading indicator of consumer inflation and is considered by the Bank of Canada when assessing pricing pressures within supply chains.
16:45 MSK - US, preliminary PMIs for July. The publication by S&P Global wraps up the global wave of business activity indices. The key components for the market are the employment sub-index and the selling prices sub-index, which provide early signals regarding labor market conditions and inflationary pressures before official statistics are released.
17:00 MSK - US, new home sales for June. This indicator reflects the sensitivity of the housing market to mortgage rates. Weak data increases expectations for a dovish shift by the Fed, supporting the shares of construction companies.
18:00 MSK - US, Kansas City Fed's manufacturing activity index for July. This regional survey complements the picture of the state of the manufacturing sector and serves as a confirming signal for the national PMI.

Corporate Earnings on July 24, 2026: American Issuers Before Market Open

Friday falls in the midst of the Q2 2026 earnings season. The main block of publications will occur before trading opens in the US.

Financial Sector

American Express (AXP) - one of the most informative reports of the day. The company serves as an indicator of the health of the premium consumer segment in the US. Investors will evaluate card spending (billed business), commission income dynamics, credit portfolio quality, and reserves for losses. The resilience of spending by affluent households is a crucial signal for the entire consumer sector of the S&P 500.
Booz Allen Hamilton (BAH) - a consulting group focused on government and defense contracts. Key metrics include backlog, book-to-bill ratio, and margins amid the budget dynamics of the US federal government.

Telecommunications and Media

Verizon Communications (VZ) - focus on net postpaid mobile subscriber growth, ARPU dynamics, broadband revenue, and free cash flow that determines dividend payout sustainability.
Charter Communications (CHTR) - key measure for the cable operator is the dynamics of the broadband internet subscriber base in the face of competition from mobile access and fiber providers, as well as capital expenditures for network upgrades.

Healthcare

HCA Healthcare (HCA) - the largest operator of private hospitals in the US. Attention to patient admissions volumes, revenue per patient, payer mix, and labor cost dynamics.
Tenet Healthcare (THC) - the second representative of the hospital sector. Metrics from the outpatient surgery network traditionally exhibit higher margins and serve as a driver for revaluation.

Energy, Transport, and Consumer Sector

NextEra Energy (NEE) - the world's largest operator in renewable generation. Key metrics include project portfolio, capacity growth rates, and regulated returns from the Florida division.
Canadian National Railway (CNI) - a North American railway operator, whose freight volumes serve as a leading indicator of regional industrial activity. Special focus on the operating ratio.
Lamb Weston (LW) - a producer of potato products for the foodservice segment. The earnings report reflects the state of restaurant traffic and the ability to pass costs onto prices.

Asian Block

Shin-Etsu Chemical (4063.T) - a Japanese chemical giant and world leader in producing silicon wafers and PVC. The report from a Nikkei 225 company serves as a leading indicator for the entire semiconductor supply chain and the construction cycle in the US.

Key Risks and Market Interconnections for the Day

The coincidence of the global PMI block with the decision from the Bank of Russia creates heightened volatility in a narrow time window. Several interconnections must be considered:

Weak European PMIs raise expectations for a dovish shift by the ECB, putting pressure on the euro and supporting exporters in the Euro Stoxx 50.
Strong US PMIs combined with rising sub-index prices could shift expectations regarding the Fed's rate trajectory and strengthen the dollar, which is negative for commodity assets and developing market currencies.
Inflation in Japan directly impacts the yen exchange rate and, through the carry trade mechanism, impacts global liquidity.
The Central Bank of Russia's decision will determine the movement of the RGBI index and the reassessment of highly leveraged stocks in MOEX.

What Investors Should Focus On

Friday, July 24, 2026, requires a differentiated approach from investors depending on the geography of their portfolios.

For investors in Russian assets - the key lies not just in the rate decision itself, but in the regulator's signal and the updated forecast. Sharp movements in long-term OFZs and bank sector stocks are likely during the interval of 15:00-16:00 MSK, during the press conference.
For investors in the US market - the report from American Express provides the most qualitative snapshot of consumer demand, while Verizon and Charter shape the picture of the telecom sector concerning dividend sustainability.
For investors in European assets - the divergence between industrial and service PMIs remains the main structural theme; narrowing this gap would be a positive signal for cyclical sectors.
For investors in Asia - the combination of Japan's CPI and Shin-Etsu Chemical's report offers insights into both the monetary and industrial contours of the region simultaneously.
Overall risk management - The Friday before the weekend traditionally sees a reduction in positions and a decline in liquidity during the second half of the day, enhancing the amplitude of movements in response to unexpected data.

The conclusion of the day will be shaped at the intersection of two forces: the global business activity indicator, which will reveal whether the world economy is slowing down in a synchronous or divergent manner, and the local monetary decision that sets the tone for the Russian market in the coming weeks. Investors would be prudent to pre-determine scenarios for reactions based on each block and to avoid increasing leverage ahead of data releases.