Overview of Economic Events and Corporate Reports for Thursday, November 27, 2025: China's Statistics, European Data, ECB Minutes, and Corporate Earnings in Asia and Russia
Ahead of the weekend in the U.S. due to the Thanksgiving holiday, global market activity may decline. Nevertheless, investors will need to assess significant macroeconomic statistics from China and Europe, as well as a series of corporate reports from Asia, Europe, and Russia. The reduced liquidity stemming from the absence of American participants may heighten volatility in the face of unexpected information.
U.S.: Thanksgiving and Reduced Market Activity
On Thursday, American exchanges (NYSE, Nasdaq) will be closed for the national holiday, Thanksgiving. U.S. indices (S&P 500, Dow Jones, Nasdaq) will not conduct trading, and many investors from the United States will be absent from the markets. This lull in the largest financial center may lead to lower trading volumes in Europe and Asia. Volatility on other exchanges tends to decrease on such days, but important news can trigger sharp movements due to the thin market. Traders should remember that in the absence of cues from Wall Street, global markets will primarily react to local factors and day-to-day news.
China: Industrial Production in Focus
Early in the morning, market participants will closely monitor the industrial production data for China for October. The dynamics of the Chinese industry serve as an important barometer for the second largest economy in the world and demand for raw materials. A slight slowdown in production growth is expected: around +5% year-over-year compared to 6–6.5% in the previous month. The primary reasons are weakening external demand and ongoing challenges in China's real estate sector, which is dampening industrial activity. If the actual growth rates fall significantly below expectations, it could intensify concerns about the slowdown of the Chinese economy and provoke a decline in prices for industrial metals and oil. Conversely, stronger data (close to September levels) signals stability in production, which would support optimism in Asian markets and raw material prices. Indices in the region, including the Shanghai Composite and Japanese Nikkei 225, may react accordingly with increased or decreased valuations based on the statistics from Beijing.
Eurozone: Consumer Confidence and Inflation Expectations
Closer to noon, indicators of sentiment in the Eurozone will be released – the final consumer confidence index for November as well as household inflation expectations. Preliminary data indicated improving sentiment: the confidence index may have remained near an eight-month high at around -14 points (a negative value indicates prevailing pessimists, but the trend is towards improvement). This suggests that European consumers are gradually less concerned about the economic situation as inflation subsides. Concurrently, inflation expectations – citizens' forecasts for price increases over the next year – will be published. They are expected to remain relatively moderate, reflecting confidence in further declines in actual inflation. For the European Central Bank, such results are significant: stable, low inflation expectations ease the task of keeping price pressures under control. Market reactions to these releases will likely be muted if the figures align with forecasts. However, an unexpected surge in consumer pessimism or an increase in inflation expectations could exert short-term pressure on the euro and European stock indices (Euro Stoxx 50, DAX) as it would heighten concerns about the region's economic outlook.
ECB: Minutes from the Last Meeting
At 15:30 Moscow time, the European Central Bank will publish the minutes from its latest monetary policy meeting. Investors will scrutinize the discussions among ECB leadership that took place in October. The key question is how unanimous opinions were regarding the future trajectory of interest rates and the assessment of inflationary risks. In its previous decision, the regulator kept rates unchanged, signaling a pause after a series of increases. If the minutes reveal that some members of the Governing Council advocated for tightening policy due to persistent inflation, this could be perceived by markets as a "hawkish" signal. In such a scenario, eurozone bond yields may rise and the European currency could strengthen. Conversely, an emphasis on slowing economic growth and lack of price pressures would be interpreted as a hint at a prolonged pause or even potential easing of policy in 2026 – a "dovish" tone in the minutes could support euro-denominated bonds and European stock markets. In any case, the publication of the ECB report will be a key event of the day for forex traders and debt market participants.
Commodity Markets: U.S. Gas Inventory Report
In the commodity market, investors are keeping an eye on the weekly inventory statistics from the Energy Information Administration (EIA) concerning natural gas in the U.S. These data are typically released on Thursdays at 18:30 Moscow time; however, due to the holiday, the publication may be delayed. Nonetheless, the market will consider trends: at the end of autumn, gas inventories in U.S. storage facilities are near seasonal highs, and the dynamics of prices depends on whether a substantial drawdown has begun with the onset of cold weather. High inventories and warm weather may continue to exert downward pressure on natural gas prices both at Henry Hub and at the European TTF hub. If the report (when it is released) indicates a significant unexpected withdrawal of gas from storage, prices may react with an increase in anticipation of tighter balances this winter. European energy companies and currencies of energy-exporting countries (for instance, the Norwegian krone) may also experience minor fluctuations in response to the U.S. gas inventory statistics.
Asia: Results from Japan Tobacco, Fujitsu, and Didi
In the Asia region, the corporate reporting season continues, and on November 27, several major companies will release their financial results. Among them:
- Japan Tobacco (JT) – one of the leaders in the global tobacco industry. The company is expected to show stable profit growth due to rising product prices and a weaker yen, which boosts revenue from overseas sales. Investors will pay attention to sales dynamics in key regions and management forecasts: the tobacco giant may benefit from recovering demand for premium brands in Asia and the CIS markets.
- Fujitsu – a Japanese technology conglomerate (part of Nikkei 225) specializing in IT services and equipment. Fujitsu's report for the past quarter will provide insights into the state of the IT and telecom sector in Japan. The market expects moderate revenue growth; however, margin pressures may arise due to rising costs and competition in digital services. Key points will include comments on new orders in cloud solutions and artificial intelligence.
- Didi Global – a Chinese taxi and transportation service (similar to Uber), with its depository shares traded on U.S. exchanges. Didi's financial results for the third quarter will demonstrate how well the company is managing to restore growth after past regulatory restrictions in China. Analysts predict revenue increases amid a rebound in domestic tourism and rides, but profitability remains uncertain. Investors will evaluate active user base metrics and management comments regarding potential operational profitability. Didi's performance is vital for sentiment in the Chinese technology sector and could influence evaluations of similar companies in the region.
Europe: Report from Remy Cointreau and Trends in the Premium Segment
Among European issuers this Thursday, prominent attention will be on the French company Remy Cointreau – a producer of cognacs and premium alcoholic beverages. It will present financial results for the first half of its financial year. Earlier, the market was concerned about signals of declining demand for high-end spirits in the U.S. and slowing growth in China, which adversely affected sales of Remy Martin cognac. In the report, investors will look for confirmation of demand stability in the luxury segment: if sales in America and Asia begin to recover, shares of Remy Cointreau and other alcohol producers may receive support. However, weak results or a cautious management outlook could intensify concerns about the premium consumer sector's prospects. Overall, the European corporate calendar for November 27 is sparse with notable names, so macroeconomic news (consumer data and ECB minutes) will take precedence for market participants in Europe.
Russia: Reports from AFK Sistema, RusHydro, Segezha, and Astra Group
The Russian market (MOEX index) will receive a batch of corporate news: several significant issuers will publish their IFRS financial statements for the third quarter and the first nine months of 2025:
- AFK Sistema (AFKS) – a large investment holding with assets in telecommunications, retail, healthcare, and other sectors. Sistema's report will show how key holdings are faring. Mobile operator MTS likely ensured a steady revenue influx, while consumer and technology projects may have encountered a slowdown. Investors will also be assessing Sistema's debt load: rising interest rates in Russia increase loan costs, which may impact net income.
- RusHydro (HYDR) – one of the largest electricity producers in Russia, specializing in hydropower generation. Over the first nine months, the company, according to preliminary data, grew revenues through the commissioning of new capacities and tariff indexing. However, high debt loads and rising rates from the Central Bank of Russia pressurize profits and cash flows. Management's comments on plans to optimize the debt portfolio and dividend prospects will be in focus – energy companies in the sector are currently balancing investments and shareholder payouts.
- Segezha Group (SGZH) – a forestry holding (paper, packaging, timber). The sector is influenced by declining global prices for timber and export restrictions to Europe. Segezha's financial results for the third quarter will likely reflect reduced revenue and profits. A positive aspect could be a reorientation towards Asian markets and the weakening ruble, which supports exporters. Investors will be looking for signals of demand stabilization for the group’s products in domestic and international markets.
- Astra Group (ASTR) – a Russian software and IT solutions developer, known for its operating system Astra Linux. The company's rapid growth in recent years is linked to its focus on software import substitution in corporate and government sectors. The third-quarter report will show whether Astra can maintain high revenue and profit growth rates. Given limited budgets from clients, there may be some slowdown, but the business's margins are likely to remain high. Investors will pay attention to any updates on the company’s forecasts and new major contracts – the Russian tech sector is currently one of the few demonstrating growth, and Astra's results will serve as an indicator of its resilience.
What Investors Should Focus On
As the day concludes with most American players absent, markets will process incoming signals independently. Investors should concentrate on the following aspects:
- Chinese Statistics and Commodities: Industrial growth rates in China will influence sentiments in commodity markets and sectors sensitive to demand from China (metallurgy, oil and gas). Declining figures may intensify fears for the Chinese economy, while stable production will support commodity prices and shares of exporting companies.
- ECB Rhetoric: The content of the ECB minutes will demonstrate the balance of opinions regarding future rates. Any "surprises" – a more hawkish or dovish stance from the regulator – could significantly shift the euro's value and bond yields, setting the tone for European markets.
- Corporate Reports: Reactions to the results of specific companies (particularly large Asian and Russian ones reporting today) will influence the dynamics of their stocks and related sectors. For instance, a strong report from Japan Tobacco will bolster interest in the tobacco sector in Asian markets, while results from AFK Sistema will affect the assessments of investment holdings in Russia.
- Low Liquidity: Due to the holiday in the U.S., trading volumes will be lower than usual. In such conditions, even local news can lead to heightened volatility. Investors should be cautious when opening positions – sharp price movements are possible with relatively small volumes.
Thus, November 27, 2025 promises to be a relatively calm session without American players, but with enough important events for regional markets. The primary drivers will be the morning data from Asia and afternoon news from Europe, which will set the mood for investors. Despite the holiday pause in the U.S., participants in other countries should remain attentive to statistics and reports – they will help understand the state of the global economy as the year comes to a close and where risks or investment opportunities may arise.
