Economic Events and Corporate Reports - Monday, December 15, 2025: Data from China, CPI Canada, and Fed Speeches

Detailed Review of Economic Events and Corporate Reports on December 15, 2025. Focus: Key Macroeconomic Indicators from China, Inflation in Canada, Comments from Fed Officials, as well as Corporate Reporting in the USA, Europe, Asia, and Russia.

Macroeconomic Calendar (MSK)

1. 23:50 (Sun) – Japan: Large Enterprises Business Activity Index (Tankan, Q4).
2. 01:30 – China: Housing Price Index, November.
3. 02:00 – China: Industrial Production (YoY) for November.
4. 02:00 – China: Retail Sales (YoY) for November.
5. 02:00 – China: Fixed Asset Investment (cumulative year-to-date, YoY) for January-November.
6. 05:00 – South Korea: Export and Import Volumes and Trade Balance for November.
7. 07:00 – Germany: Wholesale Price Index for November.
8. 10:00 – Eurozone: Industrial Production for October.
9. 10:00 – Eurozone: Official Reserve Assets, November.
10. 11:00 – Switzerland: Updated SECO Economic Forecast (GDP growth forecast).
11. 16:15 – Canada: Building Permits, November.
12. 16:30 – Canada: Consumer Price Index (CPI) for November (including core inflation).
13. 16:30 – Canada: Sales in the Manufacturing Sector, October.
14. 16:30 – USA: New York Fed Manufacturing Index (Empire State) for December.
15. 18:00 – USA: NAHB Housing Market Index for December.
16. 18:30 – USA: Speech by Fed Governor Stephen Miran.
17. 19:00 – USA: Speech by New York Fed President John Williams.

Asia: Data from China and Business Activity in Japan

In Asia, the spotlight is on the fresh statistical reports from China for November. Industrial production in China is expected to continue growing at around 5% YoY – investors will assess whether the industrial sector is slowing down at the end of the year or demonstrating resilience. Similarly, retail sales in China are likely to have increased by 3% YoY, reflecting the state of domestic consumer demand after the autumn stimulus. Any significant deviation of these metrics from forecasts could impact commodity markets (oil, metals) and investor sentiment regarding emerging markets.
Additionally, fixed asset investment data in China (cumulative since the beginning of the year) will highlight the dynamics of infrastructure and real estate investments, which is crucial amid government support measures for the sector. The unemployment rate in urban China will also be released – employment stability serves as an indicator of the economic health and purchasing power of the population.
In Japan, results from the quarterly Tankan survey by the Bank of Japan are due, reflecting the sentiment of large companies. Indices for business activity among large manufacturers and non-manufacturers for Q4, along with corporate capital expenditure plans, will provide insights into the optimism of Japanese businesses for the onset of 2026. Improvements in these indicators could support the Nikkei index, while worsening sentiment signifies the impact of global slowdown on Japan. Overall, the Asian session sets the tone: strong Chinese figures could enhance risk appetite, while weak data may heighten concerns about global demand for goods and commodities.

Europe: Eurozone Industrial Production and Swiss Economic Forecast

The economic agenda in Europe on December 15 is relatively moderate. The Eurozone will release data on industrial production for October. The previous month showed slight growth, and a continuation of this trend would indicate a gradual stabilization of the EU's manufacturing sector by year-end. Investors will be looking for signs of revival, especially against the backdrop of recent signals of improving business climate in Germany (ZEW and Ifo indices). Simultaneously, the volume of official reserve assets in the Eurozone will become known – a measure of financial stability that rarely significantly impacts the markets.
From Germany, the wholesale price figures for November are expected. This indicator of inflationary pressure at the producer level may provide additional context for the general price picture. A moderate rise in wholesale prices in Germany would confirm the ongoing decline in inflation in the region, which is important ahead of the upcoming ECB meeting.
Special attention should be paid to Switzerland: the State Secretariat for Economic Affairs (SECO) will release an updated GDP growth forecast for Switzerland. Previous estimates of the Swiss economy pointed to modest growth of around 1.3% in 2025; new forecasts will reflect how economists assess prospects amidst global slowdown and a strong franc. Although Switzerland is not part of the EU, its economy is closely linked to the European market, so a downgrading of the forecast might reflect broader European trends. The impact on the markets from such a forecast is limited, but it serves as a reference for investors tracking assets in the region. Overall, Monday in Europe does not carry any major events, and market participants are likely to respond cautiously to incoming data, keeping in view the important decisions from the ECB and Bank of England scheduled for later in the week.

North America: Inflation in Canada and US Economic Indices

The focus of the North American session is on indicators from Canada and the USA. Statistics Canada will release the Consumer Price Index (CPI) for November. Analyst forecasts suggest a slight deceleration of annual inflation (approx. 2.3% YoY compared to 2.4% in October), bringing the index closer to the Bank of Canada’s target level. The core inflation level will also be significant: maintenance of core-CPI below 3% would confirm the easing of price pressure in the Canadian economy. Such data could influence the Canadian dollar's exchange rate and expectations for further actions by the Bank of Canada – especially after the regulator previously indicated a pause in rate hikes. In addition to inflation, data on housing starts and manufacturing sales will be published in Canada. Growth in construction activity and steady manufacturing sales will indicate the preservation of economic momentum, while weakness in these sectors would add to the arguments for caution among monetary authorities.
In the USA, Monday will not bring key GDP or inflation statistics, but some secondary yet indicative indicators will be published. Early in the morning, the Empire State Manufacturing Index for December will be released. This regional survey of manufacturers in New York often sets the tone for expectations in the industry at the beginning of the month. In November, the index unexpectedly rose, reflecting improved conditions; investors will be keen to see if this positive trend continues. A reading above zero indicates expansion in production, which could support optimism on Wall Street, whereas a fall in the index back into negative territory would remind of the ongoing recession risks in the US manufacturing sector.
Following this, at 10:00 AM ET, the NAHB Housing Market Index for December will be released – a barometer of sentiment among US homebuilders. In recent months, this index has hovered around neutral values against a backdrop of high mortgage rates. If the index drops, it will signal that developers are still facing challenges with sales and demand, which could affect shares of homebuilders. Conversely, an unexpected improvement in the NAHB index may suggest some adaptation of the housing market to new conditions and support the related sector.
Additional attention will be drawn to the speeches of Fed officials. Two influential figures from the Fed, Governor Stephen Miran and New York Fed President John Williams, are scheduled to speak on Monday. Their comments will mark the first official signals following the Fed's recent meeting. Investors will be looking for hints regarding the future monetary policy trajectory in 2026. Should Miran and Williams emphasize the necessity of keeping rates elevated for an extended period or express concerns about the economic condition, this may impact rate expectations and influence the dollar and bond yields. Considering that Williams is traditionally seen as aligned with the Fed's consensus, and Miran is a recently elected member known for his more dovish stance, any divergence in their assessments could particularly intrigue the markets. Overall, the North American session is set to provide important signals: from the trajectory of inflation in neighboring Canada to the "mood" of the Fed after the release of the latest data regarding the USA.

Corporate Reporting: Before the Open (BMO, USA and Asia)

• No significant corporate reports are expected before the trading begins on Monday. In the USA, on the pre-market of December 15, there are no companies from the S&P 500 or Nasdaq-100 reporting – the calendar is limited to the announcements of some small-cap companies. Similarly, on Asian markets, Monday morning won’t bring releases from leading public companies. Therefore, the contribution of corporate news to market dynamics before the opening will be minimal.

Corporate Reporting: After the Close (AMC, USA)

• After the main session in the USA on December 15, there are also no large corporate quarterly results scheduled for release. No prominent companies from the S&P 500 will publish their results this Monday. Reports from smaller issuers may appear, but they are unlikely to influence the broader market. Investors are more focused on more significant releases expected later in the week (including reports from Micron, Nike, FedEx, among others), so day-end will pass without major corporate surprises.

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

• Euro Stoxx 50 (Europe): There are no quarterly result publications or trading updates among companies in the pan-European index on December 15 that could significantly influence the market. European investors on this day primarily focus on the macroeconomic background – Eurozone statistics and external factors (oil price movements, euro to dollar exchange rate). The absence of significant corporate news means that movements in European stock indices will be driven by overall sentiment and reactions to morning data from Asia and Europe.
• Nikkei 225 / Japan: The period for mass reporting among Japanese corporations is currently inactive – the main earnings season for July-September (Q2 of the financial year for many companies) concluded in November. No reports from major "blue chip" companies on the Tokyo market are expected on December 15. Japanese investors remain focused on macroeconomic signals (such as Tankan and external news) and currency factors (yen exchange rate). Therefore, the Nikkei 225 index will follow the overall regional sentiment, lacking internal corporate drivers on this day.
• MOEX / Russia: Similarly, there is no financial reporting from significant issuers on the Russian market on December 15. By this time, most Russian public companies have already released their results for the first nine months of 2025 (major releases occurred in November). On Monday, only certain operational figures or interim data may emerge from some medium-sized companies – for instance, production results for November from individual metallurgists or monthly sales statistics from retailers. However, the impact of such news is typically granular. Overall, for Russian market participants, external factors and the dynamics of energy prices are deemed more significant than internal reports on this day.

Day's Summary: What Investors Should Pay Attention To

1. Statistics from China: Morning data on China’s economy (industry, consumption, investment) will set the risk appetite tone for the entire day. Investors should assess how actual figures compare to expectations: stronger-than-forecast numbers from China may boost sentiment in equity and commodity markets, whereas weak statistics could heighten concerns concerning global slowdown.
2. Inflation in Canada: The publication of the November CPI will provide an important signal regarding price trends in North America. A deceleration in inflation in Canada would strengthen the view that it is under control and may influence currency rates (CAD strengthening) and local bonds. A sharp deviation in CPI from the forecast could short-term increase volatility in the markets as well as adjust expectations regarding the actions of the Bank of Canada and even the US Fed due to economic interdependencies.
3. Comments from the Fed: The speeches from Stephen Miran and John Williams will mark the first appearance of Fed officials following the recent meeting. Their rhetoric (tone in assessing inflation, the labor market, and the necessity for rate changes) will be carefully scrutinized by the markets. Any hints regarding future steps from the Fed (be it signs of readiness to pause or mentions of rate cuts in 2026) may reflect on the dollar, bonds, and thus on overall investor sentiment towards risk assets.
4. European and US Leading Indicators: Throughout the day, several "soft" indicators will be released – from the New York business climate index to sentiment in the US construction sector. Investors should pay attention to whether these indices indicate a continuation of the trend of economic cooling or, instead, signs of stabilization. For instance, a sharp decline in NAHB or Empire State would indicate persistent pressure from high rates, potentially lowering expectations for company earnings in the corresponding sectors.
5. Absence of Major Corporate Reports: Monday passes without “headline” quarterly reports, meaning external factors will be the main drivers of the markets. This suggests that investors' reactions to macro data may be more pronounced than usual, without being diluted by corporate news. One should be prepared for macroeconomic surprises (for instance, unexpected figures from China or Canada) to set the direction for index movements and asset prices on this day.