Overview of Key Economic Events and Corporate Reports on Friday, November 28, 2025: GDP data from Switzerland, India, and Canada, Chicago PMI index, impact of Early Market Closure in the U.S., and Reports from Major Public Companies from the U.S., Europe, Asia, and Russia for Investors from the CIS countries.
The last trading day of the week promises a blend of reduced activity in the U.S. markets due to ongoing Thanksgiving celebrations, coupled with the release of important macroeconomic indicators from several countries. Investors will receive updated GDP data from three economies—Switzerland, India, and Canada—allowing for an assessment of both developed and developing markets as the year draws to a close. Additionally, the Chicago PMI business activity index for November will be released, reflecting trends in the U.S. industrial sector. On the corporate front, attention will shift to earnings reports from individual companies in Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and Russian corporations. In the context of a shortened trading session in New York and reduced liquidity, global investors need to be particularly vigilant for potential surprises in the statistics that could lead to increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 AM — Switzerland: GDP (Q3 2025).
- 3:00 PM — India: GDP (Q3 2025).
- 4:30 PM — Canada: GDP (Q3 2025).
- 5:45 PM — U.S.: Chicago PMI Business Activity Index (November).
- 9:00 PM — U.S.: Early market closure on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: Q3 2025 GDP
The Swiss economy, traditionally stable, faced external pressures in Q3 2025. Government estimates indicate that Switzerland's GDP contracted by approximately 0.5% quarter-over-quarter (seasonally adjusted), noticeably worse than the forecast of around zero. The primary causes include global slowdowns and shock from the sharp increase in U.S. import tariffs (up to 39%) on a number of Swiss goods, which dealt a significant blow to the industrial sector, particularly the chemical-pharmaceutical industry. In Q2, the economy grew only by +0.1% quarter-over-quarter, making the move into negative territory a disappointing surprise. Nonetheless, the government's relative optimism remains: the revised forecast suggests that by the end of 2025, Switzerland’s GDP will still grow by about +1.3%.
India: Q3 2025 GDP
India's GDP for July–September 2025 is estimated by analysts to have maintained a high growth rate of around +7–7.5% year-on-year. This is somewhat lower than the record +7.8% year-on-year posted in the previous quarter, but it confirms the strong momentum of the Indian economy fueled by resilient domestic demand, production growth, and expansion in the services sector. Government spending provided substantial support: for the first half of the current financial year, India's economy grew by 7.6% year-on-year, with authorities projecting around +7% growth for the entire year. Although external demand has softened somewhat, the domestic market remains the key growth driver, and the fresh GDP data will reveal how solid this trend is. Its release may impact investor sentiment in emerging markets and the exchange rate of the Indian rupee.
Canada: Q3 2025 GDP
Canada’s economy is teetering on the brink of a technical recession. After a GDP decline of -1.6% in the second quarter (year-on-year) due to a sharp drop in exports, a marginal growth of around +0.5% year-on-year is anticipated for Q3 (essentially flat compared to the previous quarter). This lackluster forecast reflects weak domestic demand and ongoing challenges in external trade (including the impact of new U.S. tariffs on certain Canadian goods). An additional negative factor was the strike at Air Canada during the summer. If the statistics for July–September show a decline again, Canada will formally enter a recession. Confirmation of even minimal growth would alleviate concerns and support the Canadian dollar, while another drop would heighten expectations for an imminent rate cut by the Bank of Canada.
U.S.: Chicago PMI Index in November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the U.S. Midwest. The previous October figure stood at 43.8 points, indicating a deep contraction (values below 50 signal contraction). The consensus forecast suggested a slight increase in the index to around 45 points; however, according to data published the day before, the indicator unexpectedly plummeted to 36.3 points—the lowest since spring 2024. This sharp decline in the Chicago PMI underscores the worsening industrial problems (declining orders and employment) and serves as a troubling signal ahead of the publication of national ISM indices. Nevertheless, the reaction of U.S. markets to this weak data may be muted due to the shortened session and low liquidity following the holiday.
Europe: Final Company Reports
The European markets are concluding the quarterly earnings season, and several medium-sized companies will release results on Friday. Notable among them are:
- Elia Group (Belgium) — a power grid operator, presenting its Q3 report; investors will assess revenue dynamics amid the volatility of Europe's energy markets.
- CPI Property Group and CPI FIM — associated commercial real estate developers with assets in Europe, publishing financial results for Q3 2025; their figures will signal the health of the EU real estate markets amid rising rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company, whose Q2 report for the 2025/26 financial year will illustrate demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector, reporting data for July–September; markets will monitor their profitability against the backdrop of changing electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions, disclosing results for Q3; market participants will look for improvements in performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing Q2 results for 2025/26; its reports reflect the overall state of the UK real estate sector.
Overall, serious surprises from European reports are not expected: most large companies have already reported earlier, and the market is reacting sluggishly to releases from smaller issuers. However, unexpectedly strong or weak figures from specific companies could locally impact their stock prices.
Asia: Meituan Report and Others
In Asia, the focus is on the report from the Chinese internet company Meituan for Q3 2025. Meituan—one of China’s leading online service providers (food delivery, marketplace, etc.)—presents results that serve as a barometer of consumer activity in the country. Continued double-digit revenue growth is expected against the backdrop of recovering domestic demand and the company’s service expansion. Investors will be keen to know the dynamics of active users and the profitability of the delivery segment, as well as management comments regarding competition (considering pressure from Alibaba and other platforms).
Besides Meituan, there are virtually no notable corporate reports in Asia on this date, attributed to the conclusion of the reporting season: most large Asian corporations released quarterly results earlier in November. Therefore, sentiments in Asian markets on Friday will primarily be shaped by external factors and macro data (especially the Indian GDP), rather than corporate events.
Russia: Results from Transneft and Other Companies
In Russia's corporate calendar for Friday, the publication of the financial report from Transneft for Q3 2025 under IFRS stands out. Transneft is an operator of main oil pipelines, and its results traditionally attract investors' attention. Analysts forecast that the company’s figures will remain stable: revenue is expected around 355–360 billion rubles (1% higher than in Q2), while net profit is likely to be similar to that of the previous quarter. Earlier (under RAS), the company reported a 3% year-on-year revenue increase for the first nine months, which confirms the robustness of the business. Investors will closely examine the not only absolute profit figures but also management statements about dividends and future investment programs amid the volatility of oil prices.
Additionally, the publication of delayed results from several other issuers for Q3 continues. For example, this past week, RusHydro released a report for nine months revealing a nearly +29% year-on-year increase in net profit. However, most flagship companies on the Russian market reported earlier, so no significant new releases besides Transneft’s report are expected on Friday. The dynamics of Russian stocks on this day will likely depend on the overall sentiment in global markets and fluctuations in commodity prices.
What Investors Should Watch
- Global Growth Rates: The publication of GDP data in Switzerland, India, and Canada will provide a comprehensive overview of the state of the global economy. It is important for investors to compare this data: does a slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high dynamics remains in place in emerging markets (India)?
- U.S. Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility may occur. Unexpected deviations in statistics (e.g., a sharp decline in the PMI index or surprises in GDP data) could evoke a disproportionate reaction in a thin market. Caution is advised, as price fluctuations may intensify with fewer active participants.
- Corporate Stories: Meituan's report serves as an indicator for China's consumer sector, while Transneft's results serve as a barometer for the resilience of the Russian oil transport business. Investors holding shares of these or related companies should consider not only the raw numbers of the report but also management statements regarding prospects and dividends. In Europe, no major reports are expected, but unexpectedly strong or weak results from mid-sized companies could locally affect their stocks.
- Currencies and Commodities: Weak macro data may weaken corresponding currencies (e.g., Canadian dollar amid disappointment in Canadian GDP) and put pressure on commodity prices. Signals of a slowdown in the global economy may temporarily dampen risk appetite in commodity markets and the currencies of emerging economies.
