Economic Events and Corporate Reports on Friday, January 23, 2026: Bank of Japan Rate Decision, Inflation and PMI Worldwide, World Economic Forum in Davos, Earnings Reports of Major Public Companies in the US and Europe. Analytical Review for Investors.
Quick Overview for Investors
The focus of the global stock market on Friday shifts to Asia and the first wave of "flash" indicators for January. The spotlight is on the Bank of Japan's rate decision and the regulator's comments following the inflation release, as well as a synchronized package of preliminary PMIs for key economies (Australia, Japan, India, Germany, Eurozone, UK, US). At the same time, the World Economic Forum in Davos continues (Day 4), which sets the tone for discussions about risks and prospects for the global macroeconomic landscape.
For investors, the connection between “inflation and rates → bond yields → currencies → commodities → revaluation of multiples” is crucial, thus the day could bring increased volatility in the S&P 500, Euro Stoxx 50, Nikkei 225, and emerging markets, including segments of the MOEX.
Key Economic Events (Time — MSK)
- 00:45 — New Zealand: CPI, Q4 2025 (consumer inflation).
- 01:00 — Australia: preliminary PMIs (Manufacturing/Services/Composite), January.
- 02:30 — Japan: CPI for December (consumer inflation).
- 03:30 — Japan: preliminary PMIs (Manufacturing/Services/Composite), January.
- 06:00 — Japan: Bank of Japan's interest rate decision.
- 08:00 — India: preliminary PMIs (Manufacturing/Services/Composite), January.
- 09:30 — Japan: Bank of Japan press conference.
- 11:30 — Germany: preliminary PMIs (Manufacturing/Services/Composite), January.
- 12:00 — Eurozone: preliminary PMIs (Manufacturing/Services/Composite), January.
- 12:30 — UK: preliminary PMIs (Manufacturing/Services/Composite), January.
- 16:00 — Russia: trade balance.
- 17:45 — USA: S&P Global PMI (Manufacturing/Services/Composite), January (preliminary).
- 18:00 — USA: Michigan Consumer Sentiment, January; consumer inflation expectations.
- 21:00 — USA: Baker Hughes — number of drilling rigs (oil and gas).
Davos (Day 4): Signals for the Global Economy and Risk Appetite
The fourth day of the World Economic Forum in Davos traditionally enhances the informational backdrop for investors: global macroeconomic assessments, risks of trade restrictions, energy transition, and technology regulation take center stage. For the stock market, the key significance lies not just in the discussions themselves, but in the tone of the statements: growing confidence in a "soft landing" supports cyclical sectors, whereas a focus on geopolitics and inflation risks boosts demand for defensive assets and increases return dispersion among sectors.
- What to monitor for investors: rhetoric around global growth, trade chains, energy, as well as any comments regarding the future trajectory of rates and inflation.
- Market response: typically manifests through FX and rates, followed by a revaluation of rate-sensitive segments (technology, real estate, consumer sector).
Bank of Japan, CPI, and the Yen: Main Driver for the Nikkei 225 and Global Rates
The Bank of Japan's interest rate decision at 06:00 MSK and the press conference at 09:30 MSK are the central topics for the Asian session. In light of the December CPI, the market assesses actual inflation against the trajectory of real rates. Even with an unchanged rate, the "hardness" of the wording could strengthen the yen and raise JGB yields, potentially triggering a chain reaction: rising global yields, adjustment of carry trades, and pressure on growth stocks.
Practical takeaway: for equity and bond investors, the signal regarding future policy direction is more crucial than the current level of the rate itself. The reaction of USD/JPY and yield dynamics often precede movements in the Nikkei 225 and broader indices.
Global PMIs: Early Check on Global Business Activity Pace
The package of preliminary PMIs for January is one of the most timely indicators impacting corporate profit expectations and forecasts for economic growth. For investors, this serves as a direct signal for cyclical assets: industrials, transport, commodities, and the financial sector.
- Europe (Germany/Eurozone/UK): the dynamics of manufacturing and services are critical; improving PMIs support the Euro Stoxx 50 and the banking sector, while weakness reinforces a defensive tilt.
- US (S&P Global PMI): affects expectations regarding Fed rates through the “growth → inflation → policy” channel, reflected in S&P 500 valuations.
- Asia (Australia/Japan/India): sets the tone for global demand for commodities and supply chains.
US: Consumer Expectations, Inflation, and S&P 500 Revaluation
Michigan Consumer Sentiment data and inflation expectations (18:00 MSK) serve as a bridge between the real economy and Fed policy. Rising inflation expectations typically increase the risk premium on rates and can pressure high-multiple stocks. Simultaneously, strong consumer confidence supports the consumer sector and services—if the market interprets this as robust demand without accelerating inflation.
- Scenario 1 (risk-on): confidence grows, inflation expectations remain stable → support for stock markets, moderate demand for cyclical sectors.
- Scenario 2 (risk-off): inflation expectations increase → rising yields, pressure on growth stocks and long duration assets.
Commodities and Oil & Gas: Baker Hughes and Sensitivity of the Energy Sector
Weekly Baker Hughes data on drilling rigs (21:00 MSK) is a tactical indicator for oil and gas. An increase in rig activity could heighten expectations for future supply and influence sentiment in the energy sector, particularly in conjunction with earnings releases from oil service companies. For investors in commodities and energy stocks, this metric is crucial in assessing the oil and gas market balance and the investment cycle in production.
Corporate Reports: All Major Public Companies Reporting on January 23, 2026
The earnings season remains a key driver for the stock market: investors evaluate profits, margins, cash flows, and forecasts. On Friday, January 23, 2026, the calendar highlights the following major public companies (USA and Europe). For Asia and Russia, significant earnings releases from blue-chip companies on the level of Nikkei 225/MOEX are not logged on this date; investor attention in these regions shifts toward macroeconomic factors, currencies, and rates.
- SLB (Schlumberger) — USA, oil services (Energy): report for Q4 2025. Focus on demand for services, drilling activity, margin resilience, and outlook for markets in the Middle East/US/Latin America.
- First Citizens BancShares — USA, banks (Financials): report for Q4 2025. The market is looking at net interest margin, funding costs, asset quality, and deposit dynamics.
- Booz Allen Hamilton — USA, consulting and defense/IT contracts: report for Q3 2026 (financial year). Key metrics include order book volume, pace of cybersecurity contracts, and margin.
- Webster Financial — USA, banks (Financials): report for Q4 2025. Key metrics include margin, credit quality, reserves, and commercial lending dynamics.
- Ericsson — Sweden, telecom equipment (Technology/Telecom): report for Q4 2025. Center stage is demand for 5G/networks, gross margin, expenditure, and CAPEX insights from operators in Europe and the US.
- HBM Healthcare Investments — Switzerland, investments/healthcare: report for Q3 2026. For investors, portfolio revaluation and market conditions in biotech are essential.
What Matters to Investors at the End of the Day: Risk Management Checklist
- Bank of Japan Rate Decision and Press Conference: monitor yen and yield reactions—this is often the main source of "spillover" volatility between regions.
- Global PMIs: compare service and manufacturing dynamics; divergences between the US and Europe may shift regional portfolio allocations (S&P 500 vs Euro Stoxx 50).
- US (Michigan + Inflation Expectations): check whether the risk of a more hawkish Fed rhetoric is increasing—this directly impacts the assessment of growth stocks and the debt market.
- Corporate Earnings: key is not only the profit but also outlooks, demand insights, and margins; especially for energy and banking, where expectations on rates and the lending cycle are critical.
- Commodities and Baker Hughes: use data as confirmation/rejection of supply scenarios in oil and gas, as well as contextual information for the results of oil service companies.
In summary: Friday, January 23, 2026 combines high-density macroeconomics (PMIs, inflation, rates) and selective corporate reports. For investors, the optimal strategy is to maintain discipline in risk management, predefine scenarios in response to the Bank of Japan's rate decision and PMI data, and assess earnings through the lens of cash flows and forecasts, not just profit figures.
