Economic Events and Corporate Reports Thursday November 20 2025 — G20 Summit, China and South Africa Rates, Reports from Disney, JD.com, Applied Materials.

Detailed Review of Economic Events and Corporate Reports for Thursday, November 20, 2025: G20 Summit, Rate Decisions in China and South Africa, Key Statistics from the USA, Canadian PPI, Reports from Disney, JD.com, Applied Materials, Walmart, Bilibili, and Other Global Companies.

USA: Major Reports and Expectations

• Walmart (USA, Retail) – Q3 FY2026 Report (to be released before market opening). Consensus forecast: revenue around $177.5 billion (+4–5% year-on-year) and earnings per share (EPS) ~$0.60. Investors anticipate steady consumer demand and stable product inventories. Special focus will be on food sales dynamics and the effectiveness of cost-reduction measures. (As the largest retailer worldwide, Walmart's results could significantly impact the stock indices Dow Jones and S&P 500, as well as the USD exchange rate.)

• The Walt Disney Company (USA, Media and Entertainment) – Q4 FY2025 and full-year financial results (expected before the session opens). Forecast: revenue ~$22.8 billion (approximately the same as last year) and adjusted EPS ~$1.02 (down from $1.14 a year ago due to weakness in the TV business). The market is awaiting data on Disney+ subscriber dynamics and the impact of cost-cutting measures under Bob Iger's leadership. The parks and cruises segment, which previously showed growth, is also under scrutiny. (As a major company in the Dow, its report may set the tone for the entire media market and reflect on broader indices.)

• Applied Materials (USA, Semiconductor Equipment) – Q4 FY2025 Report (to be published after market close). A slight decline in revenue (~$6.7 billion) is expected amid a general demand slump for chip equipment, with projected EPS ~ $2.1 (down year-on-year). However, investors are hopeful for an optimistic outlook due to the boom in AI chip equipment investments and high order load from the AI chip segment. Applied Materials acts as a barometer for the semiconductor sector; its order volume outlook may influence the entire Nasdaq tech sector.

• Intuit (USA, Financial Software) – Q1 FY2026 Report (published after market close). Analysts' forecast: revenue around $3.75–3.8 billion, EPS ~$3.10 (up ~24% year-on-year) due to the growth of the QuickBooks (small business services) and Credit Karma segments, while the contribution from TurboTax is traditionally low in Q1. The primary focus will be on management’s comments regarding demand for fintech services and AI features in Intuit’s products.

• Ross Stores (USA, Off-Price Retail) – Q3 2025 Report (after market close). The largest chain of discount clothing and household goods stores expects moderate sales growth (consensus ~$5.1 billion revenue, +4–5% year-on-year) and EPS ~$1.53–1.54. Investors are monitoring traffic trends—as disposable incomes decline, shoppers increasingly turn to discount stores, which may support Ross. The company previously issued a cautious EPS forecast ($1.31–1.37), so results above this range will be viewed positively. Ross's report will serve as an indicator of consumer sentiment and the state of the mass-market retail sector.

• Veeva Systems (USA, Cloud Software for Pharmaceuticals) – Q3 FY2026 Report (after market close). The company has already disclosed its quarter forecast: EPS $1.94–1.95, which is close to consensus, along with double-digit revenue growth (expected around $590–600 million). The focus is on Veeva's transition to its own Vault cloud platform and maintaining growth rates in new orders from pharmaceutical companies. Strong results from Veeva will bolster the cloud software sector, especially the vertical SaaS solutions niche.

• Copart (USA, Automotive Auctions) – Q1 FY2026 Report (after market close). Continuation of the positive trend is expected: revenue growth (previous quarter +12% year-on-year) due to high demand for used vehicles and global expansion. Copart benefits from higher prices for vehicles and parts; EBITDA margins are traditionally high, and the market is monitoring whether the margin can remain ~45%+. Copart's report will provide insights into the status of the automotive and insurance markets (as the main sellers at its auctions are insurers).

• Jacobs Solutions (USA, Engineering and Construction) – Q4 FY2025 Report. As a major contractor in infrastructure and government contracts, Jacobs is expected to show a stable order book. Analysts forecast revenue growth in percentage units, especially in advanced technology and defense segments following recent acquisitions. Investors are looking for updates on government infrastructure projects (stimulated by US programs) and comments on the backlog for 2026. Strong results could support shares in the industrial sector.

• Warner Music Group (USA, Music) – Q4 2025 Report. Moderate revenue growth is expected, primarily driven by streaming services (Spotify, Apple Music) and music publishing revenues. Analysts forecast quarterly revenue of around $1.5 billion with a slight decrease in profitability year-on-year due to investments in new artists. For investors, important data on revenue growth from streaming and music licensing are crucial—the WMG report will serve as a barometer for the entire music sector.

Canada and Latin America

• Brookfield Corporation (Canada, Alternative Investor) – Q3 2025 Report. The conglomerate in asset management and infrastructure reported record commission income and a ~+17% year-on-year increase in fee-related earnings. The consensus EPS was around $0.61 (compared to $0.60 a year earlier), with Brookfield slightly exceeding expectations ($0.63). Investors are interested in the returns on infrastructure and real estate assets amid rising rates: Brookfield is one of the indicators of the global alternative investment market. The market will also assess comments on the commercial real estate sector and private equity funds.

• Nu Holdings (Nubank) (Brazil, Fintech) – Q3 2025 Report. The parent company of digital bank Nubank continues to demonstrate exponential growth: revenue is expected to be around $4.0 billion (+~42% year-on-year). Profit forecast: ~$0.15 per share, as Nubank scaled its business to achieve stable profitability. Key metrics include growth in the customer base (over 85 million users), credit portfolio, and default rates amid Brazil's high-interest rates. Nubank is the largest neo-bank in Latin America, and its results affect valuations in the fintech segment across emerging markets.

Europe: Reports from Major Public Companies

• ORLEN S.A. (Poland, Oil and Gas) – Q3 2025 Report. As the largest oil and gas company in Central Europe (formerly PKN Orlen), it is likely to show a significant decline in profit year-on-year due to a decrease in refining margins and fuel prices in 2025. The company previously warned about pressure on refining margins. However, stable revenue is expected due to increased sales volumes and integration of acquired assets. The Orlen report is significant for the Polish market and will signal the state of the oil and gas sector in the region. Potential impact on the PLN exchange rate is limited, but unexpectedly strong or weak figures could affect the shares of Orlen and related companies.

• Halma plc (UK, Technology Equipment) – H1 FY2026 Report. This conglomerate, producing safety systems, sensors, and medical equipment, traditionally grows steadily (~+10% year-on-year). The market expects increases in revenue and profit despite the economic slowdown: Halma's products (gas detectors, sensors in lifts, medical devices) have sustained demand. As a FTSE 100 company, Halma is an indicator of the health of the British high-tech manufacturing sector. A positive report from Halma will support the FTSE index and the European industrial sector.

• JD Sports Fashion (UK, Sports Retail) – Trading Update for Q3 FY2026. Preliminary sales for the quarter, which includes the autumn season, are expected to grow by around +10% year-on-year, considering strong demand for sneakers and sports apparel from global brands. However, investors will focus on margins: high inflation in operating costs (salaries, rentals) may have pressured profitability. JD Sports is a leader in the sports retail segment in Europe and a benchmark for consumer demand among the youth. A successful update could enhance sentiment in the European retail sector.

• Allegro.eu (Poland, E-commerce) – Q3 2025 Report. As the largest Polish online marketplace, it is increasing revenue thanks to rising turnover from the marketplace and financial services. Consensus expects quarterly revenue of around PLN 2.4–2.5 billion (+double-digit % year-on-year) and improved adjusted EBITDA. Key focuses are competition from Amazon and Wildberries in the Polish market and dynamics of active buyers. Strong results from Allegro will bolster faith in the potential of e-commerce in Eastern Europe, while disappointments could weaken sector stocks.

• PZU (Poland, Insurance) – 9-month Report for 2025. As the largest insurer in Eastern Europe, PZU Group is likely to demonstrate growth in insurance premiums (especially in property and automobile insurance) and a solid net profit. Analysts noted that in H1 2025, PZU's profit grew at double-digit rates due to investment income and absence of large claims. If this trend continues, the report will confirm the resilience of Poland’s financial sector. Investors will focus on comments regarding dividends and capital adequacy, which are important for assessing the attractiveness of PZU shares.

• CTS Eventim (Germany, Entertainment) – Q3 2025 Report. As a leading European ticketing operator and concert organizer, it continues to recover post-pandemic. Significant year-on-year revenue growth (as in Q3 2024 concerts had not yet returned to full pre-COVID levels) is expected. Key indicators are ticket sales and profitability of the concert segment. Considering the success of the summer festival season, the market expects margin improvements. CTS Eventim's report will reveal how confidently Europeans are returning to offline entertainment, and may influence the shares of other companies in the industry (Live Nation, etc.).

(On this day, several other European issuers will also report: LondonMetric and Grainger (UK, Real Estate) – will provide insight into the commercial and residential property markets in Britain; Subsea 7 (Norway, Offshore Oil Services) – results will reflect the situation in oil and gas engineering; UNIQA (Austria, Insurance) – trends in the CE insurance market; Breedon Group (UK, Building Materials) – trading updates regarding demand in the construction sector, etc. Although these companies are not among the largest, their reports hold sectoral interest.)

Asia: Significant Reports from Technology Companies

• JD.com (China, E-commerce) – Q3 2025 Financial Results. Market expectations: revenue around ¥294 billion (+~13% year-on-year) after strong growth during the “618” sales a quarter earlier (for comparison, Q2 revenue was ¥356.7 billion). However, net profit is expected to drop around ~75% year-on-year due to aggressive investments in marketing and new businesses. JD.com is ramping up expenses to attract customers (competition with Alibaba, PDD) and develop food delivery services. Investors will look for signals of margin improvement in JD Retail's core retail business (expected +16–17% year-on-year) and reduced losses in new segments (JD Logistics, JD Food Delivery). (JD.com's prices influence the Hang Seng Tech index; the results from this company could significantly affect investor sentiment in the Chinese tech sector and indirectly impact the yuan exchange rate if they deviate from forecasts.)

• Bilibili (China, Online Video and Games) – Q3 2025 Report. Consensus forecast: revenue ~$1.07 billion (growth ~+3% year-on-year) with a modest profit of around $0.21 EPS (non-GAAP, i.e., close to breakeven). Bilibili turned a profit for the first time in the previous quarter, and the market expects this trend to continue due to strict cost control. Audience growth has slowed down (MAU around 330 million), but monetization is improving: revenue from advertising (+20%+ year-on-year) and value-added services (subscriptions, boosts for in-game purchases) offset declines in mobile gaming revenue. Focus will be on management comments regarding 2026 prospects and progress toward achieving break-even for the year. A strong report from Bilibili will confirm a positive shift in China's profit-oriented internet sector, while a disappointing report may intensify concerns about user growth sustainability.

(On November 20, there are no reports from the first tier in Asia, as the majority of Chinese IT giants reported a week earlier. Investors will continue to digest these results: Tencent (reported November 15 with +13% year-on-year revenue) and Alibaba (November 13, growth +9% year-on-year) set the tone, showing recovery in China’s internet sector. In Japan, the half-year reporting season (Q2 FY2025) for most major companies concluded by mid-November, so no new data from Nikkei 225 companies is expected this Thursday.)

Russia: Reports from Public Companies on the Moscow Exchange

• VK Company (Russia, Internet) – Publication of financial results for Q3 and 9M 2025 under IFRS. VK (formerly Mail.ru Group) is the largest Russian social network and IT holding, owning ВКонтакте, Одноклассники, online education services, and more. Double-digit revenue growth for the first nine months is expected, primarily driven by advertising revenues and development of new areas (games, VK Clips, business messengers). Profitability is still under pressure: the company is actively investing in content and technologies (including its recommendation algorithms, AI services). Investors are interested in net profit or loss – VK was unprofitable for the first half of the year, and the market awaits signals of loss reduction in the second half. VK's report is crucial for the Russian tech sector: successful loss mitigation and audience growth may enhance perceptions of the industry, while weak results could heighten concerns about social media monetization in the Russian Federation. VKCO's shares are part of the MOEX index, so surprises in this report could reflect on market movement.

• Softline (Russia, IT Solutions) – Main unaudited financial performance for Q3 and 9M 2025 (IFRS). Softline is a leading provider of IT products, cloud services, and cybersecurity for businesses in Russia and the CIS (after separating its global business into a separate company). Revenue for the first half of 2025 grew by ~20%, and the market anticipates continuation of this trend in the second half due to software import substitution. Key metrics: revenue growth (expected to be double-digit), gross margin dynamics, and debt load. Share volatility may occur in response to the report, considering limited liquidity and interest from retail investors. At 12:00 Moscow time on November 20, the company will also hold a conference call with top management to discuss the results.

• Renaissance Insurance (Russia, Insurance Group) – Financial results disclosure for 9M 2025 under IFRS. The Renaissance Group is one of the largest private life and property insurers. In 2024, the company demonstrated high premium growth rates. Analysts expected further growth in insurance premiums of ~+25% year-on-year for 9M 2025 (especially in the life insurance savings segment), though net profit may decline due to increased payouts on auto insurance (OSAGO) and investment income volatility. Investors will pay attention to the combined loss ratio (COR) – a measure of the insurer's operational efficiency. A strong report from Renaissance will confirm the recovery of the insurance market in the Russian Federation post-pandemic, while weak results could pressure shares of other insurers (e.g., SOGAZ reports later).

• Also on November 20, T1 (T1 Technologies) will publish Q3 2025 results under IFRS (an asset consolidator in IT integration and telecom equipment, revenue growth is anticipated due to government orders); ArenaData – operational and financial results for 9M 2025 (a data management solutions provider, interesting in the context of database and Big Data solutions import substitution); Tinkoff (TCS Group) traditionally discloses key indicators later in November, so its report is not scheduled for this date. Notably, the Bank of St. Petersburg's report is due on November 21 (critical for the banking sector), while Sberbank and VTB reported a week earlier, setting a positive tone with profit growth >50% year-on-year.)

Small and Mid-Cap Companies: Key Reports and Their Significance

(On this day, a series of reports from second-tier companies in the American and global markets will be released—though they are less well-known to the public, their results may be indicative for certain sectors.)

• Bitfarms Ltd. (USA/Canada, Crypto Mining and Data Centers) – Q3 2025 Report (before market opening). Revenue for the quarter reached $69 million, of which $14 million came from discontinued operations (sale of South American farms). Bitfarms is undergoing transformation: reducing its Bitcoin mining share in favor of data center and HPC/AI services. The company successfully raised $588 million through convertible notes to finance this transition. Investors will assess the speed of repurposing data centers to meet AI needs (in partnership with Nvidia) and its impact on future income. Bitfarms's report is significant as a representation of the crypto mining industry's state: despite rising Bitcoin prices in 2025, many miners are seeking new business models amid demand for computing power for AI.

• Rekor Systems (USA, AI for Transportation) – Q3 2025 Report (after market close). The company previously reported an expectation of record quarterly revenue of ~$14.2 million (+35% year-on-year) and significant improvement in adjusted EBITDA by year-end. Rekor specializes in computer vision systems for road infrastructure (license plate recognition, traffic monitoring)—its results reflect government interest in smart cities and AI solutions. A crucial point is the reduction in quarterly losses (expected to around ~$0.03 per share down from $0.05 a year ago). If the forecast is validated, REKR shares may respond positively. Rekor's report will demonstrate whether the smart city market in the USA is ready to yield profit or still requires further investments.

• Virgin Galactic (USA, Space Tourism) – Q3 2025 Report. The company continues working towards regular flights for its SpaceShip; however, financial indicators remain modest: revenue around ~$0.4 million (income from “tickets” of future tourists). The expected net loss is about $-60 million for the quarter (–$1.1 per share), although, this is an improvement compared to last year amidst reduced expenses. Investors are interested in remaining cash reserves (after additional issuances, the company had over $400 million at the end of Q3) and the schedule of commercial flights for 2026. Virgin Galactic's report is important for the “new space” sector: it will indicate whether the company can reduce cash burn and approach revenue that justifies its valuation. In case of positive news (e.g., announcement of new flights), SPCE shares may experience volatility, popular among retail investors.

• Luminar Technologies (USA, LiDAR Automotive Technology) – Q3 2025 Report. A developer of LiDAR for self-driving cars presented $18.7 million in revenue (+21% year-on-year), slightly above consensus, and an adjusted loss of -$0.94 per share (better than expected -$1.08). The LiDAR market is undergoing consolidation, and Luminar stands out as a clear leader (with contracts with Volvo, Mercedes). Investors will be looking for confirmations of shipment volume growth for the Iris sensors and progress in cost reduction. Key points include cash reserves (Luminar is actively spending on R&D, ~$300 million+ every year) and comments about new deals with automakers. Strong results from Luminar will provide optimism regarding the adoption of autonomous driving technologies, whereas any delays or increased expenses would heighten skepticism among investors in this sector.

• Globant S.A. (Luxembourg/Argentina, IT Outsourcing) – Q3 2025 Report (after the market closes). The digital services provider Globant reported revenue of ~$617 million (+9% year-on-year) and adjusted EPS of $1.53, slightly missing consensus ($1.55). The primary reason for slower growth is clients' caution in the USA and Europe amidst macroeconomic uncertainty, leading Globant to reduce its growth forecast for the year to ~1–2%. However, the company sees new drivers: demand for developments in AI, gaming, and fintech. Investors are evaluating dynamics in new orders and staff utilization – key metrics for an outsourcing company. Globant is one of the largest IT service companies based in Latin America, and its results influence the perception of Emerging Markets in technology.

• Paysafe Ltd. (UK/USA, Payment Services) – Q3 2025 Report. The provider of payment solutions and e-wallets (Skrill, Neteller) reported revenue of $433.8 million (+2% year-on-year in dollars). Adjusted EPS was $0.70, slightly below consensus of $0.73. Paysafe is undergoing reorganization: changing leadership and strategy after several quarters of declining revenue. In Q2, the company broke a streak of decline, showing growth, which continued in Q3—with organic growth around ~0% considering currency rates, indicating stabilization. The main driver is services for the gambling industry in North America (payments on betting sites). Investors positively perceived the confirmation of the annual revenue forecast of ~$1.70 billion. Paysafe’s report signals that second-tier fintech companies are starting to adapt to challenging conditions (competition from fintechs and banks, rising rates) and are capable of returning to business growth.

• The Metals Company (Canada, Mining) – Q3 2025 Report (conference call at 23:30 Moscow time). A startup planning metal extraction from the bottom of the Pacific Ocean is not yet generating revenue, so the focus will be on operational expenses and cash availability. Quarterly loss increased to -$0.14 per share (compared to expectations of -$0.06), mainly due to intensified geological exploration. The Metals Co. completed pilot collection of marine polymetallic nodules in the Clearwater zone and is preparing for an environmental assessment. For investors, the key news is whether the company receives the necessary international permission for commercial mining (expected by 2026). TMC shares are highly volatile: any progress or delay in deep-sea mining regulation immediately reflects on stock prices. Essentially, the company's report is an update on R&D: how much cash remains (around $115.6 million at the end of Q3) and whether it will last until a strategic partnership or new investments. For the "green" metals sector, TMC is indicative of the prospects for alternative methods of nickel and cobalt extraction (critical for EV).

• Ondas Holdings (USA, Drones and Wireless Networks) – Q3 2025 Report (before market opening). A small technological company making industrial drones (through its subsidiary American Robotics) and wireless communication systems for rail transport continues to operate at a loss. The consensus predicted a loss of -$0.05 per share, and the actual loss was slightly more (-$0.06), with a revenue of only a few million (around $1.5 million for the quarter). However, the market notes positive signals: Ondas has received its first commercial contracts for its drones (after FAA certification) and completes testing for Union Pacific's network. In the report, investors are looking for data on the order backlog and cash burn rate (Ondas has limited cash). Although this stock is speculative, the report showed the current status of the niche industrial drone market in the USA – still in its early stages but with the first real sales starting.

• Gambling.com Group (Ireland, Affiliate Services in Online Gambling) – Q3 2025 Report (before market opening). The company, which owns several betting recommendation portals, benefitted from the legalization of online betting in the USA. For the quarter, it increased revenue to approximately $39 million (+30% year-on-year), exceeding forecasts, and earned an EPS of about $0.25 (compared to ~$0.17 expectations). EBITDA margin remains consistently high (~40%). Key success factors: launching partner sites in new states (Kentucky in Autumn 2025) and the Cricket World Cup (which attracted traffic in India). Investors noted that Gambling.com raised its 2025 forecast and made a small acquisition (NDC Media) to strengthen its position. The report from GAMB is an indicator of booming growth in the online betting market: affiliate companies are showing excellent results, reflecting the expansion of iGaming. Strong performance supports the entire sector, including large betting platforms (DraftKings, FanDuel).

• Co-Diagnostics Inc. (USA, Diagnostics) – Q3 2025 Report (after market close). A developer of PCR tests and diagnostic technologies is experiencing a downturn after the boom of 2020–21: revenue remains low (less than $1 million for the quarter), and the loss of $0.16 per share is slightly better than forecast. On the positive side, sales of tuberculosis tests and Vector Smart (mosquito tracking system) are gradually increasing, offsetting nearly zero demand for COVID tests. The company is focused on its Co-Dx PCR Home platform—a promising portable device for express PCR that is awaiting regulatory approval. Investors are interested in when commercialization of this device will begin and whether Co-Diagnostics has enough cash until then (approximately $37 million in cash, no debts). Overall, the Co-Dx report illustrates the typical scenario for a small biotech company in the post-COVID period: modest sales, a history of cost optimization experience, and hope for a new product capable of reviving growth.

• Eagle Point Credit Co. (USA, CLO Credit Fund) – Q3 2025 Report. A closed fund investing in bond and loan portfolios (CLO) formally increased its net investment income due to rising rates (the majority of assets have floating rates). Expected around $0.32 NII per share, Eagle Point reported $0.34 and continued to pay a high dividend of ~$0.14 monthly. The percentage of troubled loans in the portfolio remains low (<2%), reassuring investors about asset quality amidst discussions of potential defaults. Although the market price of ECC trades at a ~15% discount to NAV, the report confirmed: the corporate credit market remains resilient, and CLO investments yield high returns (ROE >15%). The report's impact on the market is moderate, but the positive results from Eagle Point supported demand for shares of other income funds and indicated a lack of stress in the high-yield loan segment.

• Beazer Homes USA (USA, Residential Construction) – Q4 FY2025 Report (fiscal year, after market close). Results surpassed expectations: revenue $571 million (-3% year-on-year) was above consensus, EPS $1.07 versus expected ~$0.80. Despite rising mortgage rates in the USA (~7–8% in 2025), Beazer managed to maintain closure volumes nearly at the previous year's level, sacrificing part of itsmargin to stimulate sales (discounts, assistance with buyers’ interest rates). The company's inventory of finished homes decreased, and the order book stood at around $1.2 billion by year-end (although less than the last year’s, amidst market slowdown). Beazer management noted that the new home market is adjusting to high rates: buyers prefer deals with builders willing to subsidize rates, while supply in the secondary market remains limited. Beazer Homes's report is an important indicator for the sector: it revealed that even with expensive mortgages, demand for new housing exists, albeit with lower profits for builders. This slightly improved sentiment in the stocks of homebuilding companies, which had declined throughout the autumn.

• Worksport Ltd. (USA/Canada, Accessories for Electric Pickups) – Q3 2025 Report (before market opening). The developer of innovative solar-powered truck bed covers demonstrated a 61% revenue increase to $2.6 million due to the launch of production at its new US facility. Losses decreased (-$0.75 per share, down from -$2.20 a year earlier), though the company is still far from breakeven. A key event was that Worksport received its first wholesale orders for its flagship SOLIS cover and COR battery backup system for electric pickups—an indication of product demand in the market. Investors are interested in whether the company will reach breakeven in 2026, with projected revenue of >$45 million (management outlined such a goal). Worksport's report is an example of a startup at the intersection of the automotive industry and green energy: its successes (or failures) will signal the prospects of this niche market for EV accessories. Following the report, WKSP shares reacted positively, as the company approached operational profitability for the first time in a monthly timeframe. However, risks remain high, and further quarters will show whether the demand for Worksport's products is sustainable.

Conclusion: On November 20, 2025, investors received a substantial amount of data regarding the health of the corporate sector worldwide. Reports from retailers in the USA (Walmart, Ross) clarified the state of consumer demand amidst inflation and high rates, while reports from tech giants (Disney, JD.com, Applied Materials, Intuit) showed how large companies are adapting to new trends—ranging from streaming and e-commerce to AI. In Europe, financial results indicated stability in the industrial sector (Halma) and consumer sector (JD Sports), despite economic challenges. Russian companies reported positively overall, reflecting the recovery of key sectors (banking, internet, insurance) in the domestic market. Many companies from the list (Walmart, Disney, JD.com, etc.) hold significant market capitalization, and thus their reports induced notable index movements: for example, strong sales from Walmart supported the S&P 500, while JD.com’s slowing profit growth tempered appetite for the Chinese market.

Sector-Wise Trends:

• The consumer sector appears relatively resilient. Walmart exceeded earnings forecasts, strengthening the dollar and boosting confidence in US markets. Meanwhile, a redistribution of spending among the population is observed: the rise of discount retailers (Ross) and sustained demand for entertainment (Disney parks, concerts in Europe) coexists with caution regarding large expenditures (the construction sector showed a decline in orders).

• Technology and communications continue to grow in revenue but face profit pressure. This can be seen in the reports from Disney (streaming), Chinese internet companies (JD, Bilibili)—growing but cutting costs for profitability—as well as in Globant (IT services, decelerating growth). Nonetheless, markets rewarded companies that demonstrated a focus on efficiency; for example, Bilibili received positive re-evaluation due to turning profitable. In the hardware segment, a new growth cycle is expected due to AI: the Applied Materials report and management comments indicate expectations for increased demand for equipment in 2024, supporting semiconductor company stocks.

• Finance and fintech sectors—banks (which reported earlier in November) and fintech companies feel relatively stable. Nubank continues its expansion in LATAM with profitability, Paysafe has stabilized and returned to revenue growth, while insurance companies (PZU, Renaissance) have increased premiums. This indicates that the financial sector is adapting to the new normal of interest rates: the margins of core businesses are growing, and clients remain active. Investors highlight asset quality risks (particularly for credit funds and Nubank), but reports do not currently signal any crisis-like phenomena.

• Industrial and commodity results are mixed. Oil and gas giants (like Orlen) are under pressure from external conditions—low fuel prices and export restrictions (in Russia)—with their reports being rather restrained. However, companies linked to infrastructure spending (Jacobs, Halma) and construction (Beazer) show that the investment cycle continues—government orders and modernization projects support revenue. Metallurgists did not report directly on November 20, but the related sector (The Metals Co.) drew attention to raw materials for batteries: interest in "green" metals is high despite the TMC project being far from realization.

Overall, markets reacted to this wave of reporting moderately positively: strong data from several companies (Walmart, Nvidia a day earlier, Nubank, etc.) outweighed individual disappointments (JD.com). The S&P 500 index slightly rose at the end of November 20, European STOXX 600 and FTSE also strengthened amid good news from Halma and others, while Asian markets stabilized after the fluctuations triggered by Chinese tech giants. The currency market noted a strengthening dollar (thanks to US retail and “hawkish” Fed in the protocols) and a slight rally in the pound (after reports from several stable British companies reduced expectations for rate cuts).

Thus, November 20, 2025, confirmed the trend of the closing year: the economy is slowing down but remaining resilient; companies are adapting—some through innovation and new markets, others through optimization and cost reductions. This day of reporting provided investors with valuable material for assessing prospects for 2026 and was generally viewed as an encouraging signal for global markets.