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

Detailed Review of Economic Events and Corporate Reporting for Thursday, November 20, 2025: G20 Summit, Interest Rate Decisions in China and South Africa, Key US Statistics and 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 published before market open). Consensus forecast: revenue of approximately $177.5 billion (+4-5% y/y) and earnings per share of ~$0.60. Investors are expecting stable consumer demand and steady inventory levels. Attention will be focused on the dynamics of food sales and the effectiveness of cost reduction measures. (As the world's largest retailer, Walmart's results can significantly impact the movements of the Dow Jones and S&P 500 indices, as well as the USD exchange rate.)
The Walt Disney Company (USA, Media and Entertainment) – Q4 FY2025 and Annual Results (expected before market opening). Forecast: revenue of ~$22.8 billion (almost at last year’s level) and adjusted earnings per share of ~$1.02 (down from $1.14 a year ago due to weakness in the TV business). The market is looking for data on Disney+ subscriber dynamics and the impact of cost-cutting measures under Bob Iger's leadership. The Parks and Cruise segment, which previously showed growth, is also under scrutiny. (A prominent company in the Dow index; its report can set the tone for the entire media market and affect broader indices.)
Applied Materials (USA, Semiconductor Equipment) – Q4 FY2025 Report (to be published after market close). A slight decline in revenue is expected (~$6.7 billion) amid an overall drop in demand for chip-making equipment, with EPS around $2.1 (decrease y/y). However, investors are counting on a positive forecast fueled by a boom in investments in AI-related equipment and high order volumes from the AI chip segment. Applied Materials is considered a barometer of the semiconductor sector; its order volume forecast may influence the entire Nasdaq technology sector.
Intuit (USA, Financial Software) – Q1 FY2026 Report (fiscal, to be published after market close). Analyst forecasts indicate revenue of approximately $3.75–3.8 billion and earnings per share of ~$3.10 (growth ~24% y/y), driven by the growth of the QuickBooks segment (for small businesses) and Credit Karma, while TurboTax traditionally contributes little in the first quarter. The main focus will be on management comments about 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 home goods stores expects moderate sales growth (consensus ~$5.1 billion in revenue, +4-5% y/y) and EPS of ~$1.53–1.54. Investors are monitoring traffic trends – in an environment of declining disposable income, consumers are increasingly turning to discount retailers, which may support Ross. The company previously provided a cautious forecast ($1.31–1.37 EPS), so results exceeding this range would be perceived 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 announced its quarterly forecast: earnings per share of $1.94–1.95, which is close to consensus, with double-digit revenue growth (expected around $590–600 million). Focus will be on Veeva's transition to its proprietary Vault cloud platform and maintaining growth in new orders from pharmaceutical companies. Strong results from Veeva may support the cloud software sector, especially in the vertical SaaS solutions niche.
Copart (USA, Vehicle Auctions) – Q1 FY2026 Report (after market close). Continuation of a positive trend is expected: revenue growth (previous quarter +12% y/y) due to high demand for used cars and the expansion of global presence. Copart benefits from high prices for vehicles and parts; EBITDA margins are traditionally high, and the market is watching whether the margin will hold at ~45%+. Copart's report will provide insights into the state of the automotive and insurance markets (as the main sellers at its auctions are insurers).
Jacobs Solutions (USA, Engineering and Construction) – Q4 FY2025 Report. A major contractor in the infrastructure and government contracting sector, Jacobs is expected to show a solid order portfolio. Analysts predict revenue growth in single digits, especially in the advanced technologies and defense segment following recent acquisitions. Investors are looking for updates on government infrastructure projects (stimulated by U.S. programs) and comments on the backlog for 2026. Strong results may support the industrial sector stocks.
Warner Music Group (USA, Music) – Q4 2025 Report. Moderate revenue growth is expected, with streaming services (Spotify, Apple Music) and music publishing revenues being the primary drivers. Analysts forecast quarterly revenue of about $1.5 billion with a slight decline in profits y/y due to investments in new artists. Investors will be keen on data regarding revenue growth from streaming and music licensing – WMG's report will be 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 revenue and a ~17% y/y increase in fee-related earnings. Consensus EPS was around $0.61 (up from $0.60 a year earlier), and Brookfield slightly exceeded expectations ($0.63). Investors are interested in the yield of infrastructure and real estate assets in the context of rising interest rates: Brookfield is a key indicator of the global alternative investment market. Separately, the market will assess comments on the state of commercial real estate and private equity funds.
Nu Holdings (Nubank) (Brazil, Fintech) – Q3 2025 Report. The parent company of the digital bank Nubank continues to demonstrate exponential growth, with expected revenue around $4.0 billion (+~42% y/y). The profit forecast is ~$0.15 per share; thanks to the scaling of the business, Nubank has reached stability in profitability. Key metrics include growth in the customer base (over 85 million users), credit portfolio, and default rates in the context of high interest rates in Brazil. Nubank is the largest neo-bank in Latin America, and its results impact valuations in the fintech segment in emerging markets.

Europe: Major Public Company Reports

ORLEN S.A. (Poland, Oil and Gas) – Q3 2025 Report. The largest oil and gas company in Central Europe (formerly PKN Orlen) is likely to show a significant decline in profit y/y due to decreasing refining margins and fuel prices in 2025. The company has previously warned about pressure on refining margins. However, stable revenue is expected due to an increase in sales volumes and integration of acquired assets. The Orlen report is important for the Polish market and will provide a signal regarding the condition 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 move Orlen's stock and related companies.
Halma plc (UK, Technology Equipment) – H1 FY2026 Report. The conglomerate, which manufactures safety systems, sensors, and medical equipment, traditionally grows steadily (~+10% y/y). The market expects increased revenue and profits, despite the economic slowdown: Halma’s products (gas detectors, sensors in elevators, medical devices) have sustained demand. As a FTSE 100 company, Halma is an indicator of the health of the UK high-tech manufacturing sector. Its positive report may 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, including the fall season, are expected to grow around +10% y/y, given active demand for sneakers and sportswear from global brands. However, investors will pay attention to the margins: high inflation in costs (wages, rent) may have pressured profitability. JD Sports is the leader in the sports retail segment in Europe and serves as a benchmark for consumer demand among young people. A successful update could improve sentiment in the European retail sector.
Allegro.eu (Poland, E-commerce) – Q3 2025 Report. Poland's largest online marketplace is increasing its revenue due to growth in marketplace turnover and financial services. Consensus expects around PLN 2.4-2.5 billion in quarterly revenue (+double-digit % y/y) and improved adjusted EBITDA. Focus will be on competition from Amazon and Wildberries in the Polish market and the dynamics of active buyers. Strong results from Allegro can bolster confidence in the potential of e-commerce in Eastern Europe, while disappointment may weaken sector stocks.
PZU (Poland, Insurance) – Results for 9 months of 2025. The largest life and property insurer in Eastern Europe, the PZU Group is likely to show growth in insurance premiums (especially in property and auto insurance) and a confident net profit. Analysts noted that in 1H 2025, PZU’s profit grew at double-digit rates thanks to investment income and the absence of large payouts. If this trend continues, the report will confirm the resilience of the Polish financial sector. Investors will pay attention to comments about dividends and capital adequacy, which are important for assessing the attractiveness of PZU stocks.
CTS Eventim (Germany, Entertainment) – Q3 2025 Report. The leading European ticketing operator and concert organizer continues to recover from the pandemic. Significant year-on-year revenue growth is expected (in Q3 2024, concerts had not yet returned to pre-COVID levels). Key indicators include ticket sales and profitability of the concert segment. Given the successful summer festival season, the market expects margin improvement. The CTS Eventim report will show how confidently Europeans are returning to offline entertainment and may affect the stocks of other companies in the sector (Live Nation, etc.).

(On this day, several other European issuers will also report: LondonMetric and Grainger (UK, Real Estate) will give insights into the commercial and residential real estate markets in Britain; Subsea 7 (Norway, Offshore Oil Services) results will reflect the situation in oil and gas engineering; UNIQA (Austria, Insurance) will report trends in the CE insurance market; Breedon Group (UK, Construction Materials) will provide a trading update on demand in the construction sector, etc. Although these companies are not among the largest, their reports present industry interest.)

Asia: Significant Reports from Technology Companies

JD.com (China, E-commerce) – Q3 2025 Financial Results. Market expectations: revenue around ¥294 billion (+~13% y/y) following robust growth during the “618” sale in the previous quarter (for comparison, it was ¥356.7 billion in Q2). However, net profit is projected to drop by ~75% y/y due to aggressive investments in marketing and new businesses. JD.com is increasing spending to attract buyers (competing with Alibaba, PDD) and developing food delivery. Investors will be looking for signals of margin improvement in JD Retail's core business (expected +16-17% y/y) and reduced losses in new segments (JD Logistics, JD Food Delivery). (JD.com shares impact the Hang Seng Tech index; the results of this company can significantly influence investor sentiment in the Chinese tech sector and indirectly affect the yuan exchange rate if diverging from forecasts.)
Bilibili (China, Online Video and Gaming) – Q3 2025 Report. Consensus forecast: revenue of ~$1.07 billion (growth ~+3% y/y) with a slightly profitable result at $0.21 EPS (non-GAAP, approaching breakeven). Bilibili turned profitable for the first time in the previous quarter, and the market expects this trend to continue through strict cost control. Audience growth has slowed (MAU around 330 million), but monetization is improving: advertising revenue (+20%+ y/y) and value-added services (subscriptions, boosts for in-game purchases) offset declines in revenue from mobile games. Focus will be on management comments about 2026 prospects and progress towards achieving breakeven by year-end. Strong results from Bilibili will confirm a positive shift in China's internet sector focused on profitability, while disappointment may intensify concerns about the sustainability of user growth models.

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

Russia: Public Company Reports on the Moscow Exchange

VK Company (Russia, Internet) – Publication of financial results for Q3 and 9 months 2025 under IFRS. VK (formerly Mail.ru Group) is the largest Russian social network and IT holding, owning Vkontakte, Odnoklassniki, online education services, etc. Double-digit revenue growth is expected for the 9 months, primarily driven by advertising revenues and the development of new areas (gaming, VK Clips, business messengers). Profitability remains under pressure as the company actively invests in content and technology (including its own 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 is looking for signals of reducing losses in the second half. VK's report is important for the Russian tech sector: successful loss reduction and audience growth may enhance perceptions of the industry, while weak results may reinforce concerns about social media monetization in Russia. VKCO shares are included in the MOEX index, so surprises in the report may impact market movements.
Softline (Russia, IT Solutions) – Key unaudited financial indicators for Q3 and 9 months 2025 under IFRS. Softline is a leading supplier of IT products, cloud services, and cybersecurity for businesses in Russia and the CIS (after separating global business into a separate company). For the first half of 2025, Russian Softline's revenue grew by ~20%, and the market expects this trend to continue in the second half due to software import substitution. Key metrics: revenue growth (expected double-digit), dynamics of gross margin and debt load. Share volatility may occur in response to the report due to limited liquidity of the papers and interest from retail investors. At 12:00 PM Moscow time on November 20, the company will also hold a conference call with top management to discuss results.
Renaissance Insurance (Russia, Insurance Group) – Disclosure of financial results for 9 months 2025 under IFRS. Renaissance Group is one of the largest private life and property insurers. In 2024, the company showed high growth rates in collections. Analysts had predicted a further increase in insurance premium volumes of ~+25% y/y for 9 months 2025 (especially in the life insurance savings segment), but net profit may have declined due to increased payments in auto insurance (OSAGO) and investment income volatility. Investors will focus on the combined loss ratio (COR) – a measure of the insurer's operational effectiveness. A strong report from Renaissance will confirm the recovery of the insurance market in Russia after the pandemic, while a weak one could put pressure on stocks of other insurers (for instance, SOGAZ reports later).
Other companies reporting on November 20 include: T1 (T1 Technologies) – results for Q3 2025 under IFRS (an asset consolidator for IT integration and telecom equipment, revenue growth expected due to government contracts); ArenaData – operational and financial results for 9 months 2025 (provider of data solutions, interesting in the context of software and Big Data solutions import substitution); Tinkoff (TCS Group) traditionally releases key indicators later in November, so its report is not scheduled for this date. It’s also noteworthy that the report of the Bank of St. Petersburg (important for the banking sector) is due on November 21, and last week Sberbank and VTB reported, setting a positive tone (profit growth >50% y/y).

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

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

Bitfarms Ltd. (USA/Canada, Crypto Mining and Data Centers) – Q3 2025 Report (before market open). Revenue for the quarter amounted to $69 million, of which $14 million came from ceased operations (sale of South American farms). Bitfarms is undergoing a transformation: reducing its focus on Bitcoin mining in favor of data center and HPC/AI services. The company has successfully raised $588 million through convertible notes to finance this transition. Investors will assess the pace of repurposing data centers for AI demands (in partnership with Nvidia) and the impact on future revenues. Bitfarms' report is important as a snapshot of the state of the crypto mining industry: despite rising Bitcoin prices in 2025, many miners are seeking new business models in response to demand for AI computing power.
Rekor Systems (USA, AI for Transportation) – Q3 2025 Report (after market close). The company previously announced that it expects record quarterly revenue of ~$14.2 million (+35% y/y) and significant improvement in the Adj. EBITDA metric by year-end. Rekor specializes in computer vision systems for road infrastructure (number plate recognition, traffic monitoring) – its results reflect interest from government agencies in smart cities and AI solutions. A significant point is the reduction of quarterly losses (expected to ~$0.03 per share compared to $0.05 a year ago). If the forecast is confirmed, REKR shares may react with an increase. Rekor's report will demonstrate whether the smart city market in the US is ready to become profitable or still requires further investments.
Virgin Galactic (USA, Space Tourism) – Q3 2025 Report. The company continues to work on the regularity of its SpaceShip flights, but financial indicators remain modest: revenue is only ~$0.4 million (income from “tickets” for future tourists). Expected net loss is approximately -$60 million for the quarter (-$1.1 per share), although this is better than last year amid reduced costs. Investors are interested in the remaining cash position (after additional emissions, the company has >$400 million at the end of Q3) and the schedule for commercial flights in 2026. Virgin Galactic's report is crucial for the "new space" sector: it will show whether the company is managing to reduce cash burn and approach revenue that justifies its valuation. If positive news comes (e.g., announcement of new flights), SPCE stocks, popular among retail investors, may experience volatility.
Luminar Technologies (USA, LiDAR Technologies for Autonomy) – Q3 2025 Report. The developer of LiDAR technology for self-driving cars reported revenue of $18.7 million (+21% y/y), slightly above consensus, and an adjusted loss of -$0.94 per share (better than expectations of -$1.08). The LiDAR market is undergoing consolidation, and Luminar is one of the clear leaders (contracts with Volvo, Mercedes). Investors will be looking for confirmation of increasing volumes of Iris sensor shipments and progress in reducing costs. Important aspects include cash reserves (Luminar is actively spending on R&D, ~$300 million+ per year) and comments on new deals with automakers. Strong results from Luminar provide optimism regarding the adoption of autonomous driving technologies, while delays or increased costs would heighten investor skepticism about this sector.
Globant S.A. (Luxembourg/Argentina, IT Outsourcing) – Q3 2025 Report (after market close). Digital services provider Globant reported revenue of ~$617 million (+9% y/y) and adjusted earnings of $1.53 per share, slightly short of consensus ($1.55). The primary reason for slowing growth is client caution in the US and Europe amid macro uncertainty, prompting Globant to revise its full-year growth forecast down to ~1-2%. However, the company sees new growth drivers: demand for developments in AI, gaming, and fintech. Investors assess the dynamics of new orders and staff utilization – key indicators for the outsourcing firm. Globant is one of the largest IT service companies in Latin America, and its results influence perceptions 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% y/y in dollars). Adjusted earnings per share amounted to $0.70, slightly below consensus of $0.73. Paysafe is undergoing a reorganization: changing leadership and strategy following a series of quarters marked by revenue decline. In Q2, the company posted growth for the first time in a long time, and this trend continued in Q3 – organic growth of ~0% accounting for exchange rates, meaning stabilization has been achieved. The main driver is services for the gambling industry in North America (payments on betting sites). Investors positively reacted to the confirmation of the annual revenue forecast of ~$1.70 billion. Paysafe's report signals that second-tier fintech companies are beginning 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 11:30 PM Moscow time). This startup, planning to mine metals from the bottom of the Pacific Ocean, has not yet generated revenue, so the focus is on operational expenses and cash reserves. The quarterly loss increased to -$0.14 per share (compared to expectations of -$0.06), largely due to an increase in geological exploration activities. The Metals Co. completed pilot collection of polymetallic nodules in the Clearwater area and is preparing for an environmental assessment. Investors are keen to know if the company has received the necessary international licenses for commercial extraction (expected by 2026). TMC shares are very volatile: any progress or delays in deep-sea mining regulation immediately reflect on the stock prices. The company's report essentially serves as an R&D update: how much cash remains (approximately $115.6 million at the end of Q3) and whether it will last until strategic partnerships or new investments.
Ondas Holdings (USA, Drones and Wireless Networks) – Q3 2025 Report (before market open). This small tech company produces industrial drones (through its subsidiary American Robotics) and wireless communication systems for rail transport, continuing to operate at a loss. Consensus anticipated a loss of -$0.05 per share, while the actual loss was slightly higher (-$0.06), with revenue only a few million (around $1.5 million for the quarter). However, the market notes positive signals: Ondas has secured its first commercial contracts for its drones (after FAA certification) and is completing testing of the network for Union Pacific. Investors looked for data on the backlog of orders and cash burn rate (funds at Ondas are limited). Though speculative, the report shows the state of the niche market for industrial drones in the US – it is still in an early stage, but real sales have begun.
Gambling.com Group (Ireland, Affiliate Services in Online Gambling) – Q3 2025 Report (before market open). The company, owner of several betting recommendation portals, has benefited from the legalization of online betting in the US. For the quarter, it grew revenue to around $39 million (+30% y/y), exceeding forecasts, and achieved EPS of approximately $0.25 (compared to ~$0.17 expectations). EBITDA margins remain consistently high (~40%). Key success factors include launching partner sites in new states (Kentucky in the fall of 2025) and the Cricket World Cup (which attracted traffic in India). Investors noted that Gambling.com raised its 2025 forecast and executed a small acquisition (NDC Media) to strengthen its position. GAMB's report is an indicator of the booming online betting market: affiliate companies are showing excellent results, reflecting the expansion of iGaming. Strong performance supports the entire sector, including major betting platforms (DraftKings, FanDuel).
Co-Diagnostics Inc. (USA, Diagnostics) – Q3 2025 Report (after market close). The developer of PCR tests and diagnostic technologies is experiencing a decline after the boom of 2020-21: revenue remains low (less than $1 million per quarter), with a loss of -$0.16 per share slightly better than forecast. Positively, sales of tuberculosis tests and Vector Smart (mosquito tracking system) are gradually increasing, compensating for almost zero demand for COVID tests. The company is focusing on the Co-Dx PCR Home platform – a promising portable device for express PCR awaiting regulatory approval. Investors are interested in when commercialization of this device will begin and whether Co-Diagnostics will have enough to last until then (approximately $37 million in cash, no debt). Overall, Co-Dx's report showed a typical picture for a small biotech company in the post-COVID period: modest sales, experience in cost optimization and hope for a new product capable of reviving growth.
Eagle Point Credit Co. (USA, CLO Credit Fund) – Q3 2025 Report. This closed fund, investing in portfolios of bonds and loans (CLO), formally increased net investment income due to rising rates (most of its assets are floating rate). Expected NII around $0.32 per share; in fact, EPC reported $0.34 and continued to pay a high dividend of ~$0.14 monthly. The share of problem loans in the portfolio remained low (<2%), which reassures investors about asset quality amid discussions of potential defaults. Although the market price of ECC is trading at a discount to NAV of ~15%, the report confirmed that the corporate credit market is still stable, and the yield on CLO investments is high (ROE >15%). The report's impact on the market: moderate, but the positive results from Eagle Point supported demand for shares of other income funds and indicated no stress in high-yield debt segments.
Beazer Homes USA (USA, Homebuilding) – Q4 FY2025 Report (fiscal year, after market close). The results exceeded expectations: revenue of $571 million (-3% y/y) was better than consensus, EPS of $1.07 compared to expected ~$0.80. Despite rising mortgage rates in the US (~7-8% in 2025), Beazer managed to maintain closing volumes nearly on par with last year, sacrificing some margin to stimulate sales (discounts, assistance with interest rates for buyers). Finished home inventories decreased, and the order backlog at the end of the year amounted to ~$1.2 billion (though lower than last year amid a slowing market). Beazer's management noted that the new housing market is adapting to high rates: buyers prefer deals with builders willing to subsidize rates, while supply in the secondary market is limited. The Beazer Homes report is an important indicator for the sector: it showed that even with costly mortgages, there is demand for new housing, albeit with lower profits for builders. This somewhat improved sentiment in homebuilder stocks, which had declined over the fall.
Worksport Ltd. (USA/Canada, Accessories for Electric Pickups) – Q3 2025 Report (before market open). The developer of innovative solar-powered truck bed covers showed a 61% revenue increase to $2.6 million owing to the launch of production at its new facility in the US. Losses were reduced (-$0.75 per share, down from -$2.20 a year prior), although it is still far from breakeven. A key event is that Worksport received its first wholesale orders for its flagship SOLIS cover and COR battery backup system for electric pickups – confirming market demand for the product. Investors are interested in whether the company will achieve self-sustainability in 2026, with expected revenues of >$45 million (the management has set this target). The report from Worksport exemplifies a startup at the intersection of the automotive and renewable energy sectors: its successes (or failures) will signal the prospects of the niche market for EV accessories. Following the report, WKSP shares reacted with an increase, as the company neared operational profitability on a monthly basis for the first time. However, risks remain high, and following quarters will show if demand for Worksport’s products is sustainable.

Conclusion: On November 20, 2025, investors received a wealth of information regarding the health of the corporate sector globally. Reports from retailers in the US (Walmart, Ross) clarified the state of consumer demand amid inflation and high rates, while reports from tech giants (Disney, JD.com, Applied Materials, Intuit) showed how large companies adapt to new trends – from streaming and e-commerce to AI. Financial results in Europe indicated stability in industries (Halma) and the consumer sector (JD Sports) despite economic challenges. Russian companies reported overall positively, reflecting the recovery of key sectors (banking, internet, insurance) in the domestic market. Many companies on the list (Walmart, Disney, JD.com, etc.) have significant market capitalization, so their reports caused noticeable index movements: for instance, Walmart's strong sales supported the S&P 500, while JD.com's slowed profit growth cooled appetite for the Chinese market.

Sector-wise, several trends can be noted:

The consumer sector shows relative resilience. Walmart exceeded profit forecasts, strengthening the dollar and instilling confidence in US markets. Meanwhile, there is a noticeable redistribution of spending among the population: the rise of discount retailers (Ross) and sustained demand for entertainment (Disney parks, concerts in Europe) contrasts with caution in major expenditures (housing showed a decline in orders).
Technology and communications continue to grow in revenue, but profit is under pressure. This is evident in the reports from Disney (streaming), Chinese internet companies (JD, Bilibili – growing but cutting costs for profitability), and Globant (IT services, growth has slowed). However, markets rewarded companies that showed a focus on efficiency – for example, Bilibili received a positive revaluation due to its profitability. A new growth cycle is expected in the hardware segment due to AI: the Applied Materials report and management comments indicate expectations of increased demand for equipment in 2024, which supported semiconductor company stocks.
Finance and fintech – banks (having reported earlier in November) and fintech companies are doing relatively well. Nubank continues its expansion in Latam with profit, Paysafe 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 norm of interest rates: the profitability of core businesses is increasing and clients remain active. Investors highlight asset quality risks (especially with credit funds and Nubank), but reports do not signal crisis phenomena yet.
Industry and commodities – results are mixed. Oil and gas giants (like Orlen) are feeling the pressure of external conditions – low fuel prices and export restrictions (in Russia) – their reports are generally cautious. However, companies linked to infrastructure spending (Jacobs, Halma) and construction (Beazer) indicate that the investment cycle continues – government contracts and modernization projects support revenue. Steelmakers did not report directly on November 20, but the adjacent segment (The Metals Co.) brought attention to the materials for batteries: interest in "green" metals is high, although the TMC project is still far from realization.

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

Thus, November 20, 2025, confirmed the trend for the closing year: the economy is slowing down but remains resilient; companies are adapting – some through innovations and new markets, others by optimizing and reducing costs. This day of reporting provided valuable material for assessing prospects for 2026 and was generally seen as an encouraging signal for global markets.