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 in the U.S., Europe, Asia, and Russia for Investors from CIS Countries.
The last trading day of the week promises a combination of reduced activity in U.S. markets due to the continued celebration of Thanksgiving and the release of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies — Switzerland, India, and Canada — allowing them to assess the state of both developed and emerging markets as the year comes to a close. Additionally, the Chicago PMI index for November, reflecting trends in the U.S. industrial sector, will be released. On the corporate front, focus shifts to individual company reports from 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 must be especially attentive to potential surprises in the statistics that could lead to increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — USA: Chicago PMI index (November).
- 21:00 — USA: Early market closure on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The traditionally stable Swiss economy faced external pressures in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the expected near-zero growth. The main reasons were global deceleration and the shock from a sharp increase in U.S. import tariffs (up to 39%) on several Swiss goods, severely impacting industries, particularly the chemical and pharmaceutical sector. In Q2, the economy grew by only +0.1% quarter-on-quarter, making the move into negative territory an unpleasant surprise. Nonetheless, the government maintains a relative sense of optimism: according to the revised forecast, Switzerland's GDP is still expected to grow by about 1.3% for the full year of 2025.
India: GDP for Q3 2025
India’s GDP for July–September 2025, according to analyst estimates, retained a high growth rate of around +7–7.5% year-on-year. This is somewhat lower than the record +7.8% year-on-year reported in the previous quarter, but it reaffirms the robust momentum of the Indian economy, buoyed by strong domestic demand, rising production, and the expansion of 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, and authorities predict about +7% for the entire year. Although external demand has somewhat weakened, the domestic market remains the key growth driver, and the fresh GDP data will reveal how sustainable this trend is. Their publication may influence investor sentiment in emerging markets and the Indian rupee's exchange rate.
Canada: GDP for Q3 2025
The Canadian economy is teetering on the brink of technical recession. Following a GDP decline of -1.6% in Q2 (on a year-on-year basis) due to a sharp drop in exports, a symbolic growth of around +0.5% is expected in Q3 year-on-year (virtually no change relative to the previous quarter). Such a sluggish forecast reflects weak domestic demand and ongoing difficulties in external trade (including impacts from new U.S. tariffs on several Canadian goods). An additional negative factor in the summer was a strike at Air Canada. If the statistics for July–September show another decline, Canada will formally enter a recession. Confirmation of even minimal growth will alleviate concerns and support the Canadian dollar, whereas a renewed decline will enhance expectations for an impending rate cut by the Bank of Canada.
USA: Chicago PMI Index for November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the Midwestern U.S. The previous October figure was 43.8 points, indicating a deep contraction (values below 50 signal a decline). The consensus forecast anticipated a slight increase in the index to around 45 points; however, according to data released recently, the indicator unexpectedly plunged to 36.3 points — the lowest since spring 2024. This sharp decline in the Chicago PMI highlights worsening issues in the manufacturing sector (decreased orders and employment) and serves as a warning signal ahead of the release of national ISM indices. However, the reaction of U.S. markets to this weak data may be subdued due to the shortened session and low liquidity the day after the holiday.
Europe: Concluding Corporate Reports
In European markets, the quarterly reporting season is concluding, and Friday will see results from several mid-sized companies. Among them:
- Elia Group (Belgium) — the transmission system operator, reporting Q3 results; investors will evaluate the dynamics of electricity transmission revenues amid volatility in Europe’s energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing financial results for Q3 2025; their results will signal the state of the EU real estate markets against the backdrop of rising interest rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company; its report for Q2 of the 2025/26 financial year will reveal demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector, presenting data for July–September; markets are watching their profitability against fluctuations in 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 results for Q2 of 2025/26; its report reflects the overall state of the UK real estate sector.
Overall, no significant surprises are expected from European reports: most large companies have already reported earlier, and the market is responding tepidly to the releases from second-tier issuers. However, unexpectedly strong or weak results from individual companies may have localized effects on 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 the leaders in China’s online services (food delivery, marketplace, etc.) — presents results that serve as a barometer of consumer activity in the country. Double-digit revenue growth is expected amid recovering domestic demand and expanding services. Investors will be interested in the dynamics of active users and profitability in the delivery segment, as well as management's comments on competition (given pressures from Alibaba and other platforms).
Aside from Meituan, there are almost no notable corporate reports in Asia on this date, as the reporting season is concluding: most large Asian corporations published their quarterly results in the first half of November. Therefore, sentiment in the Asian markets on Friday will mainly be shaped by external factors and macro data (particularly India’s GDP) rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the publication of financial results from Transneft for Q3 2025 under IFRS stands out. Transneft — the operator of oil pipelines — traditionally attracts investor attention. Forecasts suggest that the company’s indicators will remain stable: revenue is expected to be around 355–360 billion rubles (1% higher than in Q2), and net profit is expected to be close to last quarter's results. Earlier (according to RAS), the company reported a 3% year-on-year revenue growth for the first nine months, confirming the business’s resilience. Apart from absolute profit figures, investors will scrutinize management’s statements regarding dividends and future investment programs amid oil price volatility.
The publication of delayed results from some other issuers for Q3 is also ongoing. For example, earlier this week, RusHydro revealed a 29% year-on-year growth in net profit in its the nine-month report. However, most flagship companies in the Russian market reported earlier; therefore, apart from Transneft's report, no new significant releases are expected on Friday. The dynamics of Russian stocks on this day will likely depend on the overall mood in global markets and fluctuations in commodity prices.
What Investors Should Pay Attention To
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a multifaceted view of the global economy's state. Investors should compare these data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high dynamics remain 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 (for example, a sharp drop in the PMI index or surprises in GDP data) could trigger disproportionately strong reactions in a thin market. Caution is advised, as price fluctuations may intensify with fewer active participants.
- Corporate Stories: The Meituan report serves as an indicator for China’s consumer sector, while Transneft’s results provide a barometer for the stability of the Russian oil transportation business. Investors holding shares of these or related companies should consider not only the raw numbers in the report but also management statements about prospects and dividends. In Europe, no major reports are expected, but strong or weak results from mid-sized companies could have localized effects on their stocks.
- Currencies and Commodities: Weak macro data may weaken respective currencies (for instance, the Canadian dollar in the event of disappointing GDP figures) and put pressure on commodities. Signals of a slowdown in the global economy could temporarily dampen risk appetite in commodity markets and in the currencies of emerging countries.
