Economic Events and Corporate Reports for the Week of December 1-5, 2025: PMI, PCE, Conclusion of Fed QT, Earnings Season

Detailed Overview of Key Economic Events and Corporate Earnings for the Week of December 1-5, 2025: PMI, PCE, Conclusion of the Fed's QT, EU Foreign Ministers' Meetings, Inflation and Employment Statistics, Releases from Major Companies in the USA, Europe, Asia, and Russia.

This week, central banks are concluding their annual programs (including the tapering of the Fed's balance sheet), inflation and business activity data (PMI) for key economies are being published, and quarterly earnings reports of major companies will be released. Among the corporate updates are the financial results from Salesforce, Kroger, Dollar Tree, and several Asian tech companies. This mix of events creates a mixed backdrop for global markets: on one hand, slowing inflation and the end of QT open up prospects for supporting risk assets, while on the other hand, the tone of corporate forecasts and geopolitical news could add volatility.

Monday, December 1, 2025

Monday will start on a calm note: global macroeconomic events are limited, so investors' attention will turn to corporate earnings reports. Several tech reports will be released in Asian markets, with no major updates expected in the U.S. stock market. Stock prices will react to sentiment in the broader market and commodity price dynamics. Investors will be closely watching the results of tech and retail companies, as well as the weekly PMI statistics, to assess trends in the global economy.

Before market open:

No major companies are releasing reports before the market opens.

After market close:

MongoDB (MDB) – USA, technology sector (cloud databases). Reported after market close; investors expect strong revenue growth due to demand for cloud solutions.
Tatneft ADR (OAOFY) – Russia, energy sector (oil and gas). Q3 report released: a key indicator for oil stocks and the ruble exchange rate.
Children’s Place (PLCE) – USA, retail sector (children's clothing). Reported after market close; investors focus on sales trends and inventory levels in the sector.
Duluth Holdings (DLTH) – USA, retail sector (activewear). Report released after market close: margin and revenue provide insight into consumer sentiment.

Economic Events (Moscow time):

00:00 – USA: The Fed officially ends its quantitative tightening program (QT).
— EU: Joint meeting of foreign ministers regarding the 20th sanctions package against Russia (in the context of Ukrainian statements on further support).
— Joint press conference of EU foreign ministers regarding the security of Ukraine (by Commissioner von der Leyen) after the meeting.
— China: Foreign Minister Wang Yi arrives in Russia (December 1-2).
01:00 – Australia: Manufacturing PMI (November).
03:30 – Japan: PMI (November).
04:45 – China (Caixin): PMI (November).
08:00 – India: PMI (November).
09:00 – Russia: PMI (November).
10:00 – Turkey: GDP Q3 2025.
11:55 – Germany: PMI (November).
12:00 – Eurozone: PMI (November).
12:30 – United Kingdom: PMI (November).
16:00 – Brazil: PMI (November).
17:30 – Canada: PMI (November).
17:45 – USA: S&P Global Manufacturing PMI index (November).
18:00 – USA: ISM Manufacturing PMI (November).

Investor Takeaway: Monday passes without major global upheavals – macro statistics are limited, and stock indices may trade within a narrow range. Strong reports from companies like MongoDB will support interest in the technology sector, while results from oil companies (Tatneft) will correlate with oil dynamics and the ruble exchange rate. In the absence of significant news, key indicators will be the PMIs of leading economies: support for business activity will come from levels above 50, while declines may create caution among investors. Oil and commodity prices remain under close observation – they could set the tone for the energy sector and impact the Russian market (MOEX).

Tuesday, December 2, 2025

On Tuesday, the focus will again be on the corporate earnings reports of major technology and consumer companies. The macroeconomic agenda is minimal, so stock markets will primarily react to the tone of the reports. Key releases will include results from cybersecurity and retail companies in the USA and Canada. Additionally, special attention will be drawn to the visit of U.S. Special Representative Steve Witkoff to Moscow and negotiations regarding the peace plan – geopolitical factors may add volatility to the energy and defense sectors.

Before market open:

No major reports are expected before the trading begins.

After market close:

CrowdStrike (CRWD) – USA, cybersecurity. Q3 report expected after market close; investors will assess ARR growth and revenue from cloud services.
Marvell Technology (MRVL) – USA, semiconductors. Financial results published; sales dynamics for data center and 5G chips will be crucial.
Okta (OKTA) – USA, cybersecurity. The company’s access management results for cloud applications will indicate the state of corporate IT budgets.
American Eagle Outfitters (AEO) – USA, retail (clothing). Report after close: sales trends during the holiday season and margin forecast are important.
Bank of Nova Scotia (BNS) – Canada, banking sector. Inflation and credit forecasts are critical for the Canadian stock market.

Economic Events (Moscow time):

— Russia: 16th Investment Forum "Russia Calling!" continues (Day 1).
— NATO: meeting of the Alliance's foreign ministers (including discussion of the U.S. peace plan for Ukraine).
00:30 – USA: API crude oil inventories.
13:00 – Eurozone: Consumer Price Index (CPI, November, preliminary). Year-on-year inflation change is important for the ECB.
18:00 – USA: JOLTS job openings (September). The labor market indicator will provide insight into employment trends.

Investor Takeaway: On Tuesday, market participants' attention is focused on corporate results – macroeconomic data is virtually absent. Strong reports from CrowdStrike and Marvell could boost investor optimism in the tech sector and support the Nasdaq. Successes or disappointments in retail (American Eagle) will reflect on S&P 500 and Nasdaq indices, signaling consumer spending resilience. Geopolitical context (Witkoff's meeting with Putin) may intensify fluctuations in the energy market – negative news could drive demand for “defensive” assets. Overall, with minimal statistics, the market will react to the tone of corporate forecasts and geopolitical signals.

Wednesday, December 3, 2025

Wednesday will be a key day: a wide array of PMIs (services and composite) will be published across various regions, along with a speech from ECB President Lagarde. However, the main events for the market will be the earnings reports from industry leaders. Salesforce, Snowflake, and Dollar Tree will present their Q3 results – their publications are likely to trigger high volatility on American exchanges. Morning business activity indicators (including the PMI from S&P Global) will showcase trends in the economies of the USA, China, and Europe as the year closes. Investors will also pay close attention to Lagarde's comments in the European Parliament, which may adjust ECB rate expectations.

Before market open:

No reports from global leaders before the market opens.

After market close:

Salesforce (CRM) – USA, enterprise software. Report released after market close: the key metric is revenue growth from cloud-based CRM systems.
Snowflake (SNOW) – USA, cloud data storage solutions. The report will shed light on revenue and subscription dynamics amid demand for data analytics.
Dollar Tree (DLTR) – USA, retail (discount stores). Reported after market close: sales and margin figures will reflect consumer demand status.
Royal Bank of Canada (RY) – Canada, financial sector. The largest Canadian bank's results will indicate the resilience of the banking system.
Inditex ADR (IDEXY) – Spain, retail (Zara). American Depositary Receipt: the report will reflect the state of retail in Europe and Asia.

Economic Events (Moscow time):

03:30 – Australia: GDP Q3 2025.
10:30 – Switzerland: CPI (November). Year-on-year inflation is important for the SNB.
11:55 – Germany: PMI (services and composite, November).
12:00 – Eurozone: PMI (services and composite, November).
12:30 – United Kingdom: PMI (services and composite, November).
12:00 – The Central Bank of Russia will announce parameters for currency operations in December (buying and selling limits).
13:00 – Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 – USA: ADP Nonfarm Employment (November). Comprehensive employment data, precursor to NFP.
16:30 – USA: speech by F. Powell (press conference or Fed appearance).
16:30 – EU: speech by ECB President C. Lagarde at hearings in the European Parliament (economic committee).
17:15 – USA: industrial production (November).
17:30 – Canada: PMI (October).
17:45 – USA: S&P Global Services/Composite PMI (November).
18:00 – USA: ISM Services PMI (November).
18:30 – EU: speech by C. Lagarde (as President of the ESM) at hearings in the European Parliament.
18:30 – USA: weekly EIA oil inventory report (30 min after API).
19:00 – Russia: CPI (November) — year-on-year inflation.

Investor Takeaway: Wednesday carries several signals for global markets. Morning PMI indicators in the UK and Eurozone will confirm the trend of slowing inflation and may support European indices and the euro. However, the main intrigue of the day lies in the earnings reports from Salesforce, Snowflake, and Dollar Tree after American market close: the results from these companies, particularly in the tech and consumer sectors, will set the trading tone on Wall Street. Any deviations from expectations could sharply shift risk appetite. Additionally, comments from ECB President Lagarde at the EU hearings add significance to the day – investors will be looking for clues about the ECB's future policy. Overall, a combination of strong PMI data and positive corporate results would boost market optimism, while weak figures or cautious company forecasts would push participants towards more “defensive” assets.

Thursday, December 4, 2025

On Thursday, investors will focus on several major fronts. Two significant geopolitical events are scheduled for the day – President Putin's visit to India and President Macron's visit to China – which could increase volatility in emerging markets and the currency landscape. Financial markets will also concentrate on major retail earnings reports and central banks: in the morning, the USA will present results from retailers like Kroger (grocery sales) and Ulta Beauty (cosmetics), while in the evening, Dollar General (discount stores) will report. Additionally, preliminary estimates of Brazil's GDP for Q3 will be released. Towards the end of the day, investors will pay attention to weekly unemployment data in the USA.

Before market open:

No major releases before market open.

After market close:

Kroger (KR) – USA, grocery retail. Q3 report: important sales growth of food items and comments on consumer spending.
Dollar General (DG) – USA, discount stores. Financial results will demonstrate the resilience of demand for affordable goods in the economic segment.
Ulta Beauty (ULTA) – USA, cosmetics. The Q3 report will be evaluated based on revenue from premium cosmetics and forecast for the holiday season.
Hewlett Packard Enterprise (HPE) – USA, IT services. Financial release after the close: cloud service metrics and corporate services performance.
TD Bank (TD), BMO (BMO), CIBC (CM) – Canada, banking sector. Canada's largest banks will report before or after trading, their results reflect the state of lending and inflation impact.

Economic Events (Moscow time):

04:30 – China: People's Bank of China decision on key rates (LPR expected to remain unchanged).
15:00 – Brazil: GDP Q3 (preliminary data).
16:30 – USA: Initial claims for unemployment (weekly).
18:00 – Canada: PMI (November).
00:30 (December 5) – USA: API crude oil inventories.

Investor Takeaway: Thursday shapes a blend of corporate and macro factors. Morning reports from Kroger and Dollar General will set the tone for the consumer sector in the USA: strong results will uplift markets, while weak results may indicate inflationary pressures on consumer spending. Central bank announcements – particularly potential easing in China and India – endorse the trend towards soft policy amidst controlled inflation. On the other hand, it is important for investors to "pick the best" sectors: technology and financial companies (Intuit, others) will react to their specific drivers. The Russian stock market on this day is likely to depend on the external backdrop – stable oil prices and signs of declining global inflation may support the MOEX index. Overall, a combination of positive macro (bank easing) and corporate news in the USA creates conditions for moderately bullish sentiments heading into the weekend.

Friday, December 5, 2025

The final day of the week will bring a rich block of global macroeconomic statistics, while corporate activity has nearly concluded. The focus will be on service sector PMIs and the assessment of business sentiment in the USA (Michigan), along with quarterly results from the Eurozone. In the morning, markets will analyze inflation data from Japan and the concluded state visits (India, China). The final PMIs will provide insight into how economies are entering the last quarter of 2025, while the Michigan Consumer Expectations Index will reflect American sentiment. In the evening, the PCE deflator for September and Michigan Sentiment data will be released, which may adjust expectations for the Fed's monetary policy.

Before market open:

Baker Hughes – Rig count (21:00 Moscow time); an important indicator of activity in the oil and gas sector.

After market close:

No major companies are releasing reports on Friday.

Economic Events (Moscow time):

02:30 – Japan: CPI (October).
07:30 – India: Reserve Bank of India rate decision (expected to remain at record-high levels to combat inflation).
13:00 – Eurozone: GDP Q3 (extended estimate).
18:00 – USA: PCE Price Index (personal consumption expenditures, September); Michigan Consumer Sentiment (December, preliminary); inflation expectations for consumers (December, preliminary).
18:30 – USA: Speech by a Fed board member or publication of monetary aggregates (depending on the day's events).

Investor Takeaway: On Friday, markets will digest a comprehensive block of macroeconomic information. The publication of PMIs in the USA, Europe, and the UK will indicate how confidently businesses are entering the final quarter of the year: rising PMIs and improved sentiment would boost optimism and support cyclical sector stocks, while weak data would push investors towards defensive assets. The Michigan indicator will showcase consumer expectation levels – its rise would benefit consumer companies. The final estimate of inflation (especially in Japan) and signals from the Reserve Bank of India (interest rates) complete the picture: slowing inflation worldwide instills confidence in the stability of central banks' monetary policy. Investors should evaluate this data in conjunction with the conclusion of the earnings season: moderate inflation risks and clarification of monetary prospects create conditions for a more predictable environment. However, geopolitical news (NATO foreign ministers' summit) and oil price dynamics at the week's end remain important factors of uncertainty.