Key Economic Events and Corporate Reports for Friday, January 16, 2026: US Industrial Production, Inflation in Russia, Baker Hughes Oil and Gas Data, Earnings Reports from Major Public Companies. An Overview for Investors.
Friday concludes a busy macroeconomic week. American stock indices are hitting new highs, European markets are striving for growth, and Asian trading is proceeding calmly after holiday breaks. Investors are focused on key economic reports. This evening, data on US industrial production for December will be released, which experts will use to assess economic dynamics and inflation risks. At 19:00 MSK, the Central Bank of Russia will publish consumer inflation data for December. The energy sector will receive signals from the weekly Baker Hughes report on the number of active drilling rigs. Major companies are preparing to release their financial results, with several large banks reporting this week in the US.
Macroeconomic Calendar (MSK)
- 10:00 — Germany: Final consumer price index (CPI) data for December (month-on-month).
- 16:15 — Canada: Number of building permits for new homes in December.
- 17:15 — USA: Industrial production data for December and the capacity utilization rate.
- 19:00 — Russia: Consumer price index (CPI) for December (year-on-year).
- 20:00 — USA: Weekly Baker Hughes report on the number of active drilling rigs (oil & gas).
US Industrial Production
The industrial production index reflects the activity of the manufacturing sector and is an essential indicator of the economy's health. Sharp fluctuations can influence expectations regarding the Federal Reserve's monetary policy. If industrial production shows acceleration, it could heighten the risk of further rate hikes. Conversely, a weak result may strengthen the case for a more accommodative stance. Investors should pay attention to the disparity between declining industrial output and the state of the services sector, as this signals the overall trend in the US economy. Additionally, capacity utilization data will provide insights into excess or shortages of production resources.
Consumer Inflation in Russia
CPI data for Russia is traditionally viewed through the lens of the Central Bank's rate decisions. In December, inflation may show a decline following the holiday shopping season but could still remain at double-digit levels. If the annual price growth exceeds forecasts, it will exert pressure on the ruble and slow the pace of monetary easing. Investors should monitor the divergence between core and overall inflation figures, as well as trends in food and service prices. These figures will significantly determine the trajectory of the Central Bank's interest rate in the coming months.
Oil and Gas Sector: Baker Hughes Report
The weekly Baker Hughes report on the number of active drilling rigs serves as an indirect indicator of future oil supply. A decrease in the number of rigs in the US suggests a potential decline in production, supporting oil prices. Conversely, increased drilling activity may raise concerns about market oversupply. Investors will closely watch the rig counts in the US and the Permian region, as well as the overall dynamics of international energy demand. Changes in the rig count are often accompanied by fluctuations in Brent and WTI prices.
Corporate Reports from the US
- PNC Financial (PNC): A major regional bank (Pennsylvania). Reports fourth quarter results for 2025, with key focus on net interest margin growth and credit portfolio quality amid rising rates.
- Regions Financial (RF): One of the leading southern banks in the US (Alabama). The report will showcase the macroeconomic impact on deposit rates and lending volumes in the regional economy.
- State Street (STT): A large provider of custody services and asset management (based in Boston). Results will reflect the state of global equity markets and the volume of inflows into investment funds.
- M&T Bank (MTB): A regional bank (New York) focusing on private and corporate clients. The dynamics of net interest income and reserves for loan defaults will be important.
Corporate Reports from Europe and Asia
In Frankfurt and London on January 16, no significant financial releases from major companies are scheduled. Analysts expect the European earnings season to begin later in January, primarily from banks and manufacturers. In Asia, the week ends with a smooth recovery of liquidity following governmental holidays: markets in Japan and China are open on Friday, but there are no major announcements from the Nikkei 225 or Shanghai Composite components. The upcoming week may bring the first reports from Asian giants; however, today global investors are focused on the US banking sector.
Operational Results from Russian Companies
- Aeroflot (AFLT): The national airline has published operational data for December. Last month, international traffic increased (~+9% year-on-year in passenger turnover), while the domestic market decreased (~-3%). For 2025, the group's passenger flow amounted to approximately 55.3 million people, nearly on par with the previous year. This indicates a recovery in international routes amid moderate domestic demand.
- Major Russian exchange-listed issuers (in the oil, gas, and financial sectors) will not provide reports on January 16. Reports from Sberbank, Gazprom, and other leaders on the MOEX are expected by the end of January or February. Currently, the dynamics of ruble-denominated assets are influenced by external factors (oil prices, dollar).
Investor Insights
- Inflation and Interest Rate Relationship. US data on industrial production will provide additional signals regarding the Fed's trajectory: accelerated production growth may tighten monetary policy, while weak data may create the conditions for a more accommodative stance.
- Russian CPI and the Ruble. If annual inflation growth in Russia exceeds expectations, it could weaken the ruble and require delays in reducing the key interest rate. The national currency reacts to New Year and seasonal price effects.
- Oil and Commodities. The Baker Hughes report may recalibrate expectations regarding oil supply. A stabilization in the rig count suggests a contraction in production, which may support Brent prices in the foreseeable future. Investors should track WTI dynamics and commodity trends.
- Corporate Sector. The performance outcomes of US banks (PNC, RF, STT, MTB) will set the tone for the financial sector. Strong reports may boost banking stocks, while issues may trigger sell-offs. Attention should be paid to credit portfolios and interest margins.
