Economic Review Week of October 13–17, 2025: Inflation, Reports, and Token Unlocks

Investors for the Week of October 13-17, 2025: Key Events, CPI Data, and Corporate Earnings Reports

Introduction. The upcoming week is rich with economic events and corporate earnings reports that will set the tone for the markets. Investors should pay attention to the start of the earnings season – the U.S. equity market expects S&P 500 earnings to grow by approximately 8.8% year-over-year, particularly in the financial sector, which is anticipated to rise by about 13%. Concurrently, Washington will host the annual meetings of the IMF and the World Bank, where the prospects for the global economy and financial policy will be discussed. On the macro statistics front, key focus will be on inflation data (CPI) in the U.S. and Europe, as well as U.S. labor market indicators (Non-Farm Payrolls and others) – these could influence expectations regarding the Fed and ECB's interest rates. Finally, a separate area of attention includes cryptocurrency events, including significant token unlocks that may impact volatility in digital assets. Below is a detailed day-by-day overview of the week and recommendations for investors on what to focus on.

Monday, October 13

Key macroeconomic events:

• Start of IMF and World Bank Meetings: Washington will kick off the annual IMF/WB forum, during which finance ministers and central bank governors from the G7 and G20 will discuss global risks. On Tuesday, the IMF will present its report "World Economic Outlook" with updated growth forecasts. Topics for discussion will include the consequences of trade disputes, rising public debts, and issues regarding frozen Russian assets.

• Monthly OPEC Report: OPEC will release its October oil market overview with forecasts for production and demand. This report is crucial for the oil market as it may influence Brent prices, which are consolidating at recent highs amid OPEC+ production cuts. Investors will assess whether the cartel maintains a cautious approach or signals any changes to quotas.

• China Statistics: Early in the morning, China will release data on foreign trade for September (exports and imports). These figures provide insights into the state of the world's second-largest economy and global demand for goods. Later in the week, China will also publish its own CPI index for September, allowing an assessment of inflation trends following recent signs of deflation.

• Columbus Day in the U.S.: In the States, it is a partial holiday (Columbus Day) – stock exchanges will be open, but the bond market is closed. This could limit activity in the American market on Monday and result in decreased liquidity in USD trading.

Key corporate earnings reports:

• LVMH (MC) – the largest luxury conglomerate in Europe (fashion houses, alcohol, cosmetics; market capitalization of around €400 billion). The company will report third-quarter revenue (after the Paris market closes). Last week, LVMH signaled negatively, announcing a drop in sales due to weak demand in China. Investors will be looking for signs of recovery in demand for luxury goods in China and the U.S. The results from LVMH will set the tone for the entire luxury sector, which has previously shown slowed sales growth amidst macro uncertainty.

• Other companies: There are no reports from major U.S. corporations on this day as the corporate earnings season is just getting underway. Investors are preparing for a wave of results, beginning on Tuesday with the banking sector. In Russia, the publication of results for the third quarter is still ahead, with most major companies set to release reports closer to late October (for instance, Sberbank plans to publish its results on October 29). Thus, on Monday, market attention will be focused on global news and sentiment.

Tuesday, October 14

Key macroeconomic events:

• U.S. CPI Indices: A key report is scheduled for Tuesday – the Consumer Price Index (CPI) for September in the U.S. at 15:30 MSK. The consensus forecast anticipated a moderate inflation increase of ~0.3% month-over-month. This data could significantly influence expectations for future Fed policy. However, the ongoing government shutdown in the U.S. since October 1 has caused delays in the publication of important economic data. If a decision on the budget is not made by Tuesday, the release of the CPI (as well as PPI and retail sales) may be postponed, increasing uncertainty. Nevertheless, markets will closely monitor any news on inflation – alternative estimates indicate inflation is close to 3% year-over-year.

• Europe – ZEW Index in Germany: At 12:00 MSK, the October ZEW economic sentiment index for Germany will be released. This leading indicator reflects institutional investors' and analysts' expectations for the German economy and the Eurozone. In previous months, the ZEW value has been in negative territory, signaling pessimism amid the risk of recession. If sentiment improves more than forecasts suggest, this may support the euro and European stocks, while weak data will heighten concerns about the EU economy.

• U.K. Labor Market: On Tuesday morning, the U.K. will release labor market data for August – including unemployment rate, employment growth, and average wage growth. These indicators are crucial for the Bank of England: previously, British unemployment has risen, and the labor market has begun to cool. New weak figures could reinforce expectations of a rate cut from the BoE, while a robust labor market would prevent the central bank from hasty decisions.

• IMF Global Economic Forecast: In the afternoon, the IMF will present its updated global economic forecast – the "World Economic Outlook” (WEO) report. A slight adjustment to growth forecasts for 2024-2025 is expected, given the slowdown in Europe and China. Any statements from the IMF about global risks (such as debt burdens or trade conflicts) could influence market sentiment, especially in developing countries.

Key corporate earnings reports:

• Major U.S. Banks: Tuesday marks the kickoff of the corporate earnings season in the U.S. with a powerful block from the financial sector. Reports for Q3 2025 will be issued by four financial giants – JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs. These banks rank among the top 5 banks in the U.S. by assets (with a total market capitalization of around $0.8–0.9 trillion). Investors anticipate strong profit growth thanks to high interest rates and robust consumer demand for loans. According to forecasts, S&P 500 financial sector earnings could rise by ~13% year-over-year. Strong banking results should justify the recent surge in equity indices to record levels, while weak reports could trigger sell-offs in financial stocks. Particular attention will be paid to management comments regarding the quality of the loan portfolio (defaults) and plans for dividends/buybacks.

• BlackRock (BLK) – the world’s largest asset management company (with about $9 trillion under management, market capitalization ~ $100 billion). BlackRock's Q3 report will show how inflows/outflows into investment funds have changed amid market volatility. Typically, high fees during market upswings support BLK's profit, but potential outflows of capital from equities into bonds could affect performance. Investors will also be watching comments regarding the ETF market outlook and sentiment among institutional clients.

• Johnson & Johnson (JNJ) – a diversified healthcare giant in the Dow Jones index (pharmaceuticals, medical devices, consumer goods; capitalization ~$430 billion). J&J is traditionally considered a "safe haven" in the market. In Q3, stable sales growth is expected in the medical technology segment and new medications, despite pressure from generic competitors. The updated annual forecast and comments on the separation of the consumer goods business (brand Kenvue) are of particular interest. Strong results from JNJ could bolster the entire U.S. pharmaceutical sector.

• Albertsons Companies (ACI) – a large American retailer (supermarket chain; capitalization ~$12 billion). The company will release financial results (before U.S. market opens). The retail sector is under the influence of consumer inflation: investors will assess comparable sales and Albertsons’ margin trends. ACI's indicators will provide insight into consumer demand in the U.S. – particularly interesting are trends in food inflation and the impact of rising costs (wages, logistics). A successful report from the retailer could positively reflect on stocks across the entire food sector, while weak numbers would amplify concerns about slowing consumption.

Wednesday, October 15

Key macroeconomic events:

• Inflation in China (CPI): In the early hours of Wednesday (around 04:30 MSK), China will publish consumer inflation and producer price index data for September. Previous months have shown extremely low inflation in China, bordering on deflation. If China's CPI again comes in around 0% or below, it will confirm the weakness of domestic demand and enhance expectations for stimulus measures from the government (monetary and fiscal). On the other hand, signs of a revival in inflation (for example, CPI growth >1%) could indicate an improvement in economic activity in China, which would support commodity markets and currencies of emerging markets.

• Eurozone Industry: In the afternoon, data on industrial production in the Eurozone for August will be released. A slight decrease in output is expected due to expensive energy and weak external demand. For markets, these figures are important in the context of discussions regarding a recession in Europe. If production declines more than forecasts suggest, it will increase pressure on the ECB to refrain from further tightening measures. A softer decline or growth would be an unexpectedly positive signal for European equities. Additionally, final inflation figures for September in France and Spain will confirm the overall picture of declining price pressure in major Eurozone economies.

• U.S. Producer Price Index (PPI): Scheduled for Wednesday is the release of the producer price index for September in the U.S. Forecasts indicate a PPI increase of around +0.3% month-over-month after an unexpected decline of 0.1% in August. However, similar to the CPI, there is a risk that the release of these data may be delayed due to the shutdown. In the absence of official figures, markets may rely on estimates from private agencies. A slowdown in wholesale inflation would add to the case for a pause or even a rate cut by the Fed in the coming months. A high PPI, however, would raise concerns that inflation is firmly maintaining elevated levels.

• Regional Fed Indices: On Wednesday, the New York Federal Reserve’s Empire State Index for October will be released. The forecast suggests slight improvement after last month’s decline. This survey of manufacturing companies serves as an early barometer of the U.S. economy at the start of Q4. Investors will compare it with the similar Philadelphia Fed index (released the following day) – together, they will provide insight into whether a new decline in U.S. industrial activity is underway due to high rates and a strong dollar.

Key corporate earnings reports:

• Bank of America (BAC) and Morgan Stanley (MS) – the series of financial sector reports in the U.S. continues. BofA (the second-largest bank in America, ~$250 billion in capitalization) will present results focusing on net interest income from lending and deposit dynamics. High rates should support its interest margin, but the volume of new loan issuance and reserves for possible losses will be crucial. Morgan Stanley, oriented towards investment banking and brokerage services (capitalization ~$150 billion), will report on its success in trading and wealth management services. Earlier in Q3, markets experienced volatility, which could have led to growth in MS’s trading revenues. However, the investment banking segment (IPOs, mergers) remained sluggish – investors will look to see if any deal activities have revived. Overall, strong reports from BAC and MS will confirm the trend set by JPMorgan and others, while unexpectedly weak results could partially temper optimism regarding the banking sector.

• ASML Holding (ASML) – one of the key reports of the week in the technology sector. The Dutch company ASML is the global leader in manufacturing chip-making equipment (EUV lithography scanners), with a market capitalization of around €250 billion. Its Q3 results serve as a barometer for the entire semiconductor market. Double-digit revenue growth is anticipated for ASML amid high demand for equipment for producing next-generation chips, particularly given the boom in investments in AI data centers. Investors will pay particular attention to the volume of new orders (backlog) – in Q2, ASML noted a slowdown in orders due to oversupply in memory chips. If the company's bookings decline again, it may signal more cautious spending by chip makers in 2024. Management's comments regarding export restrictions to China will also be crucial: tightening U.S. sanctions could impact sales in China, one of the company’s key markets. Overall, ASML's report could significantly affect the valuations of technology stocks in Europe and the U.S., particularly semiconductor equipment manufacturers (Applied Materials, Lam Research, etc.).

• Abbott Laboratories (ABT) – a large American medical and pharmaceutical company (capitalization ~$170 billion), whose results will provide additional insight into the healthcare sector. Moderate growth in sales of diagnostic equipment and medical devices is expected for Abbott; however, investors are concerned about decreased demand for COVID tests (which previously generated significant revenue). The company may also update its annual forecast given fluctuations in exchange rates and cost inflation. While less prominent, a successful report from Abbott would support positive sentiment in the medtech sector following J&J's report.

• United Airlines (UAL) – one of the largest airlines in the U.S. UAL's Q3 report will be released after the market closes and will complement the picture in the air transport sector. Earlier, Delta Air Lines reported better than expected earnings, reaffirming its profit forecast and noting robust demand for premium services. At United, investors will examine whether it was able to maintain high flight load factors and increase revenue per seat mile. Comments on ticket pricing trends will also be important: demand usually decreases in the fall, and if airlines manage to keep rates, it would be a good sign. The anticipated rise in jet fuel prices due to high oil costs is another factor: investors will assess how it impacts UAL's margins. Overall, strong results from United Airlines will confirm that travel and business demand remain high, which is positive for the travel industry.

Thursday, October 16

Key macroeconomic events:

• U.S. Retail Sales: At 15:30 MSK, data on U.S. retail sales for September is expected. Moderate forecasts anticipate an increase of around +0.2…0.3% month-over-month, a slowdown following strong August figures. However, due to the shutdown, the publication of this report is also in question. If the data is released, markets will receive an important signal regarding consumer activity at the end of the quarter. Sustained sales growth will confirm that the U.S. economy remains afloat thanks to household spending. Specifically, automobile sales and housing sales may be impacted by high rates – investors will assess their trends. If the release is postponed, focus will shift to corporate reports from retailers and alternative indicators.

• Initial Jobless Claims (U.S.): Weekly claims data are expected to continue indicating a strong labor market. Previous reports showed around ~220,000 new claims per week – a historically low level suggesting no mass layoffs are occurring. If the number of new claims rises significantly above 250,000, it may signal the onset of labor market weakening. However, the consensus still expects a range of 220–230,000, which would support perceptions of low unemployment. This indicator is particularly crucial given the delay in official monthly data: due to the shutdown, the September Non-Farm Payrolls report was not published on time, and weekly claims have temporarily become the primary benchmark for the U.S. labor market situation.

• Philadelphia Fed Manufacturing Index: A regional manufacturing survey from Philadelphia for October will be released on Thursday. The forecast is close to zero, indicating stagnation. In September, the indicator unexpectedly plunged, reflecting a decline in orders. If the index rebounds into positive territory in October, it would alleviate recessionary fears in the manufacturing sector. Together with the Empire State Index (Wednesday), this data will provide insights into how high rates and weakening global demand are impacting manufacturing.

• U.K. GDP for August: On Thursday morning, the U.K. will publish an estimate of monthly GDP for August, along with data on industry, construction, and services. July showed zero economic growth; hence, August figures are interesting for possible declines. The Bank of England is closely monitoring this data ahead of the autumn budget. If GDP falls into negative territory, it is likely to increase pressure on the government and BoE to stimulate the economy. The British pound could weaken in response to weak statistics.

• Eurozone Trade Balance: In the afternoon, data on the Eurozone's trade balance for August will be released. A surplus is expected, as energy import prices have stabilized relatively, and the export of goods from the EU remains at a decent level. A significant deviation from the forecast may temporarily impact the euro exchange rate: an increasing surplus would support the currency, while an unexpected decline (for example, due to falling exports to China) would weaken it.

Key corporate earnings reports:

• Taiwan Semiconductor (TSMC) – one of the key reports of the week in the high-tech sector of Asia. TSMC is the largest contract chip manufacturer in the world (capitalization around $500 billion), servicing companies such as Apple, NVIDIA, and AMD. TSMC's Q3 results are expected to be mixed: on one hand, demand for AI and data center chips is booming; on the other, global sales of smartphones and PCs remain weak. Investors will be looking for signs of recovery in consumer electronics in the report and comments on the utilization of new production capacities for the 3nm process. A crucial point is TSMC's forecast for Q4 and 2026: if the company expresses caution, citing inventory saturation or geopolitical risks, semiconductor stocks may face downward pressure. A positive forecast (for example, due to demand for AI chips) will support the entire technology sector. Additionally, TSMC typically announces quarterly dividends – an increase would signal management's confidence in the future.

• American Finances (Continued): On Thursday, reports will be released by US Bancorp (USB) – one of the largest regional banks in the U.S. (assets concentrated in the Midwest), and Charles Schwab (SCHW) – a leading brokerage and ETF provider. USB will report data on retail and corporate lending in regional areas; investors are especially interested in how rising rates are impacting mortgage lending and small business demand. Schwab, on its part, will provide information on the inflow of funds to brokerage accounts and trading commission income. The company previously warned of profit declines due to client migrations to higher-yield cash funds (the so-called cash sorting effect). If the outflow of funds from SCHW accounts has slowed, it would be a positive indicator. Reports from USB and SCHW will provide a more comprehensive slice of the financial sector: from traditional banking to investment services.

• American Airlines (AAL) – a major U.S. airline, the report of which (before market opens) will complement the picture following United. Focus will be on AAL's flight load factors during the summer season and guidance for the busy fourth quarter. The airline may have faced increased fuel costs, so analysts will be interested in how well these expenses have been translated into rates. AAL may also comment on the labor situation regarding pilots and staff (the sector has previously faced labor shortages). If American Airlines' results and outlook are positive, it will confirm the trend of resilient recovery in the airline sector.

• Netflix (NFLX) – for reference: on Thursday after market close, Netflix (market capitalization ~$180 billion) – the largest streaming service – is expected to report. Although the company was not specifically requested in the brief, its results are potentially significant for the tech sector and investor sentiment (earnings of FAANG companies). Netflix is likely to report an increase in subscribers owing to its recently launched cheaper ad-supported plan, as well as progress in monetization (combating password sharing). A strong report from Netflix could enhance risk appetite in the markets by the end of the week, while disappointment may amplify volatility in the tech sector. Investors in the CIS markets might want to keep an eye on this report as a barometer of global investment sentiment.
  (Note: Netflix is mentioned for completeness regarding the IT sector; the main focus of the article is on previously mentioned events.)

Friday, October 17

Key macroeconomic events:

• U.S. Housing Market: At 15:30 MSK, a block of statistics on the American housing market for September – building permits and housing starts – will be released. A slight decline in these indicators is expected following a surge in the previous month. High mortgage rates (over 7% annual for 30-year loans) are cooling the real estate market. If the data shows a sharp drop in construction activity, it will serve as an additional sign of economic slowdown. However, a moderate decline or stability would indicate that the housing sector has adapted to the new conditions. For the bond market, a weak report could mean less inflationary pressure, supporting Treasury prices.

• Industrial Production and Capacity Utilization (U.S.): The Federal Reserve will publish the industrial production index for September and the level of manufacturing capacity utilization at 16:15 MSK. These data are collected by the Fed itself and generally are not dependent on budget financing, so they are expected to be released on schedule. Industrial output may have slightly declined after summer growth – partially due to the auto industry strike (walkout at the Big Three U.S. automakers' plants at the end of September). Capacity utilization is expected to be around 79% (slightly below the long-term average of ~80%). These indicators will be the main macro guide for the week for the U.S. in the absence of the CPI/PPI. If industry shows resilience, this will support the dollar and serve as an argument for a “soft landing” of the economy. A sharp drop in industrial production, on the contrary, would heighten discussions about recession.

• U.S. Labor Market – Summary: The week ends without the traditional Non-Farm Payrolls report (its publication has been postponed due to the shutdown); however, investors will summarize the available data: the number of new jobless claims remains low (~220,000), the unemployment rate is close to 4%, and alternative estimates (for instance, from the Chicago Federal Reserve) indicate that unemployment remains around 4.3%. This suggests that the labor market is still relatively tight. Nevertheless, the lack of official fresh NFP data adds uncertainty – markets are eagerly awaiting the government's resumption and statistical offices to catch up on publishing important employment indicators.

• Inflation in the Eurozone: At 12:00 MSK, final data on the Eurozone consumer price index (CPI) for September will be released. Preliminary estimates indicate that year-over-year inflation in the monetary union accelerated to 2.2% from 2.0% in August, which is slightly above the ECB's target (2%). Core inflation (excluding food and energy) is estimated at around 2.3%. Confirmation of these figures will indicate persistent inflationary pressure, though the pace has significantly decreased from the beginning of the year. For the ECB, this situation is a dilemma: on one hand, inflation is nearly defeated, on the other – its slight acceleration may require keeping rates high for longer. The market's reaction to the final Eurozone CPI will be muted if it aligns with expectations. But any surprises (for example, a revision above 2.3% or below 2%) could influence the euro and European bonds, as investors reassess expectations regarding ECB policy. Moreover, on this day, inflation data from individual countries (e.g., Italy) will also be released – they are unlikely to alter the overall picture.

Key corporate earnings reports:

• American Express (AXP) – concluding the week, the report from one of the largest players in the financial sector, specializing in credit cards and payments will be released. American Express (capitalization ~$120 billion) provides a unique view on premium-segment consumer spending, as its clientele comprises businesses and affluent individuals. Transaction volume on AmEx cards is expected to grow in Q3, particularly in the travel and entertainment segments where the company historically excels. However, investors will be attentive to delinquency rates and provisions: in a high-rate environment, some cardholders may face payment difficulties. If AmEx reports healthy profit growth and controlled defaults, it will serve as an encouraging signal regarding the state of the American consumer. Conversely, a weak report (e.g., increased loss provisions) may alarm the market and hurt shares of financial companies focused on retail credit.

• SLB (formerly Schlumberger) – the world's leading oilfield services company (services for oil and gas extraction, capitalization ~$70 billion). SLB's Q3 results are important for assessing activity in the energy sector. Amid high oil prices, many oil and gas companies have increased investments in drilling new wells – this should positively impact demand for Schlumberger's services. Investors will evaluate growth geography: likely, the primary revenue increase came from North America (shale producers ramping up drilling). The company may have also benefited from increased rates for its services due to equipment shortages. If SLB reports double-digit sales and profit growth, it will confirm the resilience of the oil industry under current price conditions. Market attention will also be on management's statements: projections regarding clients' (oil companies) capital expenditures for 2026 will be a valuable reference. A strong SLB report will support stocks in the oilfield services and oil and gas sectors, while unexpected issues (such as project delays or sanctions in certain regions) could create tensions.

Cryptocurrency Events: Major Token Unlockings

In the segment of digital assets, several significant token unlocks are scheduled for the week of October 11-17 – events when a large batch of previously locked coins is released into circulation. Such events can create increased supply and volatility in the market for specific cryptocurrencies. Below are the largest unlocks of the week along with dates, volumes, and shares of the project's total capitalization:

• October 12 – Aethir (ATH): $53.23 million in tokens unlocked (≈10.4% of market capitalization). Aethir is a decentralized cloud infrastructure project; such a large unlock increases the supply of ATH tokens, which may temporarily put downward pressure on price.

• October 12 – Aptos (APT): Unlock of $40.68 million (≈1.6% of capitalization). Aptos is a well-known L1 blockchain; this unlock is related to the planned issuance of tokens for investors and developers. Although the share is relatively small, $40+ million is a significant volume that the market needs to absorb.

• October 15 – StarkNet (STRK): Unlocking tokens worth $14.46 million (≈3.0% of capitalization). StarkNet is a layer-two solution on Ethereum, and this token unlock (likely for team/investors) represents a notable portion of the project's current value.

• October 16 – Arbitrum (ARB): Releasing tokens worth $27.82 million (≈1.7% of capitalization). Arbitrum is a popular L2 rollup for Ethereum and this unlock is part of another stage of releases for investors. The appearance of nearly $28 million in new ARB may create short-term pressure on the price, although the share is moderate compared to the overall volume.

• October 17 – Aster (ASTER): The largest unlock of the week – tokens worth $141.60 million (≈7.1% of capitalization) are hitting the market. Aster is a blockchain platform (possibly related to the Polkadot ecosystem); such a massive unlock (over $140 million) is particularly important. Investors will monitor whether this results in a sharp drop in the ASTER token price. If the market does not show significant declines, it will strengthen confidence that much of the volume has already been factored into the price.

In addition to the ones listed, there will be other unlocks during the week (Pump.fun, Kernel, deBridge, ApeCoin, etc.), but their volumes are smaller. Nevertheless, the total volume of tokens entering the market during these days exceeds $500 million, making mid-October a notable period for the crypto market. Cryptocurrency investors should closely monitor these events, as they may lead to short-term price declines for the corresponding tokens. Often, in the days leading up to an unlock, the token price decreases in anticipation of the new supply, and then may partially recover.

Weekly Summary and Investor Recommendations

The week of October 13-17, 2025, promises to be eventful and volatile. In the equity markets, attention is focused on the first reports of the season: the financial results of banks have set a positive tone, which should be supported by technology leaders (ASML, TSMC) and consumer companies. If corporate earnings in the U.S. generally meet profit growth expectations, this will drive further recovery of indices, especially following the recent correction. However, investors should be prepared for unpleasant surprises – any significant disappointment (such as weak forecasts from major banks or issues in the chip market) could trigger sell-offs in specific sectors. Therefore, it is recommended to maintain a diversified portfolio and use safe assets (gold, defensive stocks) to hedge risks.

On the macroeconomic front, the main benchmarks are inflation and central bank policy. If CPI/PPI data from the U.S. (whether delayed or not) indicates easing price pressure, it could lead to a bond rally and growth in growth stocks in anticipation of more accommodative Fed policy. Conversely, rigid inflation numbers would remind markets of the possibility of further monetary tightening. In Europe, stable inflation around 2% in the face of a weak economy heightens expectations that the ECB will pause rate hikes. The U.S. labor market continues to show resilience, but here, it’s important for investors not to become complacent: volatility may arise towards the end of the year if the accumulated effect of high rates starts to impact employment. In conditions where official data is intermittently released, it’s advisable to rely on indirect indicators (surveys, high-frequency statistics) and statements from Fed officials.

Finally, mid-October in the cryptocurrency market is marked by significant technical events (token unlocks). Historically, such events have caused short-term declines; therefore, speculative investors should be particularly cautious when opening positions in tokens facing increased supply. Simultaneously, sharp price drops amidst an unlock may be viewed by long-term investors as an entry opportunity if the fundamental prospects of the project remain unchanged.

Recommendations for the upcoming week: Investors in the new weekly segment (starting from October 20) should continue to monitor the earnings season closely – key U.S. technology giants and major European companies will soon be reporting, which will influence market sentiment moving forward. It would be prudent to lock in profits on those assets that have shown significant increases on expectations of favorable results, and to hedge against possible negative surprises (e.g., via stop orders or options). Macro conditions require a selective approach: on one hand, easing inflation and a central bank pause are favorable for risk assets; on the other, geopolitical risks and a potential "lagging" response of the economy to previous tightening measures could return volatility at any moment. In such an environment, it is wise to adhere to a balanced strategy – combining investments in growth sectors (technology, consumer goods) with a portion of defensive instruments (gold mining companies, short-duration bonds).

Ultimately, after navigating through the storm of reports and data this week, investors will gain a clearer picture of the state of the global economy and corporate sectors. This will allow for strategy adjustments by the end of the month. The main advice is to maintain flexibility and discipline: respond to new data without panic, identify key trends (economic slowdown or acceleration, changes in Fed/ECB policy), and gradually position the portfolio accordingly. The upcoming week presents both risks and opportunities – effectively utilizing them will help investors navigate successfully through it and lay the groundwork for profitable decisions in the future.