Overview of key events for the week of October 27-31, 2025: Fed and ECB meetings, reports from Apple, Amazon, Microsoft, inflation, GDP, PMI, and markets

Comprehensive Overview of Key Events for the Upcoming Week October 27–31, 2023: Reports from Major IT Companies (Apple, Microsoft, Amazon, Meta), Key Central Bank Meetings (Federal Reserve and ECB), and the Release of GDP Data from the U.S. and Eurozone.

Monday, October 27 – Ifo in Germany and U.S.-China Trade Talks

The new week will start relatively quietly, as several markets in Asia and the CIS (New Zealand, Kazakhstan) will be closed on Monday due to holidays. The focus will shift to trade negotiations between the U.S. and China at the ministerial level, as well as the initial important economic indicators from Europe and the U.S. In the morning, the ASEAN summit will continue (Day 2) in Malaysia, debating regional trade and cooperation. Key events for Monday include:

Geopolitics: U.S.-China trade negotiations will take place on the sidelines of the ASEAN summit, aimed at diffusing tensions between the two economies. Additionally, a bilateral meeting is expected between U.S. President Donald Trump and the new Prime Minister of Japan, focusing on trade and economic ties and security in the Asia-Pacific region.
Central Banks: The head of the Reserve Bank of Australia will deliver a speech (11:15 MSK). Investors will be monitoring his comments regarding inflation and monetary policy in Australia.
European Data: The Ifo Business Climate Index in Germany (October) will be released at 12:00 MSK. This indicator will reflect the sentiment in German businesses and may influence euro and European stock prices, considering Germany's role as the locomotive of the Eurozone economy.
U.S. Statistics: At 15:30 MSK, data on durable goods orders for September will be released – an important indicator of investment activity in the industrial sector. Following this, at 17:00 MSK, new home sales in the U.S. for September will be published, reflecting the health of the real estate market, and at 17:30 MSK, the Dallas Fed Manufacturing Index for October, which characterizes business activity in the region.
Russian Retail: X5 Retail Group (Russia), one of the largest retailers in the RF (brands "Pyatyorochka," "Perekrestok"), will publish its financial results for the first nine months of 2025 (IFRS). The report will demonstrate revenue dynamics in the food segment and the impact of inflation on consumer demand.
U.S. Industrial Sector: Waste Management (U.S.), a leading waste recycling and disposal company, will report for Q3. Its results will signal the level of business activity and infrastructure investment. Additionally, Nucor (U.S.), the largest steel producer in the U.S., will report its earnings. Investors will assess whether high steel prices and construction demand support the company's profitability.
High Technology and Chips: NXP Semiconductors (U.S.), a major manufacturer of semiconductors (especially for the automotive industry), will report its quarterly results amid global demand for chips for automobiles and industries. Cadence Design Systems (U.S.), a developer of software for chip design, will also release its reports, reflecting trends in the semiconductor industry and R&D spending by clients.

Thus, Monday's combination of diplomatic activities at the ASEAN summit and the first quarterly reports will set the tone for the week ahead. Investors will be keenly observing whether the business climate in Germany improves and if American statistical data confirms the resilience of the U.S. economy. The initial corporate results (especially in the industrial and technological sectors) will provide signals regarding business sentiment ahead of the upcoming reports in the following days.

Tuesday, October 28 – Bank Reports (Sberbank, HSBC) and Consumer Confidence

On Tuesday, the informational backdrop will intensify. The 3rd day of the ASEAN summit continues, where global leaders discuss economic integration, while markets are anticipating important data on consumer sentiment. European exchanges will react to the morning reports from major companies, and the U.S. market prepares for several significant quarterly results post-close. Key events of the day include:

Consumer Sentiment in Europe: Early in the morning, Germany will publish the GfK Consumer Confidence Index for November (10:00 MSK). A slight change in the indicator is expected, reflecting the sentiments of German households ahead of the holiday spending season.
U.S. Housing Market: At 16:00 MSK, the S&P/Case-Shiller Home Price Index for August will be released, evaluating price dynamics for real estate in major U.S. cities. Trends in the housing market will indicate the impact of rising mortgage rates on housing costs.
Confidence in the U.S. Economy: At 17:00 MSK, two indicators will characterize sentiments in the U.S. economy. The Conference Board Consumer Confidence Index (October) will reflect households' confidence in the economic situation and labor market. Simultaneously, the Richmond Fed Manufacturing Index (October) will show the state of industry in the Mid-Atlantic U.S. These metrics are crucial for assessing consumer spending expectations and the manufacturing sector at the beginning of Q4.
Commodity Markets: At 23:30 MSK, the American Petroleum Institute (API) will release weekly data on U.S. oil inventories. Sharp changes in inventory levels may influence oil prices, which is vital for the commodities market and the currencies of exporting countries.
Russian Banking Sector: Sberbank and VTB – the two largest banks in Russia – will present their financial results. Sberbank will release its IFRS report for the first nine months of 2025, while VTB will report for Q3 2025. Investors will analyze profit dynamics, interest income, and lending volumes, assessing the condition of the RF banking system amid changes to the key rate and the economic situation.
Global Banking Sector: One of the largest international banks, HSBC (UK) will report its profits for Q3. Being a global lender with significant presence in Asia, HSBC will provide insights into the health of the banking sectors in Europe and Asia, including trends in interest margins and forecasting for potential losses.
Digital Payments: Companies from the fintech sector are releasing quarterly reports. PayPal (U.S.), one of the leaders in online payments, will report amid competition in the fintech industry and the development of digital wallet services. Visa (U.S.), the world's largest payment system, will also present results – investors expect an increase in transaction volumes due to the recovery of travel and consumption, alongside management’s commentary on future plans amid the growth of digital payments.
Transport and Logistics: UPS (U.S.), the global leader in express delivery, will report its Q3 results. UPS data is traditionally seen as a barometer of global trade: shipping volumes and the company's forecasts will signal the condition of global supply chains and demand from businesses and online retailers.
Healthcare: UnitedHealth Group (U.S.), the largest medical insurance company in the U.S., will report for the quarter. Investors will assess the growth in insured numbers, medical expenses, and management forecasts considering changes in the healthcare system and drug prices.

Tuesday will be a day of significant confidence indicators: morning data from Germany and evening data from the U.S. will show how confident consumers and businesses are in the economic situation. Against this backdrop, investors in Russia will scrutinize the results from Sberbank and VTB to evaluate the financial health of key banks. Global players will be awaiting reports from Visa, PayPal, UPS, and HSBC, which will set the tone for their respective sectors and may influence market sentiment midweek.

Wednesday, October 29 – Fed Decision and Big Tech Reports (Microsoft, Alphabet, Meta)

On Wednesday, market attention will be focused on the meeting of the Federal Reserve System – investors are awaiting the decision on the rate and signals about future policy. In addition to the Fed, Wednesday is packed with other events: important inflation indicators, a Bank of Canada meeting, and major corporate reports from tech giants. Trading in Hong Kong and Turkey will once again be suspended (holiday), but global activity will remain high. Key events for Wednesday include:

Inflation in Asia: Early in the morning (03:30 MSK), Australia’s consumer price index (CPI) for Q3 2025 will be released. Inflation data in Australia can influence the Australian dollar exchange rate and expectations regarding future decisions by the RBA, setting the tone for the Asian session.
Monetary Policy in Russia: The Chairman of the Bank of Russia, Elvira Nabiullina, will address the Federation Council, providing an assessment of the economic situation and may outline the regulator's position on interest rates and inflation. On the same day, Rosstat will publish fresh data on consumer inflation in Russia. These events are crucial for understanding the direction of Russian monetary policy and the stability of the ruble.
Statistics in the U.S.: At 15:30 MSK, the preliminary trade balance for the U.S. in September will be released – an indicator of foreign trade reflecting the export-import ratio. At 17:00 MSK, data on pending home sales in the U.S. for September will be published, showing activity in the housing market. Although these metrics are less critical than the upcoming Fed decision, they will complement the overall picture of the U.S. economy at the end of Q3.
Bank of Canada Decision: At 16:45 MSK, the Bank of Canada will hold a meeting, and a decision on interest rates is expected. The Canadian regulator will evaluate its policy based on recent inflation and GDP data. During the press conference (17:30 MSK), the head of the Bank of Canada will share forecasts for the economy – this will influence the Canadian dollar and market sentiment for commodities, given Canada's prominence as an oil producer.
Energy Markets: At 17:30 MSK, the U.S. Energy Information Administration (EIA) will publish data on oil and petroleum product inventories. These weekly figures may cause fluctuations in oil prices, especially considering the dynamic between supply and demand ahead of the winter season.
Fed – Decision of the Day: The culmination of the day will be the announcement of the results of the Federal Reserve’s meeting at 21:00 MSK. The Federal Open Market Committee will announce its decision on rates (most investors expect the rate to remain unchanged, but are closely monitoring the wording). At 21:30 MSK, Jerome Powell's press conference will begin. His comments on inflation, the labor market, and future steps by the Fed will set the direction for markets – from currencies and bonds to stocks, particularly those sensitive to rates.
European Auto Industry and Banks: On Wednesday, major European companies will report. Volkswagen (Germany), one of the leading automobile manufacturers globally, will release Q3 results – investors will look for data on electric vehicle sales and the state of key markets in Europe and China. Deutsche Bank (Germany), the country’s largest bank, will also present its figures – its profit and reserves results will signal the health of the European banking sector and the impact of ECB rate hikes on the financial industry.
Aerospace and Industrial Sector: Boeing (U.S.), a leading global aircraft manufacturer, will report amid recovering air travel. Investors are interested in the volume of new aircraft orders and the situation with supply chains. Caterpillar (U.S.), an industrial giant and a barometer of global machinery, will present its quarterly results – special attention will be paid to demand for construction and mining equipment as a barometer for investment trends in infrastructure and commodities.
Telecom and Consumer Sector: Verizon (U.S.), one of the largest telecommunications operators in the U.S., will present its financial results. Growth in 5G service and mobile subscriber churn will be analyzed to evaluate competitive dynamics in the communications market. Starbucks (U.S.), a global coffeehouse chain, will also report: its sales and customer traffic worldwide will reflect trends in consumer spending and recovery in China – its second most important market.
Tech Giants: The focus will be on the reports of three companies from the "Big Tech" category. Microsoft (U.S.) will disclose its quarterly figures: sustained growth in the Azure cloud segment and comments on AI service implementation will be expected to impact expenses. Alphabet (U.S.), the parent company of Google, will share results, with a key focus on growth in advertising revenue on Google and YouTube platforms, as well as successes in its cloud division. Meta (U.S.), the parent company of Facebook, Instagram, and WhatsApp, will report audience and revenue growth; investors are interested in the monetization of Reels, developments in virtual reality businesses, and cost management.

Wednesday promises to be one of the busiest days: the Fed’s decision and the reports of major tech companies may lead to increased volatility. Leading up to the Fed's announcement, markets will likely remain cautious, reacting to data from Canada and Australia. However, in the evening, investor focus will shift to Jerome Powell’s statements – any hints at changes in monetary policy will resonate across all assets. Furthermore, financial reports from Microsoft, Alphabet, and Meta will shape the direction of the tech sector: positive surprises may bolster market optimism, while disappointing results will enhance fears regarding growth estimates. In Europe, attention will be on Volkswagen and Deutsche Bank, whose reports will contribute to the overall picture of the real sector and finance in the region.

Thursday, October 30 – ECB Meeting, U.S. GDP, and Reports from Apple and Amazon

Thursday could become a defining day of the week: several major economies will publish GDP estimates for Q3, the European Central Bank will hold a meeting, and in the evening, investors await reports from Apple and Amazon. The geopolitical agenda remains in the spotlight as well – a meeting between U.S. and Chinese leaders is scheduled for this day. All these events promise to significantly affect investor sentiment. Key themes for Thursday include:

U.S.-China Leaders Summit: U.S. President Donald Trump will meet with China's President Xi Jinping. This high-level bilateral meeting is happening amid ongoing trade negotiations and the APEC summit. Markets hope for positive signals, a reduction in trade tension, or at least plans to continue dialogue between the two largest economies globally.
Bank of Japan: At 06:00 MSK, the Bank of Japan will convene on its monetary policy. After a long period of ultra-loose policy, investors will look for hints of possible changes, such as an adjustment to bond yield control. During a press conference at 09:30 MSK, the leadership of the Bank of Japan will clarify its decision; any modifications or forecasts could significantly influence the yen's exchange rate and market sentiment in Asia.
Eurozone Economy (First Estimate of GDP): Several key releases will take place in Europe. Preliminary GDP data for Q3 will be published in France at 09:30 MSK, followed by Germany at 12:00 MSK. Weak growth or stagnation is expected, considering high rates and last winter’s energy crisis. At 13:00 MSK, aggregated GDP data for the Eurozone for Q3 will be released, along with consumer sentiment indices and inflation expectation indicators for October. Together, these metrics will provide a comprehensive view of the region's economic condition in the context of fighting inflation.
U.S. GDP: One of the key events of the day is the first estimate of U.S. GDP for Q3 (15:30 MSK). Forecasts indicate a slowdown in economic growth compared to the surge in Q2; however, growth rates may still be above trend. Concurrently, weekly data on initial jobless claims will be released, adding to the overall picture of the labor market. A strong GDP could strengthen the dollar and propel bond yields upward, while weak numbers may intensify discussions regarding an imminent Fed rate cut.
ECB Decision: At 16:15 MSK, the European Central Bank will announce its decision on interest rates. After a series of rate hikes, the market anticipates a pause from the ECB in light of signs of cooling in the Eurozone economy. During the press conference (16:45 MSK), ECB President Christine Lagarde will present updated forecasts and explain the regulator's position. Any signals regarding the ECB's future intentions – such as the duration of sustained high rates – will influence the euro, European bonds, and equity markets.
Russian Economic Policy: On Thursday, the State Duma will discuss the main directions of Russian monetary policy for the upcoming period. This annual discussion sees lawmakers and representatives of the Bank of Russia set priorities regarding inflation, the ruble exchange rate, and the banking sector. Although the event does not provoke immediate market reactions, investors may glean insights into the priorities of economic policy in Russia.
Energy Market: At 17:30 MSK, the U.S. Department of Energy will release weekly statistics on natural gas inventories. This report may impact gas prices, especially considering the onset of the heating season and the filling levels of storage facilities in Europe and the U.S.
European Oil and Gas Giant: Royal Dutch Shell (Shell plc, UK/Netherlands), one of the largest oil and gas companies globally, will present its financial results for Q3. Investors will assess Shell's profits amid oil prices around $90 per barrel, as well as its capital return metrics for shareholders (dividends, share buybacks) and progress in diversifying the business (gas, renewable energy).
Finance and Payments: Mastercard (U.S.), a leading global payment system, will report its quarterly results. The market expects growth in card turnover driven by increased consumer spending and travel; data on the development of digital payment technologies will also be of interest. The American brokerage and crypto fintech SoFi (U.S.) will also report – its results will signal market sentiment in the new generation of financial services, although the scale of the company is much smaller than that of traditional players.
Pharmaceuticals: Three pharmaceutical giants will publish quarterly reports: Eli Lilly (U.S.), Merck (U.S.), and Bristol Myers Squibb (U.S.). Investors will closely study sales of key medications and forecasts for the launch of new products. Special attention will be paid to the oncology segment and diabetes drugs (in the case of Eli Lilly, driven by the success of obesity and diabetes treatments). Successful reports from pharmaceutical companies may bolster the healthcare sector on the exchange.
Consumer Sector: Two large American consumer market brands will disclose their results. Altria Group (U.S.), a manufacturer of tobacco products (Marlboro), will report amid stable demand and a shift towards the e-cigarette segment – comments on industry regulation will be significant. Kimberly-Clark (U.S.), a global producer of consumer goods (brands like Kleenex, Huggies, etc.), will show how inflation and changes in raw material prices have affected its margin and demand for everyday goods.
Media Corporations and Telecommunications: Comcast (U.S.), a media and telecommunications conglomerate, will present its quarterly report. Investors will focus on subscriber growth for the streaming service Peacock, results from its cable business and theme parks, as well as the company's prospects amid competition in the media market.
Big Tech – Reporting Season Climax: After the market closes, investors will receive the financial reports of two of the world's largest companies. Apple (U.S.) will announce results for Q3 of its fiscal year 2025: the key question will be sales of the new generation iPhone, revenue dynamics in China, as well as the performance of its services and wearables segments. Amazon (U.S.) will release metrics related to its retail business and cloud unit AWS. Focus will be on online sales growth and e-commerce profitability amid changing consumer preferences, as well as the pace of cloud services development amid competition with Microsoft and Google. These two reports may trigger significant fluctuations in both company shares and the broader market, given their weight in indices.
New Technologies and the Crypto Industry: Thursday will also see results from new economy companies. Coinbase (U.S.), the leading cryptocurrency exchange, will report amid volatility in digital asset markets – investors will look at trading volumes and revenue from fees. Additionally, the market awaits the first public report from Reddit (U.S.) – a popular social media platform that recently went public. Audience metrics and advertising revenue for Reddit will serve as indicators of the state of the digital advertising market and investor interest in new tech issuers.

On Thursday, markets will receive a plethora of critically important information simultaneously. Data on U.S. and Eurozone GDP will capture the trajectory of economic growth – this will help assess how effective central banks' measures have been in restraining inflation and whether they have led to recession. The ECB's decision and Lagarde's comments will shape expectations for monetary policy in Europe for the coming months. In the evening, the focus will shift to the corporate sector: reports from Apple and Amazon may provoke significant movements in the Nasdaq tech index and set the tone for the entire market in the final trading day of the week. Investors will need to carefully filter through the news to identify the most meaningful signals to inform their strategies.

Friday, October 31 – Inflation in the Eurozone and U.S.; APEC Summit Outcomes

On Friday, business activity will slightly decrease after the busy previous days, but markets are still expecting important inflation data, while a major international forum kicks off in Asia. The APEC summit in South Korea begins (Day 1), where leaders from Asia-Pacific countries gather to discuss global trade and investment issues. Key events for Friday include:

Chinese Economy: Early in the morning (04:30 MSK), China will publish the purchasing managers' indices (PMI) in manufacturing, services, and a composite index for October. These metrics will show whether the world's second-largest economy continues to recover after a summer slump. Of particular importance is the manufacturing PMI – a return above 50 points will signify growth in China’s manufacturing sector, which is positive for commodities markets.
Inflation in the Eurozone: At 13:00 MSK, the preliminary estimate of the Eurozone's consumer price index (CPI) for October will be released. Following the peak inflation at the start of the year, markets expect further deceleration in price growth. A decline in inflation will bolster views of a pause in ECB rate hikes, while an unexpected surge in prices will amplify pressure on the regulator. The reaction of the euro and European bonds will depend on how actual data aligns with forecasts.
Inflation in the U.S.: At 15:30 MSK, the U.S. Department of Commerce will publish the personal consumption expenditures (PCE) index for September – the Fed’s preferred inflation gauge. Data on American incomes and expenditures will also be released. A deceleration in PCE inflation may support expectations for an imminent rate cut, while persistently high inflation will remind investors of the risk of maintaining a strict Fed policy for longer.
State of the Canadian Economy: At 15:30 MSK, Canada’s GDP for August will be released. Although this is a lagging indicator, it will reflect the trajectory of the Canadian economy at the end of summer – important in light of the recent decision by the Bank of Canada. Moderate growth without signs of recession may support the Canadian dollar.
Business Activity in the U.S.: At 16:45 MSK, the Chicago PMI for October will be released. This regional leading indicator for the manufacturing sector will help assess how the U.S. manufacturing sector feels at the start of Q4, complementing the overall picture from national PMIs and federal indices released in previous days.
Oil Sector: Two of the largest oil corporations in the U.S. will report for Q3. ExxonMobil (U.S.) and Chevron (U.S.) will present their financial results amid high oil prices. Key focuses will include production volumes, free cash flow, and plans for capital returns to shareholders. These reports will provide insights into how well oil and gas giants have leveraged favorable pricing conditions and how they assess the outlook for the energy market.
Pharmaceuticals: AbbVie (U.S.), a major biopharmaceutical company, will publish quarterly results. Investors will focus on the sales dynamics of its flagship products (in particular, the immunology drug Humira and its new competitors) and successes in diversifying the drug portfolio. AbbVie’s results will impact sentiments in the healthcare sector following reports from other pharmaceutical giants earlier that day.
Consumer Sector: Colgate-Palmolive (U.S.), a global producer of household and hygiene products, will report profits. Investors will note sales growth in developing countries, pricing strategies, and the impact of raw material prices on margins. As a provider of everyday consumer goods, Colgate serves as a bellwether for consumption stability even amid economic uncertainty.

The final day of the week will offer markets the finishing touches to form a weekly balance. Morning PMIs from China will set the tone for the Asian session – improvements in the metrics will support commodity currencies and the stocks of mining companies. European and U.S. inflation indices (CPI and PCE) will either confirm the trend for slowing price growth or prompt investors to reassess rate expectations. Reports from ExxonMobil and Chevron may affect the entire energy sector, concluding the earnings season for oil and gas companies on a positive note. Collectively, Friday's events will help investors adjust their strategies ahead of the new month, particularly regarding bond rates and sectoral preferences in equity markets.

Saturday, November 1 – APEC Summit Outcomes

On Saturday, active trading on the exchanges will be absent, but political life continues: the APEC summit in South Korea will conclude (Day 2). Leaders from Asia-Pacific countries will summarize the meeting, possibly agreeing on a joint declaration regarding trade, investment, and sustainable development. The final statements of the summit may contain agreements that could influence international relations and market sentiments in the following week – investors should pay attention to mentions of cooperation in technology, energy, and geopolitics.

What to Watch for Investors

The week of October 27–31 is rich in events capable of altering market dynamics. Investors should primarily monitor central bank decisions – outcomes from the Fed (Wednesday) and the ECB (Thursday) will set direction for currency and debt markets, which, in turn, will influence equities. Corporate reports from tech giants are equally crucial: results from Apple, Microsoft, Amazon, Alphabet, and Meta will provide fresh insights into key sectors – from cloud technologies to consumer demand in e-commerce. It would be prudent to build potential volatility into strategies: positive surprises could stimulate risk appetite, while disappointments would heighten the flight towards safe assets.
In addition, macroeconomic data on GDP and inflation from major economies (U.S., Eurozone, China) will enable corrections to growth and monetary policy expectations. Special attention should be given to the U.S. PCE index and European CPI: their dynamics will either confirm that the inflation peak has passed or indicate a need for longer-lasting strict policies from central banks. Finally, geopolitical signals from the ASEAN and APEC summits, alongside the U.S.-China leaders' meeting may indirectly influence sentiments – any signs of a de-escalation in trade disputes will be favorable for markets, while escalation will add nervousness. Thus, investors will need to balance corporate news against the macroeconomic picture, carefully responding to the most significant impulses of the week.