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

In-Depth Review of Key Economic Events and Corporate Reports for the Week of December 1-5, 2025: PMI, PCE, Conclusion of Fed QT, EU Foreign Ministers' Meeting, Inflation and Employment Statistics, Releases from Major Companies in the US, Europe, Asia, and Russia.

This week, central banks conclude their annual programs, including the conclusion of the Fed's balance sheet reduction program. Inflation data and business activity indicators (PMI) from key economies are being published, alongside quarterly reports from major companies. Among corporate releases are financial results from Salesforce, Kroger, Dollar Tree, and several Asian tech firms. This mix of events creates a mixed backdrop for global markets: on one hand, slowing inflation and the end of QT present opportunities for risk assets, while on the other, the tone of corporate forecasts and geopolitical news could add volatility.

Monday, December 1, 2025

Monday will begin on a quiet note: global macroeconomic events are limited, so investor focus will shift to corporate reports. A few tech reports will emerge from Asian markets, while no major releases are expected in the US. Stock prices will likely respond to the broader market sentiment and commodity price dynamics. Investors will closely monitor results from tech and retail companies, as well as weekly PMI statistics, to gauge global economic trends.

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 the market close: investors expect strong revenue growth driven by demand for cloud solutions.
Tatneft ADR (OAOFY) - Russia, Energy Sector (Oil and Gas). Report for Q3 released: a key indicator for oil stocks and the ruble exchange rate.
Children's Place (PLCE) - USA, Retail Sector (Children's Clothing). Report released after market close; investor focus is on sales trends and inventory levels in the sector.
Duluth Holdings (DLTH) - USA, Retail Sector (Active Lifestyle Apparel). Report after the market close: margins and revenue will provide insights into consumer sentiment.

Economic Events (in MSK):

00:00 - USA: Fed officially concludes quantitative tightening (QT).
— EU: Joint foreign ministers meeting on the 20th sanctions package against Russia (in light of Ukraine's statements regarding continued support).
— Joint press conference of EU foreign ministers on Ukraine security (led by Kallas) after the meeting.
— China: Foreign Minister Wang Yi arrives in Russia (December 1-2).
01:00 - Australia: PMI for the manufacturing sector (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 (November).
18:00 - USA: ISM Manufacturing PMI (November).

Investor Outlook: Monday proceeds 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 firms (Tatneft) will correlate with oil dynamics and the ruble exchange rate. In the absence of significant news, key indicators will be PMIs from leading economies: support for business activity will come from levels above 50, while a decline may cause investors to exercise caution. Oil and commodity prices remain under scrutiny—they can set the tone for the energy sector and affect the Russian market (MOEX).

Tuesday, December 2, 2025

On Tuesday, the focus shifts back to corporate reporting from large technology and consumer companies. The macroeconomic agenda is modest, so stock markets will primarily react to the tone of the reports. Key releases will include cybersecurity and retail company results from the US and Canada. Additionally, special attention will be drawn to the visit of US Special Representative Steve Whitecoff to Moscow and negotiations regarding a peace plan—geopolitical factors may add volatility in the energy and defense sectors.

Before Market Open:

No major reports expected before trading commences.

After Market Close:

CrowdStrike (CRWD) - USA, Cybersecurity. Q3 report expected after market close: investors will assess growth in ARR and revenue from cloud services.
Marvell Technology (MRVL) - USA, Semiconductors. Financial results published; the dynamics of chip sales for data centers and 5G networks will be key.
Okta (OKTA) - USA, Cybersecurity. Results related to cloud application access management will reflect on corporate IT budgets.
American Eagle Outfitters (AEO) - USA, Retail (Apparel). Report after market close: focus on sales during the holiday season and margin forecast.
Bank of Nova Scotia (BNS) - Canada, Banking Sector. Inflation accounting and lending forecasts are critical for the Canadian stock market.

Economic Events (in MSK):

— Russia: The 16th Investment Forum "Russia Calls!" continues (Day 1).
— NATO: Meeting of Alliance foreign ministers (including discussion of the US peace plan for Ukraine).
00:30 - USA: Crude oil inventories according to API.
13:00 - Eurozone: Consumer Price Index (CPI) (November, preliminary). Changes in annual inflation are important for the ECB.
18:00 - USA: JOLTS job openings (September). Labor market figures will provide insights into employment trends.

Investor Outlook: On Tuesday, market participants' attention is focused on corporate results—macroeconomic data is virtually absent. Strong reports from CrowdStrike and Marvell may boost investor optimism in the technology sector and support Nasdaq. The successes or disappointments in retail (American Eagle) will reflect on the S&P 500 and Nasdaq indices, signaling the resilience of consumer spending. The geopolitical backdrop (Whitecoff's meeting with Putin) may enhance fluctuations in the energy market—negative news could increase demand for "safe-haven" assets. Overall, with minimal statistics available, the market will respond to the tone of corporate forecasts and foreign policy signals.

Wednesday, December 3, 2025

Wednesday will be a pivotal day: a wide range of PMIs (both services and composite) will be published across many regions, along with a speech from ECB President Lagarde. However, the core event for the market will be reports from industry leaders. Salesforce, Snowflake, and Dollar Tree will present Q3 results—these releases may trigger high volatility on US exchanges. Morning business activity indicators (with PMI from S&P Global) will display trends in the economies of the US, China, and Europe as they approach year end. 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 with global leaders are set for release before the market opens.

After Market Close:

Salesforce (CRM) - USA, Corporate Software. Expected after market close: the main indicator is revenue growth from cloud-based CRM systems.
Snowflake (SNOW) - USA, Cloud Data Storage Solutions. The report will shed light on revenue dynamics and subscriptions amid demand for data analytics.
Dollar Tree (DLTR) - USA, Retail (Discount Stores). Report released after the market: sales and margin figures will indicate consumer demand status.
Royal Bank of Canada (RY) - Canada, Financial Sector. Results from Canada's largest bank will indicate the stability 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 (in MSK):

03:30 - Australia: GDP Q3 2025.
10:30 - Switzerland: CPI (November). Annual inflation is significant 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 - Central Bank of Russia will announce parameters for currency operations in December (buy and sell boundaries for currency).
13:00 - Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 - USA: ADP Nonfarm Employment (November). Detailed employment data, a precursor to NFP.
16:30 - USA: Speech from F. Powell (press conference or Fed speech).
16:30 - Europe: Speech by ECB President K. Lagarde at the European Parliament hearings (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 - Europe: Speech by K. Lagarde (as EBSB head) at European Parliament hearings.
18:30 - USA: Weekly EIA oil inventory report (30 minutes after API).
19:00 - Russia: CPI (November) - annual inflation.

Investor Outlook: Wednesday delivers several signals for global markets. Morning PMI indicators in the UK and Eurozone will confirm the trend of slowing inflation and could support European indices and the euro. However, the day’s main intrigue will be the reports from Salesforce, Snowflake, and Dollar Tree post-US close: results from these companies, especially in the tech and consumer sectors, will set the trading tone on Wall Street. Any deviations from expectations could sharply alter the risk appetite. Also, comments from ECB President Lagarde during European Parliament hearings add significance to the day—investors will be looking for signals about the ECB's future policy. Overall, a combination of strong PMI data and positive corporate results would instill optimism in the markets, while weak figures or cautious company forecasts would push participants toward more "defensive" assets.

Thursday, December 4, 2025

On Thursday, investors will focus on several major areas. Two significant geopolitical events are scheduled for this day—a visit by President Putin to India and a visit by President Macron to China—which may intensify volatility in emerging markets and currency backgrounds. Financial markets will also concentrate on major retail reports and central banks: in the morning, the US will unveil results from retailers such as Kroger (grocery sales) and Ulta Beauty (cosmetics), and in the evening, Dollar General (discount stores). Furthermore, on Thursday, preliminary GDP data for Brazil for Q3 will be released. By the end of the day, investors will pay attention to weekly jobless claims data from the US.

Before Market Open:

Reports before the opening: no major releases.

After Market Close:

Kroger (KR) - USA, Grocery Retail. Q3 report: the growth of food sales and consumer spending comments are significant.
Dollar General (DG) - USA, Discount Stores. Financial results will illustrate the demand stability for low-cost goods in the economic segment.
Ulta Beauty (ULTA) - USA, Cosmetics. Q3 report is evaluated based on revenue from premium cosmetics and holiday forecasts.
Hewlett Packard Enterprise (HPE) - USA, IT Services. Financial release after close: cloud service metrics and corporate offerings.
TD Bank (TD), BMO (BMO), CIBC (CM) - Canada, Banking Sector. Major Canadian banks report before or after trading, reflecting the state of lending and inflation impacts.

Economic Events (in MSK):

04:30 - China: PBoC key rate decision (expected to maintain LPR unchanged).
15:00 - Brazil: Q3 GDP (preliminary data).
16:30 - USA: Initial jobless claims (weekly).
18:00 - Canada: PMI (November).
00:30 (Dec 5) - USA: Crude oil inventories according to API.

Investor Outlook: Thursday creates a blend of corporate and macro factors. Morning reports from Kroger and Dollar General will set the tone for the US consumer sector: strong results will elevate markets, while weak outcomes will indicate inflationary pressure on consumer spending capacity. Central bank announcements—especially potential easing in China and India—confirm the trend toward accommodative policy in the context of controlled inflation. Conversely, it’s crucial for investors to “pick winners” among sectors: technology and financial firms (like Intuit and others) will react to their own drivers. The Russian stock market on this day will likely depend on external factors—stable oil prices and signs of global inflation decline may support the Moscow Exchange index. Overall, a combination of positive macro (bank easing) and corporate news in the US fosters conditions for moderately bullish sentiments leading 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 is nearly complete. The focus will be on PMI indices for the services sector and the assessment of business sentiment in the US (Michigan), along with quarterly results from the Eurozone. In the morning, markets will analyze inflation data from Japan and recent state visits (India, China). Final PMIs will provide insights into how economies are entering the last quarter of 2025, while Michigan's consumer expectations indicator will reflect American sentiment. In the evening, the PCE deflator for September and Michigan Sentiment data will be released, potentially adjusting expectations for Fed monetary policy.

Before Market Open:

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

After Market Close:

No major companies are releasing reports on Friday.

Economic Events (in MSK):

02:30 - Japan: CPI (October).
07:30 - India: Reserve Bank of India's rate decision (expected to maintain at a record high to combat inflation).
13:00 - Eurozone: Q3 GDP (expanded assessment).
18:00 - USA: PCE Price Index (September); Michigan Consumer Sentiment (December, preliminary); consumer inflation expectations (December, preliminary).
18:30 - USA: speech from a Fed board member or publication of monetary aggregates (upon daily events).

Investor Outlook: On Friday, markets will digest an extensive block of macroeconomic information. The publication of PMIs in the US, Europe, and the UK will show how confidently business transitions into the final quarter of the year: rising PMIs and improved sentiment would foster optimism and support stocks in cyclical sectors, while weak data would push investors toward defensive assets. The Michigan indicator will reflect consumer expectations—its increase will be favorable for consumer companies. The final inflation assessment (especially in Japan) and signals from the Reserve Bank of India (WIR on rates) complete the picture: a global slowdown in inflation instills confidence in the stability of central bank monetary policies. Investors should assess these data in conjunction with the conclusion of the reporting season: moderate inflation risks and clarity on monetary prospects create conditions for a more predictable environment. Nevertheless, geopolitical news (NATO foreign ministers' summit) and oil price dynamics by week’s end remain significant sources of uncertainty.