Overview of Key Economic Events and Corporate Reports on Friday, November 28, 2025: GDP Data from Switzerland, India, and Canada, Chicago PMI Index, Impact of Early Market Closure in the U.S., and Reports from Major Public Companies in the U.S., Europe, Asia, and Russia for Investors from the CIS Region.
The last trading day of the week promises a combination of reduced activity in the U.S. markets due to the ongoing Thanksgiving celebrations and the release of important macroeconomic indicators from several countries. Investors will receive updated GDP data from three economies—Switzerland, India, and Canada—allowing for an assessment of both developed and emerging markets as the year comes to a close. Additionally, the Chicago PMI Business Activity Index for November will be released, reflecting trends in the U.S. industrial sector. On the corporate front, the focus shifts to individual company reports in Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and Russian corporations. With a shortened trading session in New York and reduced liquidity, global investors must be particularly vigilant about potential surprises in the statistics that could lead to increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — U.S.: Chicago PMI Business Activity Index (November).
- 21:00 — U.S.: Early market closure on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: Q3 2025 GDP
The Swiss economy, traditionally stable, faced pressures from external factors in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the previously anticipated near-zero growth. The primary reasons for this decline were global slowdowns and the shock from the U.S. imposing sharp increases in import tariffs (up to 39%) on certain Swiss goods, heavily impacting the industrial sector—particularly the chemical and pharmaceutical industries. In Q2, the economy grew by only +0.1% quarter-on-quarter, making the dip into negative territory a disappointing surprise. However, the government remains relatively optimistic: the revised forecast predicts a GDP growth of approximately 1.3% by the end of 2025.
India: Q3 2025 GDP
India's GDP for July-September 2025 is estimated by analysts to maintain a robust growth rate of around +7–7.5% year-on-year. This is slightly lower than the record +7.8% year-on-year reported in the previous quarter, yet confirms the strong momentum of the Indian economy, supported by sustained domestic demand, production growth, and service sector expansion. Substantial support was provided by government expenditures: at the end of the first half of the current fiscal year, India’s economy grew by 7.6% year-on-year, and officials forecast about +7% growth for the full year. Although external demand has weakened somewhat, the domestic market remains the key driver of growth, and the upcoming GDP data will shed light on the sustainability of this trend. Its release could influence investor sentiment in emerging markets and the exchange rate of the Indian rupee.
Canada: Q3 2025 GDP
Canada's economy is teetering on the brink of a technical recession. Following a GDP decline of -1.6% (year-on-year) in Q2 due to a sharp drop in exports, a modest growth of about +0.5% year-on-year is expected in Q3 (virtually flat compared to the previous quarter). Such a lackluster forecast reflects weakened domestic demand and ongoing challenges in external trade (also influenced by new U.S. tariffs on certain Canadian products). In addition, summer saw a strike at Air Canada, compounding negative effects. Should the statistics for July-September reveal another decline, Canada will officially enter recession. A confirmation of even minimal growth could ease concerns and support the Canadian dollar, while a renewed drop would amplify expectations for an imminent rate cut by the Bank of Canada.
U.S.: Chicago PMI Index in November
The Chicago PMI Business Activity Index for November reflects the state of the manufacturing sector in the U.S. Midwest. The previous October reading stood at 43.8, indicating a deep contraction (values below 50 signal a downturn). The consensus forecast anticipated a slight increase in the index to around 45, however, data released the day prior unexpectedly plummeted to 36.3—the lowest level since spring 2024. This sharp decline in the Chicago PMI underscores worsening issues in the manufacturing sector (decreasing orders and employment) and serves as a concerning signal ahead of the release of nationwide ISM indices. Nonetheless, U.S. markets may react cautiously to this weak data due to the shortened session and low liquidity in the day following the holiday.
Europe: Final Corporate Reports
The European markets are wrapping up the quarterly reporting season, with a number of mid-sized companies releasing their results on Friday. Among those are:
- Elia Group (Belgium) — a transmission system operator presenting its Q3 report; investors will evaluate revenue dynamics amidst volatile energy markets in Europe.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing financial results for Q3 2025; their outcomes will signal the health of EU real estate markets in the context of rising interest rates.
- Dottikon ES (Switzerland) — a chemical and pharmaceutical company, with its report for Q2 2025/26 fiscal year showing demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sectors presenting data for July-September; markets are monitoring their profitability in light of changing electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions disclosing Q3 results; market participants will look at whether the company has improved metrics in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing its Q2 2025/26 results; its reports reflect the overall health of the UK real estate sector.
Overall, no serious surprises are anticipated from European reports: most major companies have already reported earlier, and the market reacts tepidly to releases from second-tier issuers. Nevertheless, unexpectedly strong or weak results from specific companies could locally impact their stock valuations.
Asia: Meituan and Other Reports
In Asia, the primary focus is on the report from the Chinese internet company Meituan for Q3 2025. Meituan — a leader in China’s online services (food delivery, marketplace, etc.) — presents results that are a barometer of consumer activity in the country. Double-digit revenue growth is expected amid recovering domestic demand and the company's expanding services. Investors will closely monitor the dynamics of active users and the margin in the delivery segment, as well as management’s comments regarding competition (given the pressure from Alibaba and other platforms).
Besides Meituan, there are virtually no significant corporate reports scheduled in Asia on this date, attributed to the conclusion of the reporting season: most major Asian corporations reported their quarterly results in the first half of November. Therefore, the sentiments in Asian markets on Friday will largely be influenced by external factors and macro data (notably, India's GDP), rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the financial report from Transneft for Q3 2025 under IFRS stands out. Transneft — the operator of trunk oil pipelines — typically draws investors' attention with its results. Forecasts indicate that the company will maintain stable performance: revenue is expected to be around 355–360 billion rubles (1% higher than in Q2), with net profit close to the previous quarter's results. Earlier (according to RAS), the company reported a 3% year-on-year revenue growth for the first nine months, confirming the business's resilience. Investors will be keen to examine not just the absolute profit figures, but also management's statements regarding dividends and future investment programs amidst oil price volatility.
Additionally, the publication of delayed results from other issuers for Q3 continues. For example, last week, RusHydro reported a net profit growth of nearly +29% year-on-year for nine months. However, since most flagships of the Russian market reported earlier, no significant new releases, aside from Transneft’s report, are expected on Friday. The dynamics of Russian stocks on this day will likely depend on the overall sentiment in global markets and fluctuations in commodity prices.
What Investors Should Focus On
- Global Growth Rates: The GDP publications in Switzerland, India, and Canada will provide a multifaceted perspective on the state of the global economy. It is essential for investors to compare these data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high growth rates persist in emerging markets (India)?
- U.S. Markets in Holiday Mode: Due to the shortened session in New York, low volumes and heightened volatility are possible. Unexpected deviations in statistics (for example, a sharp decline in the PMI index or GDP data surprises) may elicit disproportionately strong reactions in a thin market. Caution is advised, as price fluctuations could intensify with fewer active participants.
- Corporate Narratives: Meituan’s report serves as an indicator for China’s consumer sector, while Transneft’s results gauge the resilience of the Russian oil transport business. Investors holding shares of these or related companies should consider not only the raw numbers but also management’s remarks regarding prospects and dividends. In Europe, no blockbuster reports are expected, but unexpectedly strong or weak results from mid-sized companies could locally impact their stock valuations.
- Currencies and Commodities: Weak macro data may weaken the corresponding currencies (for example, the Canadian dollar in reaction to disappointing GDP figures) and exert pressure on commodity prices. Signals of a slowing global economy may temporarily dampen risk appetite in commodity markets and the currencies of emerging countries.
