Economic Events and Corporate Reports January 19-23, 2026 Davos, CPI, PMI, Company Reports

Weekly Overview January 19–23, 2026: Key Economic Events and Corporate Reports. Spotlight on Netflix, Intel, Johnson & Johnson, World Economic Forum in Davos, Inflation (CPI), PMI Indices, Central Bank Decisions, and Global Market Dynamics.

The upcoming week of January 19–23, 2026 promises a rich flow of corporate earnings and vital economic events. The quarterly earnings season continues, with major companies from the US, Europe, Asia, and Russia set to disclose their financial results. Investors worldwide are closely monitoring inflation data (CPI) and business activity indicators (PMI). The global agenda also features the World Economic Forum in Davos, where leaders from government and business will convene. These events could impact global stock indices—from the S&P 500 and Euro Stoxx 50 to the Nikkei 225 and the Moscow Exchange index. Let’s examine what the markets can expect day by day and which investment signals are worth noting.

Monday, January 19, 2026

The week begins with a relatively calm backdrop: US markets are closed for Martin Luther King Jr. Day, which means global exchanges may trade within a narrow range. Investor attention shifts to macroeconomic data from Asia and Europe, as well as the start of the World Economic Forum in Davos (Day 1). The absence of trading in the US limits volumes, and primary impulses will stem from morning statistical releases and commentary from Davos.

• No major corporate earnings reports are expected – the US exchanges are closed, and there are no significant company publications.

• No large companies will be reporting on this day.

• 05:00 – China’s GDP for Q4 2025. Data on China’s economic growth will set the tone for Asian markets in the morning. Moderate growth is expected, and unexpectedly strong (or weak) GDP figures will influence risk appetite: exceeding forecasts would support stocks in Shanghai and Hong Kong, while weak numbers could heighten concerns over a slowing global economy.
• 13:00 – CPI for December, Eurozone. This is the final estimation of inflation in the Eurozone. A further decline in year-on-year inflation is anticipated, which would be positive for the ECB and European markets: confirmation of a downward trend in prices could strengthen the euro and lift the Euro Stoxx 50.
• 16:30 – CPI for December, Canada. Canada’s inflation indicator will provide insights into global inflation trends. A slowdown in CPI would strengthen expectations that the Bank of Canada will be cautious regarding interest rate hikes, bolstering sentiment in the Canadian stock market and the CAD.

Investor Takeaway: Monday starts without major shocks—limited events and a holiday in the US will keep volatility low. The lack of the American session means that global stock indices will primarily react to news from Asia and Europe. Market focus will shift to China and Europe: strong GDP data from China or confirmation of a slowdown in inflation in the Eurozone could support investor interest in risk assets in Asia and the EU. Davos will also be in focus—statements from world leaders and corporate heads at the forum can set the overall tone for the markets, but sharp signals are typically not expected on the first day. Investors should use this calm day to assess their positions: if macro statistics suggest an improvement in the outlook, Asian and European stocks could gain momentum; conversely, any negative surprises will have limited impact due to low activity. The Russian equity market, lacking domestic drivers, will remain influenced by external factors—including commodity price dynamics and sentiment across global platforms.

Tuesday, January 20, 2026

Tuesday shifts focus to corporate earnings: the trading week in the US starts, and several large companies are set to publish their results. The day’s major reports span sectors from industry and finance to high-tech, from industrial sector conglomerates to airlines and streaming services. There will be relatively few macroeconomic publications (key among them are interest rate decisions in China and confidence indicators in Europe), so corporate news may dictate market direction. Investors will gain insights into the conditions across different sectors of the economy, aiding their evaluation of consumer demand resilience and investment activity at the start of the year.

• 3M Company (MMM) – a diversified industrial conglomerate based in the US. 3M’s quarterly report will serve as an indicator of the manufacturing sector's health and global demand for industrial goods. Investors will focus on sales trends across segments (electronics, materials, office supplies) and management’s comments on the impacts of the strong dollar and costs. 3M's results will influence sentiment in the industrial sector and may impact the Dow Jones index, reflecting the resilience of global industrial demand.
• D.R. Horton – the largest homebuilder in the US. This housing developer's quarterly report will showcase how high mortgage rates are affecting home sales and new orders. Sustained high sales rates indicate resilience in the US housing market, while a slowdown would signal cooling due to expensive financing. Investors will compare D.R. Horton’s results with previous trends to assess the outlook for the construction sector and affiliated companies.
• Fifth Third Bancorp – a large regional bank in the US. Fifth Third’s financial results reflect the health of the banking sector: growth in interest income against the backdrop of rising Federal Reserve rates and the quality of the loan portfolio. Special attention will be paid to deposit volumes and provisions for potential losses—this will show how the economy and consumers are faring under tighter monetary policy. This bank's report will set the tone for the entire mid-tier financial sector.

• Netflix – a leading global streaming service. The report for Q4 2025 is among the most anticipated in the tech sector. Investors expect data on subscriber growth following new product launches and monetization efforts (advertising, combating password sharing). Revenue and profit figures are also crucial, as is Netflix’s forecast for the next quarter. Strong results and an optimistic outlook could significantly boost Netflix’s stock and elevate the entire tech sector (Nasdaq), whereas disappointments might trigger sell-offs among media and communications stocks.
• United Airlines (UAL) – one of the largest airlines in the US. UAL’s financial results for the last quarter will reflect the state of the travel sector and business activity. Investors will analyze revenue from passenger transport, flight load factors, and management’s guidance against the backdrop of evolving air fuel prices. Steady demand for air travel and route profitability will support United’s stock and that of the entire airline sector, while signs of demand slowing or rising costs could negatively impact airline shares.
• Interactive Brokers – a global electronic brokerage. Although the company is less well-known to the general public, its report is valuable for gauging market sentiment. Growth data on customer accounts, investor trading activity, and interest income (from client account balances) will provide insight into how actively retail and institutional traders participated in the market towards the end of the year. Interactive Brokers’ results may influence the stocks of brokerages and fintech companies, indicating whether interest in trading on equity markets is maintained.

• 04:15 – Decision by the People's Bank of China on loan prime rates. China will publish an update on the loan prime rate (LPR). It is expected that the rate will remain unchanged, continuing to stimulate the economy. Any unexpected moves (such as a rate cut) may trigger reactions in Asian markets: the yuan could weaken, and A-shares in China and Hong Kong might receive support from expectations of additional economic stimulus.
• 10:00 – Unemployment Rate in the UK (November). Statistics on the UK labor market. It is expected to remain at a low level, indicating economic resilience. If unemployment unexpectedly rises, the pound may come under pressure, and the Bank of England could get arguments for dovish policies. Stable figures will support the pound and stocks of British companies, particularly in sectors dependent on domestic demand.
• 13:00 – ZEW Economic Sentiment Index (January) for Germany and the Eurozone. A study of business expectations from the ZEW Institute will reveal how analysts and investors view the economic outlook for Germany and the EU. A rise in sentiment indices would signal improved confidence, potentially lifting the DAX and European indices. A decline in the indicator would reinforce recession fears in the region.
• 16:15 – ADP Employment Change in the US (weekly data). An informal indicator of the US labor market provided by ADP (typically released monthly, but operational estimates are also available) will help assess employment dynamics. A decline in jobs might concern the markets, whereas steady job growth would support economic resilience expectations. However, the impact of this weekly data is limited; investors are likely to view it as a preliminary signal before official statistics.
• 18:30 – US Oil Stocks from EIA (weekly report). Official data on commercial oil and petroleum product inventories. This week’s publication may be delayed due to the holiday, but investors still await indicators of supply and demand. A decline in oil stocks will indicate high demand or limited supply and could lift oil prices, supporting shares in oil and gas companies. An increase in inventories suggests weakened demand or increased production, potentially leading to a temporary drop in oil prices.

Investor Takeaway: On Tuesday, the focus is on corporate earnings, as there are few significant macro announcements. Strong results from 3M in the morning will set a positive tone: demonstrating resilient industrial demand will buoy shares in industrial giants and potentially elevate the Dow Jones. Investors will also closely analyze reports from banks and construction companies—signs of resilience in the financial sector and real estate will strengthen faith in the robustness of the US economy. After market close, Netflix will keep the intrigue: the results of this tech leader in the media industry could set the mood in the growth sector. If Netflix exceeds expectations for audience growth and profits, the Nasdaq and broader market could gain momentum for the next session; however, disappointments could prompt profit-taking in tech shares. Macro news (like the interest rate decision in China or the ZEW sentiment indices) will take a back seat but may locally impact the currency market (yuan, euro). Overall, Tuesday’s stock index dynamics will reflect a balance between corporate optimism and caution: investors are gauging company management's forecasts for 2026. The Russian market, lacking significant internal events, will look to the external backdrop—especially to oil price movements after the EIA data—and the general risk appetite in global markets.

Wednesday, January 21, 2026

Wednesday becomes one of the key days of the week: several major macroeconomic releases and speeches coincide, alongside a series of reports from market leaders. In the morning, investors anticipate inflation data from the UK and the European Central Bank President’s address, followed by fresh signals about the global commodity market from the IEA, with a potential speech from Donald Trump at the Davos forum closer to the evening. On the corporate front, reports from healthcare, insurance, and oil service giants will reflect the state of key industries. Such a packed news backdrop may elevate volatility in the markets: participants will react swiftly to both economic indicators and comments from influential figures.

• Johnson & Johnson (JNJ) – a global pharmaceutical and consumer conglomerate. The quarterly report from JNJ is a barometer of global healthcare health. Investors will assess sales of key medicines and medical devices, as well as the consumer goods division’s performance following the recent spinoff. Special interest will be in J&J’s forecasts for 2026 and comments on cost inflation. Successful results and a positive outlook from this defensive asset will bolster confidence in pharmaceutical sector stocks and support the S&P 500 index, while weaknesses in the report may cool interest in defensive securities.
• Halliburton (HAL) – a leading global oilfield services company. Halliburton’s financial metrics will reflect the oil and gas sector's health: drilling activity, demand for extraction services, and oil price dynamics. With high oil prices, oil service companies typically show growth in revenue and profits. Investors will look for signs of sustained investment activity from oil companies—growth in Halliburton’s orders indicates that extraction companies are ramping up operations, which bodes well for the entire energy sector. HAL's results could influence shares in energy companies and the overall dynamics of the S&P 500 index, given oil sector significance.
• Travelers Companies (TRV) – a major insurance company in the Dow Jones index. The Travelers report will provide insights into the insurance sector and corporate risks. Investors will examine the level of claims and losses for the quarter (especially due to natural disasters or other major events) and the insurer's investment portfolio yield. Strong results and stable premiums indicate that business and consumers continue to insure at active rates. This will support shares of insurance and financial companies. Any signals of rising losses or decreasing premiums could raise concerns about the sector's profitability.
• Prologis (PLD) – the world’s largest owner of warehouse real estate (REIT) specializing in logistics complexes. Prologis's report is of interest as an indicator of the global supply chain and e-commerce. High warehouse occupancy and rising rental rates suggest that demand for logistics space remains strong due to the growth of online commerce and industrial production. Investors will focus on management’s guidance: continuing demand growth for warehouses will be a positive signal for the economy, while any deceleration could indicate a correction after booming e-commerce. Prologis's results may impact the real estate sector and offer insights into global trade.

• Kinder Morgan (KMI) – one of the largest infrastructure companies in the energy sector (pipeline operator for oil and gas). KMI’s quarterly report will show how hydrocarbon transportation volumes and tariffs have affected revenues. Investors will assess free cash flow and potential changes in dividends, as midstream companies are known for their stable payouts. A rise in oil and gas throughput in KMI’s pipelines will indicate strong demand for energy resources, which is positive for the oil and gas market. Kinder Morgan’s financial results influence the midstream segment and can serve as an indicator of the state of energy infrastructure in the US.

• 10:00 – CPI for December, UK. A key inflation metric for the UK economy. A continuation of the trend of declining annual inflation after its peak is anticipated, although price levels still exceed the Bank of England's target. If the data show a substantial decline in inflation, the pound may weaken on expectations for easier policies, while the Bank of England will gain room for a pause in rate hikes. Conversely, unexpected acceleration in CPI would intensify pressure on the regulator to continue tightening. The FTSE 100 market and British bonds will react to this release: a decline in inflation will support the shares of local companies, while high inflation will concern investors.
• 10:30 – ECB President Christine Lagarde’s speech. The head of the European Central Bank will speak at an event (possibly on the sidelines of Davos). Investors will closely listen to Lagarde’s rhetoric regarding economic prospects and plans for monetary policy in the Eurozone. Any hints at a change in the ECB’s course—such as a more “dovish” tone due to decreasing inflation or warnings about risks—could provoke notable movements in the euro and European bonds. Lagarde is likely to reaffirm commitment to combating inflation but acknowledge improving inflation trends, which the markets will interpret positively.
• 11:00 – CPI Index for December, South Africa. Data on inflation in South Africa is crucial for emerging markets. A further decline in annual inflation is anticipated, supporting expectations of easing monetary policy in the region (the South African Reserve Bank recently discussed rates). For global investors, South African indicators reflect the overall trend in EM: if inflation is kept under control, it’s positive for risk appetite and currencies in developing nations. However, an unexpected rise in CPI could weaken the rand and cool interest in South African assets.
• 12:00 – Monthly report from the IEA on the oil market. The International Energy Agency publishes a global oil market overview, containing estimates of oil supply and demand, inventories, and forecasts for the upcoming months. Investors and oil traders will analyze how the IEA views the market balance: a signal of supply shortage or rising demand could push oil prices upward, while indications of oversupply or weakening demand will place pressure on prices. The IEA report influences oil prices and consequently affects share prices of oil and gas companies internationally, including the Russian oil sector.
• 16:30 – (Expected) Speech by Donald Trump at the Davos forum. Former US President Donald Trump is scheduled to speak at the WEF in Davos. If this occurs, markets will monitor any statements he makes regarding the economy, trade, or elections in the US. Although Trump is currently out of office, his positions on taxes, regulations, or foreign trade remain influential for some investors. Sharp political statements could temporarily affect market sentiment, especially in sectors sensitive to trade policy (industries, technologies). Nonetheless, no direct market effects are expected unless he makes specific statements.
• 18:00 – Pending Home Sales in the US for December. An indicator of activity in the US real estate market. Preliminary home sales reflect how high rates and prices are affecting buyers’ willingness to close deals. If the figure shows growth after previous declines, it will signal resilience in demand, supporting shares of construction companies and real estate firms. Further declines in sales will heighten concerns about cooling in interest-sensitive sectors. This release may influence sentiment in the US stock market, though its impact is moderate.
• 19:00 – CPI Index for December, Russia. Rosstat will publish inflation data for Russia for the past month. The annual inflation rate in Russia is crucial for expectations regarding the Central Bank of Russia’s policies. If inflation is slowing and approaching the target, it will bolster forecasts for interest rate cuts in the future and positively impact the bond market and consumer sector stocks (retail, banks). However, potential acceleration in inflation will compel the Central Bank to be cautious, which may limit the growth of the Russian stock market. The global impact of this release is modest, but it carries significance for the ruble and local stocks.

Investor Takeaway: Wednesday brings several signals for global markets, and participants must gauge their importance. Morning inflation data from the UK, alongside Lagarde’s speech, affirm the ongoing trend of slowing price growth in developed economies, which may support European stock indices (Euro Stoxx 50, FTSE 100) and slightly strengthen the euro. Meanwhile, discussions at Davos—particularly the potential appearance of Donald Trump—will add informational noise but are unlikely to shift fundamental investor sentiment. Attention during the day will shift towards reports from market leaders: strong results from Johnson & Johnson will bolster confidence in the stability of the “defensive” sectors (healthcare and consumer goods), while Halliburton’s success will indicate favorable conditions in energy, supporting oil prices and shares in oil and gas companies. By the end of the day, domestic investors will receive signals from Russian inflation: a slowdown could lower OFZ yields and propel shares aimed at domestic demand. Overall, Wednesday may unfold with heightened volatility—diverse news will require investors to balance optimism (slowing inflation, strong corporate reports) with caution (geopolitical statements, potential surprises from the IEA). The Russian equity market, while receiving a domestic signal from CPI data, will largely move in line with global trends and commodity prices, given the lack of other local drivers.

Thursday, January 22, 2026

Thursday brings together a rich mix of corporate and macroeconomic factors. At dawn, the World Economic Forum in Davos concludes (Day 4), summarizing discussions among world leaders, and during the day, investors will switch to a series of crucial economic releases from the US. Simultaneously, the peak of the earnings season continues: today, results from industrial giants, high-tech companies, and consumer goods firms will shape market sentiments. Morning reports from companies like Procter & Gamble and General Electric will set the session's tone, showcasing how the global consumer and industry are faring. In the latter half of the day, a block of statistics from the US—including inflation and GDP—will directly influence expectations regarding the Fed’s rates. Investors will need to assess mixed signals, and by the end of the day, volatility may increase.

• Procter & Gamble (PG) – a leading global consumer goods manufacturer (Pampers, Gillette, Tide, etc.). PG's quarterly report will serve as a key indicator of global consumer demand status. Investors will analyze revenue growth across segments and regions: is high demand for everyday goods being maintained despite price inflation? It is particularly important whether the company managed to retain or raise its operating margin—this will show if they can pass on increased costs to consumers. Strong sales and profits from P&G will uplift markets: shares in consumer goods companies will rise, and indexes (like the S&P 500) will gain support, indicating resilience in household spending. Conversely, if P&G reports slowing demand or margin pressure, it will heighten concerns over consumer health and potentially impact the entire consumer sector negatively.
• General Electric (GE) – an industrial conglomerate encompassing aviation engines, energy equipment, and more. GE's financial results reveal trends across multiple sectors. Investors will focus on the aviation division (demand for aircraft engines and servicing—an indirect indicator of rejuvenated air travel), and on the energy business (turbines, renewable energy) amidst the global transition to clean energy. GE's success in reducing debt and growing orders will signal that global industry is picking up speed. A strong report from GE could uplift investor sentiment in the industrial sector worldwide and drive cyclical stocks higher. Weakness in any segments (like falling equipment demand) could locally undermine confidence in industrial companies.
• Abbott Laboratories (ABT) – an international medical company producing pharmaceuticals, diagnostic equipment, and health products. Abbott's report will illustrate global demand for medical services and devices post-pandemic. Investors will examine sales of diagnostic tests, equipment, and baby food, as well as the company's forecasts. Consistently high sales will indicate that healthcare remains a priority for spending worldwide, which is positive for the sector. It will be particularly interesting to see the sales dynamics of new medical devices and testing systems—a rise in these areas will support Abbott's shares and those of other medical technology companies.
• Freeport-McMoRan (FCX) – one of the world's largest copper producers. Freeport's results have global significance as an indicator of industry and construction health, as copper is widely used—from electronics to infrastructure. Investors will assess copper production and sales volumes, as well as comments on demand (especially from China, the largest copper consumer). High copper prices and increased sales volumes will strengthen confidence that the global economy is on the rise and support shares in mining and metallurgical companies. Conversely, deteriorating metrics or cautious guidance from Freeport may indicate a slowdown in industrial activity, negatively impacting all cyclical assets.

• Intel (INTC) – a tech giant and leader in the global semiconductor market. Intel’s report for Q4 is the climax of the week: the company will disclose results amidst a challenging situation in the microchip sector. Investors await data on revenue from sales of processors for PCs, data centers, and increasingly, automotive and industrial electronics. Special attention will be on Intel's forecast and management’s comments regarding demand: are there signs of recovery in the PC segment, and how is the company progressing in new technology niches (like chips for artificial intelligence, where NVIDIA dominates)? If Intel surpasses expectations and reports positive trends, it could energize the Nasdaq and the entire tech sector, signaling that the worst demand slump for chips has passed. However, a weak report or cautious guidance would amplify investors’ fears about the duration of the downturn in the semiconductor industry.
• Intuitive Surgical (ISRG) – a pioneer in robotic surgical systems (the Da Vinci system). ISRG's financial results reflect demand in the high-tech medical segment. Investors will look at the number of robotic surgical systems sold and revenue growth from service contracts and consumables (indicating usage activity of installed systems). If hospitals and clinics continue to invest actively in advanced medical technologies, ISRG's revenue will grow at double-digit rates—this is positive for the entire medtech and biotech sectors. Slow installation rates of new systems may signal budgetary constraints in healthcare or market saturation, which could cool investor enthusiasm towards the sector's stocks.
• Alcoa (AA) – a large aluminum producer. While Alcoa is no longer as influential as it was a decade ago, its report is often viewed as an indicator for the materials sector. Alcoa's sales and profits reflect demand for aluminum from the automotive, construction, and packaging industries. Investors will pay attention to price trends for aluminum and the company’s outlook on demand (especially from China). Rising shipments and optimistic remarks about the aluminum market will support mining companies’ shares and indicate stable global production. Conversely, if Alcoa reports a drop in demand or pricing pressure, it could signal slowdowns in industries consuming aluminum, which the market will view negatively.
• Capital One (COF) – a major American bank and credit card issuer. The quarterly report from Capital One interests investors regarding the health of consumer credit. Investors will analyze new credit card issuance volumes, spending levels, and the level of defaults/overdue payments. In an environment of high-interest rates, it’s crucial to see if American consumers can maintain their capacity to service debt. An increase in reserves for potential losses or a rise in overdue payments would concern the market, signaling growing stress among households. If credit portfolios remain high quality and card spending increases, it will reassure investors regarding consumer activity. Capital One's results will influence the banking sector and stocks in consumer finance companies.

• 16:30 – CPI for December, US. One of the central macro indicators of the week. The December inflation data in the US will show whether the decline in annual inflation continues to accelerate. CPI growth is expected to slow due to declining energy costs and stabilization in commodity prices, but core inflation (excluding volatile components) may remain above the Fed's target (~2%). Every decimal point is significant for markets: a lower than expected CPI figure will inspire investors, bolstering hopes for an end to the Fed’s rate hike cycle—this will lift stocks and bonds. Conversely, if inflation exceeds expectations, further sell-offs may intensify, especially in the bond market, as participants reassess the likelihood of continued monetary policy tightening.
• 16:30 – US GDP for Q3 2025 (final estimate). Final data on economic growth in the US for the third quarter. The final revised GDP figure typically differs little from the preliminary estimate; however, investors will look at the growth structure: revisions in consumer spending, investment, or exports could provide clues about economic strength as we approach 2026. If GDP is finally confirmed at a high level, it will underline resilience in the US economy, but may also mean that the Fed will keep rates high for longer. A downward revision would indicate a slowing down—implying a dual effect: on one hand, recession risks; on the other, potentially softer regulatory policies. The effect of this release on the market will be moderate, as it relates to past periods, but is still important for overall sentiment.
• 16:30 – Initial Jobless Claims in the US (weekly). A weekly labor market indicator in the US continues to be in focus. The number of new claims for benefits has been steadily low in recent months, reflecting a robust labor market. If the figure unexpectedly spikes, it might be interpreted as a first signal of economic weakening, triggering declines in bond yields and caution in stock markets. However, it is likely the data will remain within normal bounds and may not have significant market impact, complementing the overall economic state alongside GDP.
• 18:00 – Personal Consumption Expenditure Price Index (PCE price index) for November, US. This is the inflation indicator preferred by the Fed. It is expected to confirm the trend of decrease in both overall and core PCE. Investors will particularly focus on the core PCE index, which excludes food and energy: a slowdown in core inflation will bolster expectations that the Fed may pause or even lower rates in the second half of 2026. PCE data that meets or falls below forecasts will support the bond market (lowering yields) and could instigate a rise in stocks, especially in interest-sensitive sectors (technology, real estate). However, if PCE inflation remains high, it may temper investor enthusiasm and underscore the possibility of prolonged tight Fed policy.
• 18:30 – US Natural Gas Inventories (weekly EIA report). Weekly statistics on gas volumes in storage. During the winter season, this indicator is crucial: high gas drawdowns (decrease in inventories) due to cold weather leads to rising gas prices, while unseasonably warm weather and sustained inventories may depress prices. Energy traders and investors in gas companies monitor this publication closely. Significant deviations from normal seasonal inventory drawdowns may shift gas price movements—for example, a decline in inventories exceeding expectations will support prices at Henry Hub and shares of LNG producers, whereas lesser drawdowns may weaken the gas market.

Investor Takeaway: On Tuesday, the primary attention is directed towards corporate earnings, as there are few significant macro announcements. Strong results from 3M in the morning will set a positive tone: demonstrating resilient industrial demand will buoy shares among industrial giants and potentially elevate the Dow Jones. Investors will also carefully analyze reports from banks and construction companies—indications of resilience in the financial sector and real estate will fortify confidence in the robustness of the US economy. Post-market, Netflix will maintain intrigue: the outcomes of this tech leader in the media sector could define sentiment in the growth sector. If Netflix surpasses expectations for subscriber growth and profits, the Nasdaq and broader market might gain momentum for the next session; however, disappointments could prompt profit-taking in tech shares. Macro news (such as the interest rate decision in China or the ZEW sentiment indices) will remain secondary but may locally affect the currency market (yuan, euro). Overall, Tuesday’s dynamics in stock indices will capture a balance between corporate optimism and caution: investors are watching management guidance on prospects for 2026. The Russian market will lack significant internal events and predominantly follow external influences—particularly movements in oil prices after the EIA data—and overarching risk appetites in global markets.

Friday, January 23, 2026

The final day of the week features a comprehensive set of global economic events, while the corporate earnings season temporarily takes a breather. The main focus will be on PMI indices for key countries for January, which will provide the first feedback on how global business has started the year 2026. Additionally, data on Japan’s inflation and central bank decisions will set the tone in the Asia-Pacific region, among several other macro indicators. There will be significantly fewer corporate publications, but the report from a leading oil service company will draw attention to the energy sector. Overall, Friday sees investors more focused on macro statistics and the outcomes of a busy week, adjusting their strategies ahead of the weekend. There could be sharp movements at the start of the day (influenced by Asian news), and a surge in activity towards the week’s close as traders lock in profits or losses based on newly obtained information.

• SLB (Schlumberger) – the largest oilfield services company globally. Its quarterly report traditionally serves as an indicator of the oil and gas sector's health. Investors will examine revenue dynamics in drilling and geophysical services, as well as growth locations—particularly in the Middle East and North America. High oil prices at the end of 2025 should have stimulated drilling activity, which is positive for Schlumberger: growth in orders and company profits will signal ongoing investments in oil and gas exploration. SLB shares and those of its competitors (Halliburton, Baker Hughes) will react to these results, along with the energy sector as a whole. Weaker-than-expected results (if any) may briefly dampen bullish sentiment in the energy sector, but the overarching trend is contingent on oil prices.

• No major corporate companies will report on this day.

• 00:45 – CPI for Q4 2025, New Zealand. Quarterly inflation data from New Zealand signals trends in peripheral developed markets. Price growth is expected to continue slowing due to actions from the Reserve Bank of New Zealand increasing interest rates. If the CPI comes in below forecasts, it could weaken the New Zealand dollar (NZD), and the central bank would gain room to pause in its cycle. Inflation increase above expectations, conversely, would bolster the NZD and remind investors that inflationary pressure remains in some economies. This report’s impact is local, but it fits within the overall global context of fighting inflation.
• 01:00 – PMI indices (preliminary) for January, Australia. Preliminary composite PMI values, along with production and service sector data for Australia, will be released. These early indicators will show how confidently Australian businesses started the new year. A slight improvement in indices is expected, but the key question is whether they will remain above the 50 mark, signaling expansion. Growth in Australia’s PMI would support the Australian dollar and shares in commodity companies, suggesting that the economy continues to grow despite external challenges (like demand fluctuations in China). A drop in the index below 50 would heighten discussions around the need for stimuli and may temporarily pressure the AUD and local equity market.
• 03:30 – PMI indices (preliminary) for January, Japan. Preliminary PMI data for both the industrial and service sectors in Japan will provide a similar signal regarding the year’s start for the world’s third-largest economy. In recent months, Japanese PMIs have hovered around 50: a slight improvement in January will be received positively, signaling a recovery in activity—which would support the Nikkei 225 and strengthen the yen based on expectations of a more robust economy. If PMIs drop deeper into contraction territory (<50), investors may become concerned regarding the potential for corporate profits in Japan, especially following recent yen weakness.
• 02:30 – CPI for December, Japan. Inflation data from Japan is important in the context of the country’s long history of deflation. Year-on-year inflation is expected to be around 3%, exceeding the Bank of Japan's target of 2%. A consecutive second wave of acceleration in prices will increase pressure on the BoJ to reconsider its ultra-loose policy. The CPI publication could lead to fluctuations in the yen's rate and influence Japanese bond yields: high inflation will enhance expectations of tightening (and potentially strengthen the yen), while unexpectedly low figures would give the BoJ justification to maintain stimulus (which would weaken the yen and support the stock market). Japanese stocks (Nikkei 225) typically respond inversely to the movement of the yen—weak yen amid inflation benefits exporters and raises the index.
• 06:00 – Bank of Japan Interest Rate Decision. The January meeting of the Bank of Japan is one of the day’s central events. Markets expect the rate to remain unchanged (at the current level of -0.1%), but adjustments to the yield curve control policy (YCC) or hints of future changes are possible. Any unexpected moves from the BoJ—such as widening the yield curve range or signaling forthcoming rate hikes—could create a financial markets "bombshell" effect: the yen would sharply strengthen, Japanese equities would fall, and volatility could spill over to other markets due to stronger competing bonds. If the BoJ maintains the status quo and a dovish tone, this would weaken the yen and support continued growth in the Nikkei 225. The BoJ’s decision will be closely analyzed by global investors, as Japan is the last major economy maintaining negative rates.
• 09:30 – Bank of Japan Press Conference. The head of the BoJ will conduct a press conference following the announcement of the decision. Here, explanations and additional signals regarding future policy may emerge. If the regulator hints at the possibility of changes (for example, tapering stimulus with further inflation), markets will react additionally—these comments could alter the initial response to the decision. Notably for the currency market, every word will carry weight: confirmation of a dovish stance will weaken the yen, while recognition of inflationary risks and readiness to act will strengthen it. Volatility in the Japanese market will be elevated during these hours.
• 08:00 – PMI indices (preliminary) for January, India. Similar to other countries, India publishes its flash PMIs for industry and services. The Indian economy showed robust growth in 2025, and positive PMIs (~around 55) will confirm this trend, strengthening the position of the Indian rupee and interest in the Indian stock market among global investors. A decline in PMIs, while still in a growth range, may signal some loss of momentum—however, even at levels between 50-52, India will appear better than many other countries. The impact of Indian PMIs is regional, but given India's growing role globally, strong signals will bolster overall optimism regarding Emerging Markets.
• 11:30 – PMI indices (preliminary) for January, Germany. The first assessment of PMI from the largest economy in Europe. Projections suggest a slight improvement in both the manufacturing and service sectors in Germany, although values may remain around 47-49 points (below 50, indicating contraction). If the German PMI unexpectedly rises closer to or exceeds 50, this will be a strong positive surprise: the euro will strengthen, and the DAX will surge, while concerns over a recession in the EU will ease. Conversely, continued weakness (especially in manufacturing) will affirm that Germany is still grappling with declining demand and high costs—such circumstances will pressure the ECB to ease policy. European market reactions to PMI will be evident, as they influence growth and rate expectations.
• 12:00 – PMI indices (preliminary) for January, Eurozone. Composite activity index across the currency block, alongside individual PMIs for production and services. A minor increase in indices compared to December is anticipated, but they may remain around 49-50 points. It is essential for investors to determine whether Eurozone PMIs have returned to growth territory (≥50). If so, it will be perceived as a sign that the European economy has adapted and is beginning to revive—this will support Euro Stoxx 50 and the euro, allaying recession fears. Conversely, weak PMIs (below expectations) will intensify discussions regarding potential technical recession risks in the EU: shares in cyclical sectors (banks, industrials, autos) may fall, while defensive assets could rise.
• 12:30 – PMI indices (preliminary) for January, UK. Preliminary indices of activity in the UK for manufacturing and service sectors. The UK economy has been teetering on the brink of contraction, so PMIs around 50 are crucial. If figures show growth and enter positive territory, the pound will strengthen, and the FTSE 100 will gain momentum (especially shares of companies catering to the domestic market). Weak figures (such as falling below previous peaks) will increase pressure on the BoE to support the economy—investors may begin to price in the possibility of rate cuts closer to the end of the year. Overall, the UK PMIs will add to the picture in Europe: their dynamics will either confirm sentiment improvements or highlight the economy's vulnerability to high rates and inflation.
• 16:00 – Trade Balance for December, Russia. Publication of data on Russia’s trade balance (the difference between exports and imports). A surplus in the trade balance is expected to maintain due to high energy prices and relatively restrained imports. Investors and analysts watch this indicator to assess the flow of currency revenue into the country. A steady large surplus supports the ruble and provides the government with maneuvering room. However, if the surplus contracts more than expected (e.g., due to falling oil prices or increased imports), it could pressure the ruble and spur discussions on potential adjustments to economic policy. For the Russian equity market, the trade balance serves as a background indicator, but influences sentiments in the currency segment.
• 17:45 – PMI indices (preliminary) for January, US (S&P Global). Initial figures for PMI from the American economy in the new year. It is expected that both manufacturing and service indices will remain around December's levels (around 50). A strengthening of US PMIs above 50 points will be a positive surprise indicating economic acceleration—this could boost stock markets, particularly cyclicals (industrials, financials). However, should PMIs decrease, especially in manufacturing, concerns that high-interest rates are starting to weigh down the economy may increase. The reaction could be negative: the S&P 500 and Nasdaq may correct, and investors may shift towards bonds and defensive assets.
• 18:00 – University of Michigan Consumer Sentiment Index (preliminary, January) and consumer inflation expectations in the US. Publication of US consumer sentiment: the Michigan index measures households' confidence in the economy, while accompanying surveys reflect expected inflation over a 1-year and 5-year horizon. A rise in the sentiment index indicates consumer optimism, which is positive for spending and the economy's prospects—this could support shares of retail, auto manufacturers, and other companies focused on domestic demand. Particularly important are the movements in inflation expectations: easing to historical norms will reassure the Fed (and the markets) regarding inflation entrenchment, while a spike in expectations will serve as a troubling signal. Typically, the bond market reacts more sensitively to inflation expectations (rising expectations lead to bond selling), whereas the stock market is more focused on overall consumer confidence (high confidence supports cyclical stocks).
• 21:00 – Baker Hughes’ Active Rig Count (weekly). This is the traditional weekly indicator of activity in the oil and gas sector in the US. The number of rigs indicates how oil and gas companies are responding to price changes: rising rig counts in recent weeks have suggested a willingness to increase production in line with rising oil prices. If this week's figure increases, it confirms the trend—potentially signaling upcoming rises in production and offering more supply to the oil market, which may constrain further price increases. Conversely, a decrease in rigs or stagnation signals that producers are remaining cautious—this usually supports oil prices, as it indicates supply constraints. For oil and gas companies, this release provides indirect signals regarding sector sentiment, but it rarely moves the market sharply, rather reinforcing existing trends.

Investor Takeaway: On Friday, markets will process a substantial block of macroeconomic information, concluding the week on an analytical note. The main intrigue revolves around whether the PMI indices across the US, Europe, and Asia can demonstrate that global businesses have confidently entered the first quarter of the new year. A positive scenario for equity markets would include rising PMIs and improving business sentiment—it would buoy shares in cyclical sectors globally and set an optimistic tone heading into the new week. In such a case, investors may actively purchase risk assets, anticipating a soft landing for the economy. Conversely, should business activity disappoint (especially in Europe or the US, key economies), a new wave of discussions regarding an impending slowdown could arise—against this backdrop, capital flight towards defensive positions could occur: rising gold prices, strengthening government bonds, and favoring stable sector stocks (utilities, healthcare) over cyclicals. At the same time, data from Japan serves as a reminder that inflation remains high in certain regions, but actions from the Bank of Japan will reveal whether this last major central bank is prepared to shift course—any hints at tightening policy in Tokyo could briefly stir global bond and currency markets. Nevertheless, the overall sentiment towards the end of the week leans towards diminishing global inflation risks across most regions, with central banks increasingly nearing the completion of rate-hiking cycles. For the Russian market, this external economic backdrop appears moderately positive: declining global inflation risks and consistently high energy prices support investor interest in risk assets and commodity currencies. Combined with the gradual conclusion of the earnings season, this creates more predictable conditions in the market. By the week's end, oil prices may react to PMI data: weak activity could suggest a risk of reduced demand for energy resources, temporarily pressuring oil prices, whereas optimistic signals will likely keep them elevated. Ultimately, market participants—both retail and institutional—will review the week, balancing between optimism (inflation slowdown, stable data) and caution (slowing economy risks). When planning investments for the near future, investors should note the signals received: on one hand, the external backdrop is gradually improving; on the other, there remains a necessity for selectivity and hedging risks in portfolios until trends for the beginning of the year become clearer.