Detailed Overview of Economic Events and Corporate Reports for January 25, 2026. A Quiet Weekend for Markets, Baker Hughes Report, Saudi Arabia's Trade Balance Data, National Holiday in Australia, and Expectations Ahead of Key Decisions from the U.S. Federal Reserve and the Bank of Japan.
Sunday is relatively calm for global markets: major exchanges in the U.S. and Europe are closed, and trading activity in the Asia-Pacific region is subdued. Investors are reflecting on the recently concluded World Economic Forum in Davos and gearing up for a busy week ahead. In focus are the upcoming central bank meetings: on Wednesday, the U.S. Federal Reserve will announce its interest rate decision, followed closely by potential adjustments to monetary policy from the Bank of Japan. Additionally, the energy sector is highlighted with the report from oilfield services company Baker Hughes, released atypically on a Sunday. The release of macroeconomic statistics regarding Saudi Arabia's trade balance gives an indication of the state of oil exports at the year’s end. In this context, it is crucial for investors to use this pause in the markets to reassess risks and prepare for the anticipated volatility in the coming week.
Macroeconomic Calendar (MSK)
- 06:00 — Saudi Arabia: Trade balance for November.
- All day — Australia: National holiday (Australia Day, January 26; Australian markets are closed).
Central Banks: U.S. Federal Reserve and Bank of Japan
- The U.S. Federal Reserve – The first meeting of the Federal Reserve System in 2026 will take place on Wednesday, January 28. Markets expect the benchmark rate to remain unchanged, but the regulator's rhetoric will be closely analyzed. Any signals regarding the Fed's future plans for tightening or easing policy will impact Treasury yield dynamics and the movements of the S&P 500 and Nasdaq indices.
- Bank of Japan – At the end of the week, a meeting will be held where the policy of controlling government bond yields (YCC) might be revised. With Japanese 10-year yields having reached multi-year highs, expectations for an expansion of the allowable range have intensified. Any changes to the YCC parameters could prompt a spike in the yen's value and affect global bond markets.
Oil and Commodities
- The Baker Hughes report (BKR) comes out amid stable oil prices (Brent is holding around the mid-$60 per barrel) and a moderately volatile natural gas market. As a leading player in the oilfield services sector, Baker Hughes provides early indicators of activity in the oil industry. Investors are assessing the dynamics of new orders for the company's equipment and services, as well as management's comments on the industry outlook amid price trends.
- Saudi Arabia's external trade data for November reflects the state of oil exports from the world’s largest exporter. A persistent trade surplus signals stable oil revenues and could bolster the mood of OPEC+ nations. However, a reduction in the surplus could indicate declines in export volumes or prices, which is important for oil market forecasts. Gold prices remain high (above $3,300 per ounce), indicating sustained demand for safe-haven assets in the face of global uncertainty.
Corporate Earnings: U.S.
- Baker Hughes (NASDAQ: BKR) – The major oilfield services company in the S&P 500 will release its Q4 2025 report after market close on Sunday. Analysts project earnings per share of about $0.67 and revenue of approximately $7.1 billion. Focus areas include service business margins and volumes of new orders for oil extraction equipment. Baker Hughes' results will set the tone for the energy sector ahead of the U.S. markets opening on Monday.
Other Regions and Indices: Euro Stoxx 50, Nikkei 225, MOEX
- Euro Stoxx 50: In Europe, Sunday is traditionally a day off from corporate releases, and investors shift their attention to macroeconomic factors. Early in the upcoming week, business climate data and initial reports from industrial giants are expected in the eurozone, which could drive movement in the Euro Stoxx 50 index. EUR/USD and GBP/USD rates remain relatively stable, reflecting expectations surrounding the decisions from the Fed and Bank of England.
- Nikkei 225 / Japan: In Tokyo, the financial reporting season for Q3 FY2025 is ongoing. Several technology and industrial companies (e.g., electronics and equipment manufacturers) will report in the early days of the week, and their results will influence the dynamics of the Nikkei 225. Moreover, the upcoming meeting of the Bank of Japan keeps the Japanese bond market and banking sector on edge.
- MOEX / Russia: On the Russian market (MOEX index), there are no significant publications over the weekend. Major blue-chip companies are preparing to disclose their annual results closer to the end of the quarter, so external benchmarks—oil prices, geopolitical context, and ruble exchange rates—will be in sharp focus. Investors in the region will look to global signals and the Fed's decisions to assess potential impacts on commodity markets and currencies of emerging markets.
Day’s Summary: What Investors Should Focus On
- 1) Baker Hughes: The unexpected release of the report on Sunday makes BKR results a significant indicator for the entire oil and gas sector. Strong performance (exceeding earnings or revenue expectations) may support shares of energy companies, while disappointing results could heighten market caution ahead of the new week.
- 2) The Fed and Macro Policy: A key event is ahead—the Fed meeting on January 28. Investors should prepare for potential volatility: any hints at changes to U.S. monetary policy could lead to a reassessment of risk assets, from high-tech stocks to emerging market currencies.
- 3) Bank of Japan and Global Bonds: A potential adjustment in the Bank of Japan's yield control policy could reflect not only on the Nikkei 225 and the yen's exchange rate but also on global debt markets. Rising Japanese yields could translate into increased rates on debts from other countries, which global investors should take into account.
- 4) Oil Market: The combination of data from Saudi Arabia and the Baker Hughes report will provide fresh insights into the supply-demand balance in the oil market. Should the statistics indicate robust exports and optimistic service forecasts, oil prices could receive support, which would be positive for commodity-linked assets and exporting currencies.
- 5) Strategy for the New Week: The current pause in trading presents a suitable opportunity for portfolio reassessment. Considering the upcoming events (Fed, corporate reports, macro data), investors are advised to predefine acceptable volatility ranges and entry/exit points. Utilizing stop orders and hedging risks will help approach the new week more prepared, especially given that Monday will begin with reduced activity (due to closed Australian markets) and markets would need time to react to the full array of news.
