Investor Calendar for Friday, July 24, 2026: Central Bank of Russia Rate, PMI, and Reports from American Express and Verizon

Economic Events and Corporate Earnings on Friday, July 24, 2026: Central Bank of Russia Decision on Key Rate and Press Conference, Preliminary PMIs from Japan, Germany, Eurozone, the UK, and the USA, Japanese CPI Inflation, New Home Sales. Earnings Reports from American Express, Verizon, NextEra Energy, HCA Healthcare, Charter, Booz Allen, Lamb Weston, and Shin-Etsu Chemical. An Overview for Investors

Friday, July 24, 2026, caps off a busy macroeconomic week with two significant blocks of events. The first is a global wave of preliminary PMI indices for July, which will sequentially roll out from Australia and Japan through India, Germany, the Eurozone, and the UK, concluding in the USA. The second event is the meeting of the Central Bank of Russia followed by a press conference, where investors will seek signals regarding the future trajectory of monetary policy. An additional factor of volatility will be the dense flow of corporate earnings reports prior to the opening of the American markets: American Express, Verizon, NextEra Energy, HCA Healthcare, Charter Communications, and other S&P 500 issuers. For CIS investors, this day holds particular significance as the decision on the key rate directly impacts the OFZ market, the ruble exchange rate, and valuations of MOEX stocks.

Asia-Pacific Session: Australia's PMIs and Inflation in Japan

The trading day opens with a block of statistics from the Asia-Pacific region, which traditionally sets the initial tone for sentiment in global markets.

02:00 Moscow time — Australia, Preliminary PMIs for July (Manufacturing / Services / Composite). The composite index remains a key indicator of domestic demand resilience. Values above 50 points confirm an expansion in business activity and reduce the likelihood of the Reserve Bank of Australia's policy easing, supporting the Australian dollar.
02:30 Moscow time — Japan, Consumer CPI Inflation for June. The most sensitive release of the Asian session. The core index, stripped of volatile components, remains the main benchmark for the Bank of Japan. A persistent overshoot of the target level strengthens arguments for further normalization of rates, directly affecting the yen's exchange rate and the Nikkei 225's dynamics.
03:30 Moscow time — Japan, Preliminary PMIs for July. The gap between the manufacturing and services segments remains a structural feature of the Japanese economy: services demonstrate greater resilience amid domestic consumption and tourism inflows, while manufacturing depends on external demand.
08:00 Moscow time — India, Preliminary PMIs for July. The Indian economy continues to be one of the fastest-growing large markets, with its composite PMI consistently holding in an area of confident expansion. The data is essential for assessing capital inflow to emerging markets as a whole.

European Session: Business Activity Indices from Germany, Eurozone, and the UK

The European block of statistics is a central event in the first half of the day for markets in the Old World and the Euro Stoxx 50 index.

10:30 Moscow time — Germany, Preliminary PMIs for July. The largest economy in the Eurozone remains a barometer for the continent's industrial cycle. Particular attention is given to the manufacturing sector, which has faced pressure from energy costs, competition from Asian producers, and weak external demand over the last few quarters.
11:00 Moscow time — Eurozone, Preliminary PMIs for July. The composite index for the block forms the basis for GDP forecasts for the third quarter. Investors evaluate how resilient the services sector is in compensating for weakness in manufacturing, as well as the dynamics of sub-indices for selling prices—direct signals for the ECB's inflation expectations.
11:30 Moscow time — UK, Preliminary PMIs for July. The data are critical for assessing the prospects of the Bank of England's policy. The combination of slowing business activity and persistent price pressure in services remains the main dilemma for the British regulator and dictates the dynamics of the pound and the FTSE 100 index.

Bank of Russia Meeting: A Key Event for the CIS Market

At 13:30 Moscow time, the Bank of Russia will announce its decision on the key interest rate—a central event of the day for Russian investors and the entire CIS space.

What to Watch in the Decision

The Rate Decision Itself. The market weighs the balance between the trajectory of inflation slowdown, credit dynamics, and labor market conditions.
The Tone of the Statement. The tone of the announcement—hawkish, neutral, or dovish—historically influences the OFZ market more than the rate change itself.
Updated Mid-Term Forecast. A revision of the average key rate range for the current and next year sets a benchmark for the entire yield curve.

At 15:00 Moscow time, a press conference with the Central Bank of Russia's leadership will take place. It is the comments made during this conference, rather than the press release itself, that often become the source of sharp movements in bonds, banking sector stocks, and the ruble exchange rate. Companies with high debt burdens—including real estate, retail, and transportation—react most sharply to the decision. In contrast, exporters in the commodity sector are more sensitive to currency factors.

North American Session: PMIs, Housing Market, and the US Industry

The second half of the day shifts the focus to American macrostatistics, which will determine the direction of the S&P 500 and Nasdaq as the week concludes.

15:30 Moscow time — Canada, Producer Price Index (PPI) for June. The PPI acts as a leading indicator of consumer inflation and is considered by the Bank of Canada when assessing price pressures in supply chains.
16:45 Moscow time — USA, Preliminary PMIs for July. The publication from S&P Global wraps up the global wave of business activity indices. Key components for the market include the employment sub-index and selling prices, providing an early signal about the state of the labor market and inflation costs before the official statistics release.
17:00 Moscow time — USA, New Home Sales for June. This indicator reflects the sensitivity of the real estate market to mortgage rates. Weak data amplify expectations of policy easing from the Fed and support the stock prices of construction companies.
18:00 Moscow time — USA, Kansas City Fed Manufacturing Activity Index for July. The regional survey complements the state of the manufacturing industry picture and serves as a confirming signal for the national PMI.

Corporate Earnings on July 24, 2026: American Issuers Before Market Open

Friday falls in the middle of the earnings season for the second quarter of 2026. The main block of publications occurs before trading begins in the USA.

Financial Sector

American Express (AXP) — one of the most informative reports of the day. The company serves as an indicator of the state of the premium consumer segment in the USA. Investors assess billed business volume, commission income dynamics, credit portfolio quality, and loss reserves. The resilience of spending among affluent households is a significant signal for the entire consumer sector of the S&P 500.
Booz Allen Hamilton (BAH) — a consulting group focused on government and defense contracts. Key metrics include backlog, book-to-bill ratio, and margins amid federal budget dynamics in the USA.

Telecommunications and Media

Verizon Communications (VZ) — focus on net postpaid mobile subscriber growth, ARPU dynamics, broadband revenues, and free cash flow, determining dividend payment sustainability.
Charter Communications (CHTR) — the key indicator for the cable operator is the broadband internet subscriber base dynamics in the face of competition from mobile access and fiber-optic providers, as well as capital expenditures on network upgrades.

Healthcare

HCA Healthcare (HCA) — the largest operator of private hospitals in the USA. Attention is given to admission volumes, revenue per patient, payer mix, and labor cost dynamics.
Tenet Healthcare (THC) — the second representative of the hospital segment. Metrics for the outpatient surgical network traditionally show higher margins and serve as a driver for revaluation.

Energy, Transportation, and Consumer Sector

NextEra Energy (NEE) — the world's largest operator of renewable generation. Key metrics include the project portfolio, capacity addition rates, and regulated return of its Florida division.
Canadian National Railway (CNI) — a North American railway operator, whose carload volumes serve as a leading indicator of regional industrial activity. Special attention is given to the operating ratio.
Lamb Weston (LW) — a producer of potato products for the foodservice segment. The earnings report reflects the state of restaurant traffic and the ability to pass costs onto prices.

Asian Block

Shin-Etsu Chemical (4063.T) — a Japanese chemical giant, the world leader in silicon wafers and PVC production. The company's report from the Nikkei 225 serves as a leading indicator for the entire semiconductor supply chain and the US construction cycle.

Key Risks and Market Interlinkages of the Day

The coincidence of the global PMI block with the Central Bank of Russia's rate decision creates heightened volatility within a narrow time window. Several connections should be considered:

Weak European PMIs heighten expectations for ECB policy easing, putting pressure on the euro and supporting exporters in the Euro Stoxx 50.
Strong US PMIs combined with rising price sub-indices could shift expectations regarding the Fed's rate trajectory and strengthen the dollar, which would negatively impact commodity assets and currencies of emerging markets.
Inflation in Japan directly influences the yen's exchange rate and, through carry trade mechanisms, impacts global liquidity.
The Bank of Russia's Decision will dictate movements in the RGBI index and lead to a reevaluation of highly leveraged issuers' stocks on MOEX.

What Investors Should Pay Attention To

Friday, July 24, 2026, requires a differentiated approach from investors based on the geography of their portfolios.

For investors in Russian assets — the key focus is not only on the rate decision itself but also on the regulator's signal and the updated forecast. Sharp movements in long OFZs and banking sector stocks are likely precisely in the interval between 15:00–16:00 Moscow time, during the press conference.
For investors in the US market — the American Express report provides the most insightful snapshot of the state of consumer demand, while Verizon and Charter build a picture of the telecom sector in terms of dividend sustainability.
For investors in European assets — the divergence between manufacturing and services PMIs remains the main structural theme; a narrowing of the gap would serve as a positive signal for cyclical sectors.
For investors in Asia — the combination of Japanese CPI and Shin-Etsu Chemical's earnings report allows an evaluation of both the monetary and industrial contours of the region simultaneously.
Overall Risk Management — Friday before the weekend is traditionally associated with position reductions and liquidity declines in the second half of the day, which enhances the amplitude of movements on any unexpected data releases.

The outcome of the day will be shaped at the intersection of two forces: the global business activity indicator, which will indicate whether the world economy is slowing in a synchronous or divergent manner, and a local monetary decision that sets the tone for the Russian market in the coming weeks. Investors would be wise to pre-determine reaction scenarios for each block and avoid leveraging positions ahead of data publication.