Overview of Economic Events and Corporate Reports for Thursday, November 27, 2025: China's Statistics, Europe's Data, ECB Protocol, Asian and Russian Company Reports.
As the Thanksgiving holiday weekend approaches in the US, global market activity may decrease. Nonetheless, investors will need to assess significant macroeconomic statistics from China and Europe, as well as a series of corporate reports from Asia, Europe, and Russia. Diminished liquidity due to the absence of American participants could heighten volatility in the event of unexpected information.
USA: Thanksgiving and Reduced Market Activity
On Thursday, American exchanges (NYSE, Nasdaq) will be closed due to the national holiday – Thanksgiving. US indices (S&P 500, Dow Jones, Nasdaq) will not conduct trades, and many investors from the United States will be absent from the markets. This lull in the largest financial center may lead to lower trading volumes in Europe and Asia. Volatility in other markets is often reduced on such days; however, significant news can trigger sharp movements due to thin market conditions. Traders should remember that in the absence of benchmarks from Wall Street, global markets will primarily react to local factors and daily news.
China: Industrial Production in Focus
Early Thursday, market participants will focus on China's industrial production data for October. The performance of China's industry serves as an important barometer for the second-largest economy in the world and demand for raw materials. A slight deceleration in output growth is anticipated; estimates suggest around +5% year-on-year compared to 6–6.5% in the previous month. The main reasons are weakened external demand and ongoing challenges in the real estate sector in China, which is restraining industrial activity. Should actual growth rates fall significantly below the forecast, concerns regarding a slowdown in the Chinese economy may intensify, causing a decline in prices for industrial metals and oil. Conversely, stronger data (close to September levels) would indicate stability in production, supporting optimism in Asian markets and commodity prices. Indices in the region, including the Shanghai Composite and Japan's Nikkei 225, may react to the statistics from Beijing with corresponding gains or losses.
Eurozone: Consumer Confidence and Inflation Expectations
Closer to midday, indicators of sentiment in the Eurozone will be released – the final consumer confidence index for November and household inflation expectations. Preliminary data indicated an improvement in sentiment: the confidence index could remain near the maximum level of the past 8 months, around -14 points (a negative value indicates a predominance of pessimists, but the trend is upward). This suggests that European consumers are becoming progressively less concerned about the economic situation as inflation subsides. At the same time, inflation expectations will also be published – the predictions of citizens regarding price increases for the year ahead. It is expected that these will remain relatively moderate, reflecting faith in further declines in actual inflation. For the European Central Bank, such results are crucial: stable, low inflation expectations ease the task of keeping price pressure under control. Market reactions to these releases will be tempered if the figures align with forecasts. However, an unexpected surge in consumer pessimism or a rise in inflation expectations could exert short-term pressure on the euro and European stock indices (Euro Stoxx 50, DAX), as it would heighten concerns about the region's economic outlook.
ECB: Protocol of the Last Meeting
At 15:30 Moscow time, the European Central Bank will publish the minutes of its latest monetary policy meeting. Investors will closely study the details of the discussions held by the ECB's leadership in October. The key question is how unanimous opinions were regarding the future course of interest rates and assessments of inflation risks. In its previous decision, the regulator held the rate steady, signaling a pause after a series of increases. If the minutes reveal that some members of the Governing Council expressed support for tightening policy due to persistent inflation, markets could interpret this as a "hawkish" signal. In such a case, eurozone bond yields might rise, and the euro could strengthen. Conversely, a focus on economic slowdown and lack of price pressure would be interpreted as a hint at a prolonged pause or even potential easing of policy in 2026 – a "dovish" tone in the minutes could support euro-denominated bonds and European equity markets. In any case, the ECB report publication will be a key event of the day for forex traders and debt market participants.
Commodity Markets: US Gas Inventory Report
In the commodities market, investors are monitoring the weekly statistics from the Energy Information Administration (EIA) on natural gas inventories in the US. These data are typically released on Thursdays at 18:30 Moscow time; however, due to the holiday, the publication may be delayed. Nevertheless, the market will consider trends: at the end of autumn, gas stocks in US storage facilities are near seasonal highs, and whether sturdy reductions in inventories have begun with the onset of cold weather will influence price dynamics. High stocks and warm weather may continue to exert downward pressure on natural gas prices both at Henry Hub and at the European TTF hub. Should the report (when released) indicate unexpected substantial withdrawals of gas from storage, prices could react with an uptick in anticipation of a tighter balance this winter. European energy companies and the currencies of energy-exporting countries (such as the Norwegian krone) may also experience slight fluctuations in relation to the US gas statistics.
Asia: Results from Japan Tobacco, Fujitsu, and Didi
In the Asian region, the corporate reporting season continues, and on November 27, several major companies will publish their financial results. Among them:
- Japan Tobacco (JT) – one of the leaders in the global tobacco industry. The company is expected to show stable profit growth due to price increases and a weakened yen, which boosts revenues from overseas sales. Investors will pay attention to sales dynamics in key regions and management's forecasts: the tobacco giant may benefit from recovering demand for premium brands in Asian and CIS markets.
- Fujitsu – a Japanese technological conglomerate (part of Nikkei 225), specializing in IT services and equipment. Fujitsu’s report for the past quarter will provide insights into the state of the IT and telecom sector in Japan. The market expects moderate revenue growth, although margin pressure may arise due to increased costs and competition in digital services. Key points will include comments on new orders in cloud solutions and artificial intelligence.
- Didi Global – a Chinese taxi and transportation service (similar to Uber), whose depositary shares are traded on US exchanges. Didi’s financial results for Q3 will demonstrate how well the company is managing to restore growth following previous regulatory restrictions in China. Analysts expect revenue increases amid a revival in domestic tourism and rides, although profitability remains a question. Investors will assess active user base metrics and management's commentary on potential operational profitability. The dynamics of Didi are important for sentiments in the Chinese tech sector and may impact evaluations of similar companies in the region.
Europe: Remy Cointreau Report and Trends in the Premium Segment
Among European issuers, this Thursday highlights the French company Remy Cointreau – a producer of cognacs and premium spirits. The company will present financial results for the first half of its fiscal year. Previously, the market was concerned about signals regarding declining demand for expensive spirits in the US and a slowdown in growth in China, adversely impacting Remy Martin's cognac sales. In the report, investors will seek confirmation of stable demand in the luxury segment: if sales in America and Asia begin to recover, shares of Remy Cointreau and other alcohol producers may receive support. However, weak results or cautious management forecasts will amplify concerns regarding the outlook for the premium consumer sector. Overall, the European corporate calendar for November 27 lacks high-profile names, making macroeconomic news (survey data and ECB protocol) take precedence for market participants in Europe.
Russia: Reports from AFK Sistema, RusHydro, Segezha, and Astra Group
The Russian market (Moscow Exchange index) will receive a batch of corporate news: several notable issuers will publish their financial statements according to IFRS for Q3 and the first nine months of 2025:
- AFK Sistema (AFKS) – a large investment holding company with assets in telecommunications, retail, healthcare, and other sectors. Sistema's report will reveal how its key investments are performing. The mobile operator MTS likely ensured stable revenue inflow, while consumer and technology projects may have faced deceleration. Investors will also assess AFK’s debt burden: rising interest rates in Russia increase borrowing costs, which may impact net profit.
- RusHydro (HYDR) – one of the largest electricity producers in Russia, specializing in hydro generation. For the first nine months, the company, according to preliminary data, has increased revenues due to new capacity launches and tariff indexing. However, a high debt load and rising rates from the Central Bank of Russia exert pressure on profit and cash flow. Management's comments on plans to optimize the debt portfolio and prospects for dividends will be in focus – energy companies in the sector are currently balancing between investments and shareholder payments.
- Segezha Group (SGZH) – a forestry holding company (paper, packaging, timber). The sector is being influenced by declining global timber prices and export restrictions to Europe. It is likely that Segezha's financial results for the third quarter will reflect a decrease in revenue and profit. However, a positive aspect may be a pivot towards Asian markets and a weakened ruble, which supports exporters. Investors will look for signals of demand stabilization for the group's products in domestic and international markets.
- Astra Group (ASTR) – a Russian software and IT solutions developer known for its Astra Linux operating system. The company’s rapid growth in recent years has been associated with software import substitution in the corporate and government sectors. The Q3 report will demonstrate whether Astra can maintain high revenue and profit growth rates. In the context of limited client budgets, some deceleration might be observed; however, business margins likely remain high. Investors will pay attention to any updates on the company's forecasts and new large contracts – the tech sector in Russia is currently one of the few demonstrating growth, and Astra's results will serve as an indicator of its stability.
What Investors Should Focus On
As the day concludes, with the majority of American players absent, markets will have to digest incoming signals independently. Investors should focus on the following points:
- Chinese statistics and commodities: The pace of industrial growth in China will influence sentiment in commodity markets and sectors sensitive to demand from China (metallurgy, oil, and gas). A decline in indicators could intensify concerns for the Chinese economy, while steady output will support commodity prices and shares of exporting companies.
- ECB rhetoric: The content of the ECB's protocol will unveil the balance of opinions regarding future rates. Any "surprises" – a more hawkish or dovish stance from the regulator – have the potential to significantly shift the euro's trajectory and bond yields, setting the tone for European markets.
- Corporate reports: The reaction to the results of individual companies (especially major Asian and Russian firms reporting today) will affect the dynamics of their shares and related industries. For instance, a strong report from Japan Tobacco will bolster interest in the tobacco sector in Asian markets, while AFK Sistema's figures will influence assessments of investment holdings in Russia.
- Low liquidity: Due to the holiday in the US, trading volumes will be lower than usual. In such conditions, even local news may lead to increased volatility. Investors should exercise caution when opening positions – sharp price movements are possible with relatively small volumes.
Thus, November 27, 2025 promises a relatively calm session in the absence of American players, but there will be ample important events for regional markets. The main drivers will be the morning data from Asia and the afternoon news from Europe, which will determine investor sentiment. Despite the holiday pause in the US, it is crucial for traders in other countries to remain attentive to statistics and reports – they will help understand the state of the global economy as the year concludes and where risks or investment opportunities may arise.
