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 US Trading Closure, and Earnings Reports from Major Public Companies in the US, Europe, Asia, and Russia for Investors from the CIS Countries.
The last trading day of the week is expected to bring a combination of reduced activity in the US markets due to the ongoing celebration of Thanksgiving and the release of significant macroeconomic indicators across several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—allowing for an assessment of both developed and emerging markets as the year draws to a close. Additionally, the Chicago PMI index for November will be released, reflecting trends in the US industrial sector. On the corporate front, the focus shifts to individual company reports in Europe, Asia, and Russia, including results from Chinese internet giant Meituan and Russian corporations. With a shortened trading session in New York and decreased liquidity, global investors must remain particularly alert for potential surprises in the statistics that could trigger heightened volatility.
Macroeconomic Calendar (UTC)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — USA: Chicago PMI business activity index (November).
- 21:00 — USA: Early market closure on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: Q3 2025 GDP
The Swiss economy, traditionally stable, faced external pressure in Q3 2025. Authorities estimate that Switzerland's GDP contracted by approximately 0.5% quarter-over-quarter (seasonally adjusted), significantly worse than the projected near-zero growth. The main culprits were global slowing growth and the shock from the US sharply increasing import tariffs (to 39%) on certain Swiss goods, severely impacting the industry—especially the chemical and pharmaceutical sector. In Q2, the economy grew by only +0.1% quarter-over-quarter, making the drop into negative territory a disappointing surprise. Nonetheless, the government maintains a relative optimism: the updated forecast suggests that by the end of 2025, Switzerland's GDP will still grow by about 1.3%.
India: Q3 2025 GDP
India's GDP for July–September 2025 is estimated by analysts to maintain a high growth rate of around +7–7.5% year-over-year. While this is slightly lower than the record +7.8% year over year reported in the previous quarter, it confirms the robust momentum in the Indian economy, driven by resilient domestic demand, increased production, and an expanding service sector. Significant support has come from government spending: for the first half of the current fiscal year, the Indian economy grew by 7.6% year over year, and authorities predict about +7% growth for the entire year. Although external demand has weakened somewhat, the domestic market remains the key growth driver, and fresh GDP data will reveal how strong this trend is. Its release may affect investor sentiment in emerging markets and the value of the Indian rupee.
Canada: Q3 2025 GDP
Canada's economy is teetering on the brink of a technical recession. Following a decrease in GDP in Q2 of -1.6% (on a year-over-year basis) due to a sharp drop in exports, Q3 is expected to show a symbolic growth of around +0.5% year over year (effectively flat compared to the previous quarter). Such a lackluster forecast reflects the weakness in domestic demand and ongoing difficulties in foreign trade (including the impact of new US tariffs on certain Canadian goods). An additional negative factor last summer was a strike at Air Canada. If the statistics for July-September once again show a decline, Canada will formally enter a recession. Confirming even minimal growth will alleviate concerns and support the Canadian dollar, whereas another decline will bolster expectations of an imminent rate cut by the Bank of Canada.
USA: Chicago PMI Index for November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the Midwest of the USA. The previous October reading was 43.8 points, indicating a deep contraction (values below 50 signal a downturn). The consensus forecast anticipated a slight increase in the index to around 45 points; however, the data released the day before unexpectedly plummeted to 36.3 points—the lowest since spring 2024. This sharp decline in the Chicago PMI underscores worsening issues in the industry (declining orders and employment) and serves as a troubling signal ahead of the release of nationwide ISM indices. However, the market's reaction to this weak statistical evidence may be muted due to the shortened trading session and low liquidity following the holiday.
Europe: Concluding Company Reports
The European markets are wrapping up the quarterly earnings season, with several medium-sized companies set to report on Friday. Notable companies include:
- Elia Group (Belgium) — the operator of energy networks presenting its Q3 report; investors will assess the revenue dynamics from electricity transmission amid Europe's energy market volatility.
- CPI Property Group and CPI FIM — interrelated commercial real estate developers with assets across Europe, releasing financial results for Q3 2025; their performance will signal the state of EU real estate markets in the context of rising rates.
- Dottikon ES (Switzerland) — a chemical and pharmaceutical company, with its results for Q2 of the 2025/26 fiscal year revealing demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector, reporting data for July–September; the markets are watching their profitability amidst changes in electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions unveiling results for Q3; market participants will look to see if the company has managed to improve its performance in domestic and international markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, disclosing results for Q2 of the 2025/26 fiscal year; its report reflects the overall condition of the British real estate sector.
Overall, significant surprises from European reports are not expected; most large companies have already reported earlier, and the market is responding tepidly to releases from second-tier issuers. However, unexpectedly strong or weak results from specific companies can have a localized impact on their stock prices.
Asia: Meituan Report and Others
In Asia, the primary focus is on the Q3 2025 report from Chinese internet company Meituan. Meituan, a leading online service provider in China (food delivery, marketplace, etc.), presents results that serve as a barometer of consumer activity in the country. A continuation of double-digit revenue growth is expected, reflecting a rebound in domestic demand and expansion of the company's services. Investors will be interested in the dynamics of active users and the margins in the delivery segment, as well as management's comments regarding competition (considering pressure from Alibaba and other platforms).
Apart from Meituan, there are virtually no significant corporate reports in Asia scheduled for this date, as the earnings season has come to a close; most large Asian corporations released quarterly results in the first half of November. As a result, the sentiment in the Asian markets on Friday will be primarily influenced by external factors and macro data (in particular, India's GDP) rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the financial report of Transneft for Q3 2025 under IFRS stands out. Transneft, the operator of main oil pipelines, traditionally garners the attention of investors. Forecasts suggest that the company's metrics will remain stable: revenue is expected to be around 355–360 billion rubles (1% higher than in Q2), while net profit is likely to be close to the previous quarter's results. Previously, the company reported a 3% year-over-year revenue increase for the first nine months, reinforcing the resilience of its business. Investors will analyze not only the absolute profit figures but also management's statements regarding dividends and future investment programs amid oil price volatility.
The reporting of delayed results from some other issuers for Q3 is also ongoing. For instance, the previous week, RusHydro reported a nearly +29% year-over-year increase in net profit for the first nine months. However, most flagship players in the Russian market have reported earlier, so no new significant releases, aside from Transneft's report, are anticipated for Friday. The dynamics of Russian stocks on this day are likely to depend primarily on the overall mood in global markets and fluctuations in commodity prices.
What Investors Should Pay Attention To
- Global Growth Rates: The GDP releases from Switzerland, India, and Canada will provide a diverse snapshot of the state of the global economy. It is crucial for investors to compare this data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while that high growth trajectory remains in emerging markets (India).
- US Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility may occur. Unexpected deviations in statistics (for example, a sharp decline in the PMI index or surprises in GDP data) could provoke an disproportionately strong reaction in the thin market. Caution is warranted, as price fluctuations could intensify with a small number of active participants.
- Corporate Stories: The Meituan report serves as an indicator of China's consumer sector, while Transneft's results act as a barometer for the stability of the Russian oil transport business. Investors holding shares of these or related companies should consider not only the dry numbers from the report but also management's statements regarding prospects and dividends. In Europe, no major reports are expected, but individual strong or weak results from medium-sized companies may locally impact their stocks.
- Currencies and Commodities: Disappointing macro data may weaken corresponding currencies (for example, the Canadian dollar in light of disappointing GDP from Canada) and exert pressure on commodities. Signals of a global economic slowdown may temporarily dampen risk appetite in commodity markets and in the currency segment of emerging countries.
