Economic Events and Corporate Earnings for the Week of December 1-5, 2025: PMI, PCE, Fed QT Conclusion, Earnings Season

Detailed Review of Key Economic Events and Corporate Reports for the Week of December 1–5, 2025: PMI, PCE, Conclusion of Fed QT, EU Foreign Ministers Meeting, Inflation and Employment Statistics, Releases from Major Companies in the USA, Europe, Asia, and Russia.

This week, central banks are concluding their annual programs (including the end of the Fed's balance sheet reduction), inflation and PMI data for key economies are being published, and major companies are releasing quarterly reports. Among the corporate releases are financial results from Salesforce, Kroger, Dollar Tree, and several Asian technology firms. This combination of events creates a mixed backdrop for global markets: on one hand, slowing inflation and the conclusion of QT offer prospects for supporting risky assets, while on the other hand, the tone of corporate forecasts and geopolitical news may add volatility.

Monday, December 1, 2025

Monday will start on a calm note: global macroeconomic events are limited, so investor focus will be on corporate reports. Several technology reports will emerge from Asian markets, while there are no major releases in the US. Stock prices will react to broader market sentiment and commodity price dynamics. Investors will closely monitor the results of tech and retail companies as well as weekly PMI statistics to assess global economic trends.

Before Market Open:

No major companies are releasing reports before the market opens.

After Market Close:

MongoDB (MDB) – USA, technology sector (cloud databases). Reported after market close: investors expect strong revenue growth due to demand for cloud solutions.
Tatneft ADR (OAOFY) – Russia, energy sector (oil and gas). Quarterly report released: a key indicator for oil shares and the ruble exchange rate.
Children’s Place (PLCE) – USA, retail sector (children's clothing). Reported after market close; investor focus will be on sales trends and inventory in the sector.
Duluth Holdings (DLTH) – USA, retail sector (activewear). Report after market close: margin and revenue figures provide insight into consumer sentiment.

Economic Events (Moscow Time):

00:00 – USA: Fed officially ends the quantitative tightening (QT) program.
— EU: joint meeting of foreign ministers on the 20th sanctions package against Russia (against the backdrop of Ukrainian claims for further support).
— Joint press conference of EU foreign ministers on Ukraine security (Chair Kalas) after the meeting.
— China: Foreign Minister Wang Yi arrives in Russia (December 1-2).
01:00 – Australia: PMI in the manufacturing sector (November).
03:30 – Japan: PMI (November).
04:45 – China (Caixin): PMI (November).
08:00 – India: PMI (November).
09:00 – Russia: PMI (November).
10:00 – Turkey: GDP Q3 2025.
11:55 – Germany: PMI (November).
12:00 – Eurozone: PMI (November).
12:30 – UK: PMI (November).
16:00 – Brazil: PMI (November).
17:30 – Canada: PMI (November).
17:45 – USA: S&P Global Manufacturing PMI (November).
18:00 – USA: ISM Manufacturing PMI (November).

Investor Summary: Monday passes without major global shocks – macro data is limited, and stock indices may trade within a narrow range. Strong reports from companies like MongoDB will support interest in the technology sector, while results from oil companies (Tatneft) will correlate with oil dynamics and the ruble exchange rate. In the absence of significant news, key indicators will be the PMIs from leading economies: support for business activity will come from a level above 50, while a decline may cause caution among investors. Oil and commodity prices remain under observation – they can set the tone for the energy sector and affect the Russian market (MOEX).

Tuesday, December 2, 2025

Tuesday will again focus on the corporate reporting of large technology and consumer companies. The macroeconomic agenda is minimal, so stock markets will predominantly respond to the tone of the reports. The main releases will be from cybersecurity and retail companies in the USA and Canada. Additionally, special attention will be drawn to the visit of US Special Representative Steve Whitcoff to Moscow and discussions on the peace plan – geopolitical factors may add volatility in energy and defense sectors.

Before Market Open:

No major reports before the market opens.

After Market Close:

CrowdStrike (CRWD) – USA, cybersecurity. Q3 report expected after market close: investors will assess ARR and cloud service revenue growth.
Marvell Technology (MRVL) – USA, semiconductors. Financial results released; sales dynamics of chips for data centers and 5G networks will be key.
Okta (OKTA) – USA, cybersecurity. Results in cloud application access management will indicate the state of corporate IT budgets.
American Eagle Outfitters (AEO) – USA, retail (clothing). Report expected after market close: holiday season sales and margin forecasts are important.
Bank of Nova Scotia (BNS) – Canada, banking sector. Inflation and lending forecasts are critical for the Canadian stock market.

Economic Events (Moscow Time):

— Russia: the 16th investment forum "Russia Calls!" continues (Day 1).
— NATO: meeting of foreign ministers of the Alliance (including discussion of the US peace plan for Ukraine).
00:30 – USA: crude oil inventories according to API.
13:00 – Eurozone: consumer price index (CPI) (November, preliminary). Changes in annual inflation are important for the ECB.
18:00 – USA: JOLTS job openings (September). This labor market indicator will give insights into employment trends.

Investor Summary: On Tuesday, market participants will focus on corporate results – macroeconomic data is almost absent. Strong reports from CrowdStrike and Marvell can uplift investor optimism in the technology sector and support the Nasdaq. Successes or disappointments in retail (American Eagle) will reflect on the S&P 500 and Nasdaq indices, signaling consumer spending resilience. The geopolitical backdrop (Whitcoff's meeting with Putin) may intensify fluctuations in the energy market – negative news can increase demand for “safe” assets. Overall, with minimal statistics, the market will react to the tone of corporate forecasts and geopolitical signals.

Wednesday, December 3, 2025

Wednesday will be a key day: a wide range of PMIs (services and composite) will be published in many regions, along with a speech by ECB President Lagarde. However, the main events for the market will be the reports of industry leaders. Salesforce, Snowflake, and Dollar Tree will present Q3 results – their publications have the potential to cause high volatility in American markets. Morning business activity indicators (with S&P Global PMI) will show trends in the economies of the USA, China, and Europe as the year comes to a close. Investors will also closely monitor Lagarde's comments in the European Parliament, as they may adjust expectations regarding ECB rates.

Before Market Open:

No reports before market opening contain global leaders.

After Market Close:

Salesforce (CRM) – USA, corporate software. Report due after market close: crucial indicator – revenue growth from cloud CRM systems.
Snowflake (SNOW) – USA, cloud solutions for data storage. Report will highlight revenue dynamics and subscriptions amid demand for data analytics.
Dollar Tree (DLTR) – USA, retail (discount stores). Report released after market close: sales figures and margin will indicate consumer demand state.
Royal Bank of Canada (RY) – Canada, financial sector. The results of the largest Canadian bank will indicate the resilience of the banking system.
Inditex ADR (IDEXY) – Spain, retail (Zara). The American Depository Receipt: the report will reflect the state of retail in Europe and Asia.

Economic Events (Moscow Time):

03:30 – Australia: GDP Q3 2025.
10:30 – Switzerland: CPI (November). Annual inflation is important for the SNB.
11:55 – Germany: PMI (services and composite, November).
12:00 – Eurozone: PMI (services and composite, November).
12:30 – UK: PMI (services and composite, November).
12:00 – Bank of Russia will announce parameters for currency operations for December (buying and selling limits).
13:00 – Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 – USA: ADP Nonfarm Employment (November). Detailed data on employment, a precursor to NFP.
16:30 – USA: F. Powell's speech (press conference or Fed speech).
16:30 – EU: speech by ECB President C. Lagarde at hearings in the European Parliament (economic committee).
17:15 – USA: industrial production (November).
17:30 – Canada: PMI (October).
17:45 – USA: S&P Global Services/Composite PMI (November).
18:00 – USA: ISM Services PMI (November).
18:30 – EU: speech by C. Lagarde (as ECB President) at hearings in the European Parliament.
18:30 – USA: weekly EIA report on oil inventories (30 minutes after API).
19:00 – Russia: CPI (November) — annual inflation.

Investor Summary: Wednesday carries several signals for global markets. Morning PMI indicators in the UK and eurozone may confirm the trend towards slowing inflation and could support European indices and the euro. However, the day’s main intrigue – reports from Salesforce, Snowflake, and Dollar Tree after the US close: results from these companies, especially in the tech and consumer sectors, will set the market tone on Wall Street. Any deviations from expectations can sharply alter risk appetite. Additionally, comments from ECB President Lagarde during the hearings in the EU add importance to the day – investors will look for indications of future ECB policy. Overall, a combination of strong PMI data and positive corporate results would lend optimism to the markets, while weak figures or cautious company forecasts would prompt participants towards more “defensive” assets.

Thursday, December 4, 2025

On Thursday, investors will monitor several major directions. Two significant geopolitical events are scheduled for this day – President Putin’s visit to India and President Macron’s visit to China – which may increase volatility in emerging markets and the currency backdrop. Financial markets will also focus on major retail reports and central banks: in the morning, the US will present results from retailers such as Kroger (groceries) and Ulta Beauty (cosmetics), and in the evening – Dollar General (discount stores). Additionally, a preliminary estimate of Brazil's GDP for Q3 will be released. At the end of the day, investors will turn their attention to weekly unemployment data in the USA.

Before Market Open:

No major releases before market opening.

After Market Close:

Kroger (KR) – USA, grocery retail. Q3 report: crucial as sales growth in food products and consumer spending comments.
Dollar General (DG) – USA, discount stores. Financial results will show resilience in demand for inexpensive goods in the economy segment.
Ulta Beauty (ULTA) – USA, cosmetics. Q3 report evaluated on revenue from premium cosmetics and holiday forecast.
Hewlett Packard Enterprise (HPE) – USA, IT services. Financial release after market close: metrics for cloud services and corporate solutions.
TD Bank (TD), BMO (BMO), CIBC (CM) – Canada, banking sector. Major Canadian banks reported before or after trading, with results reflecting crediting conditions and inflation influences.

Economic Events (Moscow Time):

04:30 – China: People's Bank of China decision on key rates (expected to keep LPR unchanged).
15:00 – Brazil: GDP Q3 (preliminary data).
16:30 – USA: initial jobless claims (weekly).
18:00 – Canada: PMI (November).
00:30 (December 5) – USA: crude oil inventories according to API.

Investor Summary: Thursday creates a mix of corporate and macro factors. Morning reports from Kroger and Dollar General will set the tone for the US consumer sector: strong results will lift markets, while weak ones will indicate inflation pressure on consumer spending. Central bank announcements – especially possible easing in China and India – reaffirm the trend towards accommodative policy amid controlled inflation. On the other hand, investors need to “pick the best” sectors: tech and financial companies (Intuit, others) will react to their own drivers. The Russian stock market on this day will likely depend more on external factors – stable oil prices and signs of declining inflation globally may support the MOEX index. Overall, the combination of positive macro (easing from central banks) and corporate news in the US creates preconditions for moderately bullish sentiments heading into the weekend.

Friday, December 5, 2025

The final day of the week will bring a rich block of global macro statistics, while corporate activity will have mostly concluded. The focus will be on PMI indices for the services sector and assessment of business sentiment in the USA (Michigan), as well as the quarterly results from the eurozone. In the morning, markets will analyze inflation data from Japan and past state visits (India, China). Final PMIs will provide insight into how economies are entering the last quarter of 2025, while the Michigan Consumer Sentiment indicator will reflect American moods. In the evening, the PCE deflator for September and Michigan Sentiment data will be released, potentially adjusting expectations for Federal Reserve monetary policy.

Before Market Open:

Baker Hughes – number of drilling rigs (21:00 Moscow time); an important activity indicator in the oil and gas sector.

After Market Close:

No major companies are releasing reports on Friday.

Economic Events (Moscow Time):

02:30 – Japan: CPI (October).
07:30 – India: Reserve Bank of India rate decision (expected to remain at a record high to combat inflation).
13:00 – Eurozone: GDP Q3 (expanded estimate).
18:00 – USA: PCE Price Index (September); Michigan Consumer Sentiment (December, preliminary); consumer inflation expectations (December, preliminary).
18:30 – USA: speech from a Fed official or publication of monetary aggregates (subject to daily events).

Investor Summary: On Friday, markets will digest a wide block of macroeconomic information. The publication of PMIs in the USA, Europe, and the UK will indicate how confidently businesses are entering the final quarter of the year: a rise in PMIs and improved sentiment would lend optimism and support cyclical sector stocks, while weak data might push investors into defensive assets. The Michigan indicator will reveal the level of consumer expectations – a rise would be favorable for consumer companies. The final inflation assessment (especially in Japan) and signals from the Reserve Bank of India (rate decisions) complete the picture: a slowdown in inflation worldwide instills confidence in the stability of central bank monetary policies. Investors should evaluate this data in conjunction with the conclusion of the earnings season: moderate inflation risks and clarified monetary prospects create conditions for a more predictable environment. However, geopolitical news (NATO foreign ministers meeting) and oil price dynamics at week’s end remain significant factors of uncertainty.