Overview of Economic Events and Corporate Reports for Thursday, 27 November 2025: China's Statistics, European Data, ECB Minutes, and Company Reports from Asia and Russia.
As we approach the weekend in the United States due to the Thanksgiving holiday, global market activity may decrease. However, investors will need to assess important macroeconomic statistics from China and Europe, along with a series of corporate reports from Asia, Europe, and Russia. Reduced liquidity due to the absence of American participants may exacerbate volatility in the presence of unexpected information.
USA: Thanksgiving and Reduced Market Activity
On Thursday, the American exchanges (NYSE, Nasdaq) will be closed in observance of the national holiday, Thanksgiving. The US indices (S&P 500, Dow Jones, Nasdaq) will not conduct trading, 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 on other platforms typically decreases on this day, but significant news could trigger sharp movements due to the thin market. Traders should remember that in the absence of guidance from Wall Street, global markets will primarily react to local factors and current news.
China: Industrial Production in Focus
Early in the morning, market participants will be focused on the data for China's industrial production for October. The dynamics of the Chinese industry serves as an important barometer for the world's second-largest economy and demand for raw materials. A slight slowdown in growth is anticipated: around +5% YoY compared to 6-6.5% the previous month. The main reasons include weakening external demand and ongoing difficulties in China's real estate sector, which suppress industrial activity. If actual growth rates are significantly below the forecast, this could heighten concerns over a slowdown in the Chinese economy and prompt declines in prices for industrial metals and oil. Conversely, stronger data (close to September levels) would signal 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 with corresponding rises or falls based on the statistics from Beijing.
Eurozone: Consumer Confidence and Inflation Expectations
Closer to noon, indicators of sentiment in the Eurozone will be released, including the final consumer confidence index for November and household inflation expectations. Preliminary data indicated an improvement in sentiment: the confidence index may have remained around the highest level in the past eight months at approximately -14 points (a negative value indicates a predominance of pessimists, but the trend is upward). This suggests that European consumers are gradually becoming less concerned about the economic situation as inflation declines. Inflation expectations will also be published simultaneously—citizens' forecasts for price growth over the next year. It is expected that they will remain relatively moderate, reflecting faith in continued decreases in actual inflation. For the European Central Bank (ECB), these results are significant: stable, low inflation expectations make it easier to keep price pressures under control. Market reactions to these releases will be restrained if the figures match forecasts. However, an unexpected surge in consumer pessimism or an increase in inflation expectations could put short-term pressure on the euro and European stock indices (Euro Stoxx 50, DAX), as this would amplify concerns regarding the region's economic outlook.
ECB: Minutes from the Last Meeting
At 15:30 Moscow time, the European Central Bank will publish the minutes (the so-called Minutes) from its last monetary policy meeting. Investors will closely examine the details of the discussions among ECB management that took place in October. The main question is how united the views were regarding the future course of interest rates and the assessment of inflation risks. In the previous decision, the regulator kept rates unchanged, signaling a pause after a series of increases. If the minutes reveal that some members of the Governing Council advocated for tightening policy due to persistent inflation, this may be perceived by the markets as a "hawkish" signal. In such a scenario, eurozone bond yields could rise, and the euro may strengthen. Conversely, an emphasis on economic slowdown and a lack of price pressure would be viewed as a hint toward a prolonged pause or even possible easing of policy in 2026—a "dovish" tone in the minutes could support euro-denominated bonds and European equity markets. In any case, the publication of the ECB minutes will be a pivotal event for forex traders and participants in the debt market.
Commodity Markets: US Gas Inventory Report
In the commodity market, investors are following the weekly statistics from the Energy Information Administration (EIA) regarding natural gas inventories in the US. These data typically become available on Thursdays at 18:30 Moscow time; however, due to the holiday, the publication may be postponed. Nevertheless, the market will consider trends: as late autumn approaches, gas inventories in US storage facilities are nearing seasonal highs, and whether a confident reduction in stocks has begun with the onset of colder weather will impact price dynamics. High inventories and warm weather may continue to exert downward pressure on natural gas prices at both Henry Hub and the European TTF hub. However, if the report (when released) shows an unexpected substantial drawdown from storage, prices may respond with increases in anticipation of a tighter balance during winter. European energy companies and currencies from energy-exporting countries (e.g., the Norwegian krone) may also experience minor fluctuations due to the US gas statistics.
Asia: Results from Japan Tobacco, Fujitsu, and Didi
In the Asian region, the corporate earnings season continues, and on 27 November, 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 report stable profit growth driven by price increases and a weaker yen, boosting revenue from overseas sales. Investors will focus on sales dynamics in key regions and management's forecast: the tobacco giant may benefit from a recovering demand for premium brands in Asian and CIS markets.
- Fujitsu – a Japanese technology conglomerate (part of the 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; however, margin pressures 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 ride-hailing service (similar to Uber), whose American Depositary Shares are traded in the US market. Didi's financial results for the third quarter will demonstrate how well the company is recovering growth after past regulatory restrictions in China. Analysts forecast a revenue increase due to a revival in domestic tourism and rides, but profitability remains a question. Investors will assess user base metrics and management's comments on the potential return to operational profitability. Didi's performance is crucial for sentiment in the Chinese technology sector and may impact the valuation of similar companies in the region.
Europe: Remy Cointreau Report and Premium Segment Trends
Among European issuers this Thursday, French company Remy Cointreau stands out – a producer of cognacs and premium alcohol. It will present its financial results for the first half of its fiscal year. Earlier on, the market was concerned about signals of declining demand for luxury spirits in the US and slowing growth in China, negatively 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 could receive support. However, weak results or cautious management guidance would heighten concerns about the prospects for the premium consumer sector. Overall, the European corporate calendar for 27 November lacks notable names, so macroeconomic news (confidence data and ECB minutes) will come to the forefront for market participants in Europe.
Russia: Reports from AFK Sistema, RusHydro, Segezha, and Astra Group
The Russian market (MOEX index) will receive a wave of corporate news, with several significant issuers publishing their IFRS financial statements for the third quarter and the first nine months of 2025:
- AFK Sistema (AFKS) – a large investment holding owning assets in telecommunications, retail, medicine, and other sectors. Sistema’s report will show how key investments of the holding are performing. The mobile operator MTS likely generated stable revenue inflows, while consumer and technology projects may have faced a slowdown. Investors will also evaluate AFK's debt burden: rising interest rates in Russia increase borrowing costs, which may affect net profit.
- RusHydro (HYDR) – one of the largest electricity producers in Russia, specializing in hydropower generation. Over nine months, the company has reportedly increased revenue due to the commissioning of new capacities and tariff indexing. However, high debt levels and rising rates from the Central Bank of Russia are pressuring profits and cash flow. Focus will be on management's comments regarding plans to optimize the debt portfolio and dividend prospects, as energy companies are currently balancing between investment and shareholder payouts.
- Segezha Group (SGZH) – a forestry holding (paper, packaging, timber). The sector is affected by declining global prices for lumber and export restrictions to Europe. Segezha’s financial results for the third quarter are likely to reflect declines in revenue and profit. A positive aspect may be a pivot toward Asian markets and the weakening ruble, which supports exporters. Investors will be looking for signs of demand stabilization for the group’s products in domestic and foreign 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 linked to a push for software import substitution in the corporate and public sectors. The third-quarter report will reveal whether Astra can continue to maintain high revenue and profit growth rates. Amid limited client budgets, some slowdown may occur, but business margins are likely to remain high. Investors will pay attention to any updates on the company's forecasts and new major contracts—the Russian tech sector is one of the few showing growth, and Astra's results will indicate its resilience.
What Investors Should Pay Attention To
As the day concludes, with much of the American market players absent, markets will process incoming signals on their own. 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 may heighten concerns over China's economy, while stable output will support commodity prices and shares of exporting companies.
- ECB Rhetoric: The content of the ECB minutes will show the balance of opinions regarding future rates. Any "surprises" – a more hawkish or dovish position from the regulator – could significantly shift the euro exchange rate and bond yields, setting the tone for European markets.
- Corporate Reports: The reaction to results from individual companies (especially large Asian and Russian firms reporting today) will affect the dynamics of their stocks and related sectors. For example, a strong report from Japan Tobacco may bolster interest in the tobacco sector across Asian markets, while AFK Sistema’s metrics will influence the valuation of investment holdings in Russia.
- Low Liquidity: Due to the holiday in the US, trading volumes will be lower than usual. In this environment, even local news can lead to heightened volatility. Investors should exercise caution when opening positions – sharp price movements are possible with relatively low volumes.
Thus, 27 November 2025 promises a relatively calm session without American players, but with enough important events for regional markets. The primary drivers will be the morning data from Asia and the daytime news from Europe, which will shape investor sentiment. Despite the holiday pause in the US, participants in other countries should remain attentive to statistics and reports—they will help gauge the state of the global economy as we approach year-end and identify risks or opportunities for investment.
