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 Market Closure in the USA, and Reports from Major Public Companies in the USA, Europe, Asia, and Russia for Investors from CIS Countries.
The last trading day of the week promises a combination of reduced activity in US markets due to the ongoing Thanksgiving celebrations, along with the release of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—which will provide insight into the state of both developed and developing markets as the year comes to a close. Additionally, the Chicago PMI business activity index for November will be released, reflecting trends in the US manufacturing sector. On the corporate front, attention is shifting to the earnings reports of individual companies in Europe, Asia, and Russia, including results from Chinese internet giant Meituan and Russian corporations. Given the shortened trading session in New York and decreased liquidity, global investors need to be particularly vigilant for potential surprises in the statistics, which could trigger increased volatility.
Macroeconomic Calendar (MSK)
- 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 the Thanksgiving holiday.
Switzerland: Q3 2025 GDP
The Swiss economy, traditionally stable, faced external pressures in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the projected near-zero growth. The primary causes were global slowdowns and the shock from the sharp increase in US import tariffs (up to 39%) on a range of Swiss goods, which severely impacted the industrial sector, particularly the chemical and pharmaceutical industries. In Q2, the economy grew only by +0.1% quarter-on-quarter, so the shift into negative territory was an unwelcome surprise. Nevertheless, the government remains relatively optimistic: according to an updated forecast, Switzerland’s GDP is still expected to grow by about 1.3% by the end of 2025.
India: Q3 2025 GDP
India's GDP for July to September 2025 is estimated by analysts to have maintained a high growth rate of approximately +7–7.5% year-on-year. This figure is somewhat lower than the record +7.8% year-on-year displayed in the previous quarter, but it confirms the strong momentum of the Indian economy driven by robust domestic demand, manufacturing growth, and service sector expansion. Substantial support came from government spending: for the first half of the current fiscal year, India's economy grew by 7.6% year-on-year, with authorities forecasting around +7% for the entire year. While external demand has somewhat weakened, the domestic market remains the key driver of growth, and fresh GDP data will show how robust this trend is. Their publication may influence investor sentiment in emerging markets and the Indian rupee's exchange rate.
Canada: Q3 2025 GDP
Canada's economy is balancing on the edge of a technical recession. Following a GDP decline of -1.6% in Q2 (year-on-year) due to a sharp drop in exports, Q3 is expected to see a symbolic growth of around +0.5% year-on-year (practically zero change compared to the previous quarter). Such a tepid forecast reflects weakness in domestic demand and ongoing difficulties in foreign trade (including the influence of new US tariffs on various Canadian goods). An additional negative factor over the summer was a strike at Air Canada. If the statistics for July to September reveal another decline, Canada will formally enter a recession. Confirmation of even minimal growth may alleviate concerns and support the Canadian dollar, while a renewed decline could strengthen expectations of a forthcoming rate cut from 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 US Midwest. The previous October figure stood at 43.8 points, indicating a deep contraction (values below 50 signal a recession). The consensus forecast anticipated a slight increase in the index to around 45 points; however, data released the day before unexpectedly plummeted to 36.3 points—the lowest since spring 2024. This sharp decline in the Chicago PMI highlights worsening problems in the industry (declining orders and employment) and serves as a troubling signal ahead of the publication of national ISM indexes. However, the US market's reaction to this weak statistic may be subdued due to the shortened session and low liquidity in the wake of the holiday.
Europe: Completing Company Reports
In European markets, the quarterly earnings reporting season is concluding, with reports from several mid-sized companies due on Friday. Notable among them are:
- Elia Group (Belgium) — the operator of energy networks, presenting its Q3 report; investors will evaluate the dynamics of electricity transmission revenues amid the volatility of Europe’s energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing their financial results for Q3 2025; their results will signal the state of EU real estate markets amid rising rates.
- Dottikon ES (Switzerland) — a chemical and pharmaceutical company, with its results for Q2 2025/26 financial year showing demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector, presenting data for July to September; markets are monitoring their profitability in light of fluctuating electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions, revealing results for Q3; market participants will assess whether the company has managed to improve its performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing Q2 results for 2025/26; its report reflects the overall state of the UK real estate sector.
Overall, no significant surprises are expected from European reports: most large companies have already reported earlier, and the market is responding sluggishly to releases from secondary-tier issuers. However, unexpectedly strong or weak results could locally impact the stock prices of these companies.
Asia: Meituan and Other Reports
In Asia, the main focus is on the report from the Chinese internet company Meituan for Q3 2025. Meituan—a leader in online services in China (food delivery, marketplace, etc.)—is expected to present results that serve as a barometer of consumer activity in the country. Double-digit revenue growth is anticipated amid recovering domestic demand and the expansion of the company's services. Investors will be interested in the dynamics of active users and margin trends in the delivery segment, along with management's comments on competition (considering pressure from Alibaba and other platforms).
In addition to Meituan, there are virtually no other significant corporate reports in Asia on this date, as the reporting season has concluded; the majority of large Asian corporations released quarterly results in the first half of November. Therefore, the sentiments in Asian markets on Friday will primarily be influenced by external factors and macro data (notably the Indian GDP), rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the publication of financial results from Transneft for Q3 2025 according to IFRS stands out. Transneft is the operator of trunk oil pipelines, and its results traditionally draw investor attention. Predictions suggest that the company's indicators will remain stable: revenue is expected to be around 355–360 billion rubles (1% higher than in Q2), while net profit is anticipated to be close to last quarter's results. Previously (under RAS), the company reported a 3% year-on-year revenue increase for the first nine months, confirming 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 volatility in oil prices.
The publication of delayed results from some other issuers for Q3 is also ongoing. For example, last week, RusHydro unveiled its nine-month results, showing a net profit increase of nearly +29% year-on-year. However, most flagship companies in the Russian market reported earlier, so no new significant releases are expected on Friday, aside from Transneft's report. The dynamics of Russian stocks on this day will likely depend on the overall sentiment in global markets and fluctuations in commodity prices.
What Investors Should Pay Attention To
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a diverse snapshot of the global economy. It is essential for investors to compare these data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while strong dynamics persist in developing markets (India)?
- US Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility may prevail. Unexpected deviations in statistics (e.g., a sharp drop in the PMI index or surprises in GDP data) could provoke disproportionately strong reactions in a thin market. Caution is advised, as price fluctuations may intensify with a smaller number of active participants.
- Corporate Stories: Meituan's report serves as an indicator of China's consumer sector, while Transneft's results reflect the resilience of Russia's oil transport business. Investors holding stocks of these or related companies should consider not just the dry numbers of the report but also management's statements about outlook and dividends. No major reports are expected in Europe, but individual strong or weak results from mid-sized companies could locally influence their stocks.
- Currencies and Commodities: Weak macro data may weaken the corresponding currencies (e.g., the Canadian dollar in the event of disappointing GDP data) and apply pressure on commodities. Signals of a global economic slowdown may temporarily dampen risk appetite in commodity markets and among currencies in emerging countries.
