Comprehensive Overview of Economic Events and Corporate Reports for Wednesday, December 3, 2025: Global PMIs, Inflation Data, Major Company Reports, the "Russia Calls!" Forum, and Key Indicators for Investors.
Wednesday promises a packed economic agenda for the markets. In Asia, investors will be eyeing key indicators: Australia will release GDP data and the services PMI index, while Japan, China, and India will report their November PMIs. In Europe, the focus will be on the services PMIs for Germany, the Eurozone, and the UK, alongside a public hearing by ECB President Christine Lagarde in Strasbourg. In the US, attention will be directed towards employment statistics (ADP) and activity in the services sector (ISM and S&P indices), as well as weekly oil inventory reports (EIA). Concurrently, significant events are taking place, including French President Macron's official visit to China and the second day of the "Russia Calls!" investment forum. Investors should correlate macroeconomic results with market dynamics: inflation and PMIs ↔ yields, commodities, risk appetite.
Macroeconomic Calendar (MSK)
- 01:00 — Australia: Services PMI (November).
- 03:30 — Australia: GDP (Q3 2025, YoY).
- 03:30 — Japan: Services PMI (November).
- 04:45 — China (Caixin): Services PMI (November).
- 08:00 — India: Services PMI (November).
- 09:00 — Russia: Services PMI (November).
- 10:00 — Turkey: Consumer Inflation CPI (November).
- 10:30 — Switzerland: Consumer Inflation CPI (November).
- 11:55 — Germany: Services PMI (November).
- 12:00 — Eurozone: Services PMI (November).
- 12:00 — Russia: Central Bank announces currency market operations volumes.
- 12:30 — United Kingdom: Services PMI (November).
- 13:00 — Eurozone: Producer Price Index PPI (October).
- 16:00 — Brazil: Services PMI (November).
- 16:15 — USA: ADP Employment Estimate (November).
- 16:30 — Europe: ECB President Lagarde's statement (EP public hearing).
- 17:15 — USA: Industrial Production Index (September).
- 17:30 — Canada: Services PMI (October).
- 17:45 — USA: S&P Global Services PMI (October).
- 18:00 — USA: ISM Services PMI (November).
- 18:30 — Europe: Lagarde's follow-up speech (financial risks, EU hearings).
- 18:30 — USA: EIA Oil Inventory Report (Weekly).
- 19:00 — Russia: Consumer Inflation CPI (November).
Asia
- Australia: GDP data (Q3 2025) and services PMI index (November). A recent reduction in the RBA's key interest rate strengthens expectations for moderate economic growth. Moderate GDP and stabilization of the PMI may bolster the AUD and support Australian assets.
- Japan and China: November services PMIs (03:30 and 04:45 MSK). These will provide insights into the recovery of domestic demand. Any slowdown in PMIs in both countries may weaken risk appetite in the markets.
- India: Services PMI index (08:00 MSK). The index often leads economic growth: a high reading will underscore the strength of the Indian economy against a backdrop of GDP growth.
In a significant development, French President Emmanuel Macron's official visit to China underscores China's geo-economic importance. While it is not expected to influence the markets directly, increased attention to the negotiations may heighten volatility in Asian equity indices.
Europe
- Eurozone, Germany, UK: November services PMIs (11:55–12:30 MSK). Stabilization is anticipated following previous declines: a weak PMI may dampen Eurozone equities, while any improvement will support risk appetite.
- Switzerland, Turkey, Eurozone: Inflation data. At 10:30 — Switzerland CPI (November), at 10:00 — Turkey CPI (November), at 13:00 — Eurozone PPI (October). Rising prices in Europe may increase pressure on the ECB, urging currencies to strengthen against the dollar.
- ECB (Lagarde): Speeches (16:30 and 18:30 MSK). The ECB president's statements before the EU Parliament may provide momentum for the euro and bonds: a hawkish tone will bolster the EUR, while calls for easing may weaken it.
Russia
- "Russia Calls!" Forum: The second day of the VTB forum. Discussions regarding new investments in various sectors continue, with potential announcements from state companies and regulators.
- Central Bank of Russia: At 12:00, it will announce currency purchase/sale volumes. A slight currency deficit will support the ruble, while an excess will weaken it. These volumes impact market liquidity.
- Data from Russia: Services PMI (09:00 MSK) and Consumer Inflation CPI (19:00 MSK). A slowdown in PMI is expected to reflect stagnation in domestic spending; an accelerating CPI will intensify pressure on rates and the ruble.
Collectively, these factors create a backdrop for the Russian market: rising inflation and oil volatility may restrain the ruble, while the results of the forum will set the tone for investor sentiment.
USA and North America
- USA: The ADP employment report (16:15 MSK) will reveal hiring trends outside the agricultural sector. Strong data will accelerate labor market growth and may elevate treasury yields; weak data will weaken the dollar. Later in the night (18:00 MSK), the ISM services index (November) will be released, followed by the S&P Global services PMI at 17:45. A convergence of PMI and ISM indices will indicate trends in the services sector, where job creation occurs: an acceleration is favorable for stocks, while a slowdown is not.
- Canada: Services PMI index (17:30 MSK). Stability in Canadian PMI will support the Bank of Canada's policies and the CAD; an unexpected decline will weaken it.
- Corporate Reporting (USA): Major players are reporting their results. Salesforce (CRM) — after market close (press release and conference call at 2:00 MSK), Macy’s (M) — before market open (8:00 ET), PVH (PVH) — after close, along with Five Below (FIVE), Torrid (CURV), Guidewire (GWRE), Sprinklr (CXM), Inotiv (NOTV) — all also releasing reports. These may cause additional volatility: favorable reports will increase demand for sector stocks, while disappointing ones will weaken it.
- Chinese Companies: Waterdrop (WDH) and Yuanbao (YB) — reports for Q3 (before market opening). As online insurers, they will reflect sensitivity to domestic demand in China; the publication before the market opens will allow for early adjustments in estimates.
Commodities and Currencies
- Oil: EIA report (18:30 MSK). A decline in commercial inventories is anticipated following seasonal demand: a deeper drawdown will support Brent/WTI prices, while a rise in inventories will apply pressure.
- Commodity Prices: The overall backdrop remains stable — metals are up, oil around $75. A strengthening dollar moderately hampers commodities. Investors will keep an eye on OPEC+ actions and demand dynamics.
Corporate Reporting
- USA, Retail and Technology Sectors: Salesforce (NYSE: CRM) — Q3 FY2026 after market close; Macy's (NYSE: M) — Q3 2025 before market opening; Five Below (NASDAQ: FIVE) — Q3 fiscal 2025 after close; Torrid Holdings (NYSE: CURV) — Q3 after close; PVH Corp (NYSE: PVH) — Q3 after close. Retail and technology services will be in the spotlight following the holiday season.
- USA, Other Sectors: Guidewire Software (NYSE: GWRE) — Q1 FY2026 after close (finance/insurance), Sprinklr (NYSE: CXM) — Q3 FY2026 before opening (Social Media, CRM), Inotiv (NASDAQ: NOTV) — IVQ FY2025 after close (scientific services).
- China: Waterdrop Inc. (NYSE: WDH) — Q3 2025 before market opening (online insurance); Yuanbao Inc. (NASDAQ: YB) — Q3 2025 before market opening (online insurance). Their results will reflect the demand for insurance services and the investment climate in China.
Investor Focus Points
- US PMI and ADP data — will indicate the strength of consumer and business demand: an increase will boost stock indices, while weak readings may signal a “turning point” in the macro cycle.
- ECB President Lagarde's speech — her tone will set expectations for ECB rates: a hawkish stance will support the euro and euro-denominated bonds.
- Oil inventories (EIA) — will be a catalyst for oil prices: the discrepancy with forecasts will influence energy stocks.
- Quarterly corporate reports (Salesforce, Macy’s, etc.) — will determine the dynamics of the equity sector: breakthrough results may warm up the index race, while weak results could cool the market.
- The Russian factor — outcomes of **forums and inflation**: it's essential for investors to track the geopolitical backdrop and inflation indicators that affect the ruble and stocks on the Moscow Exchange.
