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 Close 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 decreased activity in the US markets due to the ongoing Thanksgiving celebrations and the release of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—enabling them to assess the state of both developed and emerging 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 individual company earnings reports in Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and various Russian corporations. Given the shortened trading session in New York and reduced liquidity, global investors need to be particularly vigilant for potential surprises in the statistics, which could lead to heightened volatility.
Macroeconomic Calendar (Moscow Time)
- 11:00 AM — Switzerland: GDP (Q3 2025).
- 15:00 PM — India: GDP (Q3 2025).
- 16:30 PM — Canada: GDP (Q3 2025).
- 17:45 PM — USA: Chicago PMI business activity index (November).
- 21:00 PM — USA: early market close on exchanges (NYSE, NASDAQ) due to the Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The traditionally stable Swiss economy faced external pressures in Q3 2025. According to government estimates, Switzerland's GDP shrank by approximately 0.5% quarter-on-quarter (seasonally adjusted), which is significantly worse than the projected near-zero growth. The primary reasons include a global slowdown and the shock of sharply increased US import tariffs (up to 39%) on several Swiss goods, which severely impacted the industrial sector, particularly the chemical and pharmaceutical industries. In Q2, the economy grew merely by +0.1% quarter-on-quarter, making the slide into negative territory a disappointing surprise. However, the government remains relatively optimistic; according to revised forecasts, Switzerland's GDP is expected to grow by about 1.3% by the end of 2025.
India: GDP for Q3 2025
India's GDP for July-September 2025 is estimated by analysts to maintain a high growth rate of around +7–7.5% year-on-year. This is slightly lower than the record +7.8% year-on-year reported in the previous quarter but confirms the strong momentum of the Indian economy driven by robust domestic demand, production growth, and expansion in the 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-on-year, and authorities forecast around +7% for the entire year. While external demand has softened somewhat, the domestic market remains a key growth driver, and fresh GDP data will shed light on the resilience of this trend. Its publication may influence investor sentiment in emerging markets and the exchange rate of the Indian rupee.
Canada: GDP for Q3 2025
The Canadian economy is teetering on the edge of technical recession. Following a GDP decline of -1.6% (year-on-year) in Q2 due to a sharp drop in exports, a symbolic growth of about +0.5% year-on-year is anticipated in Q3 (indicating virtually no change from the previous quarter). Such a lackluster forecast reflects weakness in domestic demand and ongoing challenges in foreign trade (partially due to new US tariffs on certain Canadian goods). An additional negative factor over the summer was a strike at Air Canada. If the statistics for July-September show a decline again, Canada will formally enter a recession. Confirmation of even minimal growth would alleviate fears and support the Canadian dollar, while another downturn would heighten expectations for a rate cut by the Bank of Canada.
USA: Chicago PMI Index in November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the Midwest region of the USA. The previous October reading was 43.8 points, indicating deep contraction (values below 50 signal decline). The consensus forecast anticipated a slight increase in the index to around 45 points; however, data released the day before showed the indicator unexpectedly plunged to 36.3 points—the lowest since spring 2024. This sharp drop in the Chicago PMI underscores the worsening issues within the industry (declining orders and employment) and serves as a concerning signal ahead of the release of the nationwide ISM indices. Nonetheless, the reaction of US markets to this weak data may be muted due to the shortened session and low liquidity in the day following the holiday.
Europe: Final Company Reports
The European markets are concluding the quarterly earnings season, with results from several mid-sized companies expected on Friday. Notable among them are:
- Elia Group (Belgium) — the operator of energy grids, releasing its Q3 report; investors will assess the dynamics of electricity transmission revenue amid volatility in Europe's energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, reporting their financial results for Q3 2025; their outcomes will signal the state of the EU real estate markets against a backdrop of rising interest rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company, whose report for Q2 2025/26 will show the demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sectors, presenting data for July-September; markets are monitoring their profitability amid changes in electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions, disclosing its Q3 results; market participants will see if the company has improved its performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing its Q2 2025/26 results; its reporting reflects the overall condition of the UK real estate sector.
Overall, no significant surprises are expected from European reports: most large companies already reported earlier, and the market is responding sluggishly to releases from second-tier issuers. However, unexpectedly strong or weak results from specific companies may locally impact their stock prices.
Asia: Meituan Report and Others
In Asia, the primary focus is on the third-quarter report of the Chinese internet company Meituan for 2025. Meituan is a leader in China’s online services (food delivery, marketplace, etc.) and represents consumer activity within the country. Double-digit revenue growth rates are anticipated amid the recovery of domestic demand and the expansion of the company’s services. Investors will be keen to understand the dynamics of active users and the delivery segment’s margins, as well as management’s comments regarding competition (considering pressure from Alibaba and other platforms).
Besides Meituan, there are virtually no significant corporate reports in Asia on this date, as the reporting season has come to an end: most large Asian corporations published their quarterly results earlier in November. Thus, the sentiment in Asian markets on Friday will primarily be shaped by external factors and macro data (particularly 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 in accordance with IFRS is noteworthy. Transneft, the operator of oil pipeline systems, traditionally attracts investor attention with its results. Projections indicate that the company’s indicators will remain stable: revenue is expected to be around 355–360 billion rubles (up 1% from Q2), and net profit is likely to be close to the previous quarter's results. Earlier (according to RAS), the company reported a 3% year-on-year increase in revenue for the first nine months, confirming the sustainability of its business. Investors will examine not only the absolute profit figures but also management statements regarding dividends and future investment programs amid oil price volatility.
Additionally, delayed results from some other issuers for Q3 are still being published. For example, last week RusHydro revealed a nine-month report showing a net profit increase of nearly +29% year-on-year. However, most flagship players in the Russian market reported earlier, so no significant new releases besides Transneft's report are expected on Friday. 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 Focus On
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a comprehensive overview of the state of the global economy. It is important for investors to compare this data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, while high growth remains in emerging markets (India)?
- US Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility are possible. Unexpected deviations in statistics (for example, a sharp decline in the PMI index or surprises in GDP data) can trigger disproportionately strong reactions in thin markets. Caution is advised as price fluctuations may intensify with few active participants.
- Corporate Stories: Meituan's report serves as an indicator of the consumer sector in China, while the results of Transneft are a barometer of the resilience of the Russian oil transportation business. Investors holding shares of these or related companies should consider not only the cold figures of the report but also management statements regarding prospects and dividends. In Europe, no major reports are expected; however, unexpectedly strong or weak results from mid-sized companies could locally affect their stocks.
- Currencies and Commodities: Weak macro data could undermine the respective currencies (for example, the Canadian dollar if Canada's GDP disappoints) and exert pressure on commodities. Signals of a slowdown in the global economy could temporarily cool risk appetite in commodity markets and in the currency segment of emerging countries.
