Economic Events and Corporate Reports — Tuesday, January 13, 2026: US CPI and Start of Earnings Season

Detailed Overview of Economic Events and Corporate Reports on January 13, 2026: US CPI, Speech by the Governor of the Bank of England, US Housing Sales and Budget Statistics, API Oil Data, and Financial Results from Companies in the US, Europe, Asia, and Russia.

Tuesday sets a busy agenda for global markets: in focus for investors will be US inflation data for December, which is expected to shape the dynamics of risk assets. In Europe, attention will turn to the speech by the Governor of the Bank of England, which could impact the currency exchange rates and sentiment in the British market. Simultaneously, the US will kick off the corporate earnings season for the fourth quarter: major banks and companies will report their results, providing initial guidance on the state of business conditions. The energy sector is also keeping an eye on the evening statistics of oil inventories (API), which will complement the macro data released. Investors will need to evaluate these indicators in conjunction: US inflation ↔ Fed expectations ↔ bond yields ↔ currency ↔ commodities ↔ risk appetite.

Macroeconomic Calendar (Moscow Time)

1. 12:00 PM – UK: Speech by the Governor of the Bank of England, Andrew Bailey, at the economic forum.
2. 4:30 PM – US: Consumer Price Index (CPI) for December.
3. 6:00 PM – US: New Home Sales (October data).
4. 10:00 PM – US: Federal Budget for December (monthly Treasury report).
5. 12:30 AM (Wednesday) – US: Weekly oil inventories (API data).

What to Watch in the US CPI

• Core Inflation (Core CPI): A key indicator for the Fed's future policy. Predictions expect the core index to slow to around 2.6% YoY; confirmation of this downward trend could strengthen expectations for easing monetary policy and support the stock market. Conversely, if the Core CPI comes in above forecast, it may bolster hawkish sentiments at the Fed, raise Treasury yields, and apply pressure on stocks, especially in the technology sector.
• Price Structure: Investors will analyze the contributions of service prices (especially housing) and goods to the overall index. A slowdown in rental price growth and other services signals easing inflationary pressures in resilient components. In contrast, unexpected increases in these categories may indicate persistent inflationary inertia.
• Market Reaction: Market movements for the US dollar and bond yields could be sharp following the CPI release. A strengthening dollar alongside high CPI figures could depress commodity prices (oil, gold) and currencies of emerging markets, whereas softer inflation data may weaken the USD and create a favorable environment for risk assets.

UK: Speech by the Governor of the Bank of England

• Monetary Policy Tone: Andrew Bailey's speech at 12:00 PM Moscow Time will be a significant event for the pound and the British market. If the Governor hints that inflation in Britain remains high and may require further tightening, this could support the GBP and the banking sector, but may pressure the FTSE 100. On the other hand, softer, "dovish" signals (e.g., confidence in declining inflation and a pause in rate hikes) may weaken the pound, which could be positively perceived by exporters and shares of UK export-oriented companies.
• UK Economic Assessment: Investors will also be looking for hints regarding the UK's economic state as it enters 2026. Comments on growth rates, labor market conditions, and lending could adjust expectations regarding the Bank of England's policy. Any mentions of financial stability or the banking sector will be crucial for understanding the regulator's risks and sentiment.

US: Housing Market and Budget Indicators

• New Home Sales: The October statistics for New Home Sales will provide additional insight into the US housing market. Although this indicator is lagging, the trend in new home sales reflects the impact of high-interest rates on buyer demand. An improvement or stability in this figure could signal resilience in consumer demand and support shares of homebuilding companies, while a sharp decline would indicate a cooling property market due to high mortgage costs.
• US Federal Budget: The Treasury's evening report on the budget for December will show the size of the deficit or surplus at the end of the year. A significant deficit will remind the market of fiscal risks --- rising public debt and the potential for increased borrowings in the new year. Although monthly budget data rarely has an immediate impact on the market, its analysis is important for long-term investors: a trend toward expanding deficits may increase pressure on bond yields over time and should be taken into account in strategies for 2026.

Earnings Reports: Before Market Open (BMO)

• JPMorgan Chase (JPM): The largest bank in the US will report before the session begins. Investors are eager to see how high-interest rates have impacted net interest income and the bank's margin. The focus is on lending volumes and loan loss provisions: an increase in reserves may signal management's caution regarding economic prospects. Results from the trading and investment banking divisions of JPMorgan for the fourth quarter will also be critical: strong performance will indicate Wall Street's resilience, while weak investment banking results will confirm a continued downturn in the M&A and IPO markets. JPMorgan's leadership outlook on the US economy and the banking sector for 2026 will be a vital reference for the financial market.
• Bank of New York Mellon (BK): One of the leading global custodial banks will present results before market open. For BNY Mellon, fee income from custody and asset management services is crucial and depends on market dynamics and institutional client activity. Investors will evaluate whether the volume of assets under management/custody has grown in a volatile market environment at year-end. Another focus will be interest income on client deposits: rising rates may have improved the margin but could also spur outflows into higher-yielding assets. Management commentary on the state of global markets and capital flows will provide direction for the European and US financial sector shares.
• Delta Air Lines (DAL): One of the world’s largest airlines will report fourth quarter results, including holiday season performance. Investors will look for signs of resilient consumer demand for air travel: high flight load factors and passenger turnover will indicate that travel remains a priority for consumers despite economic conditions. Earnings per available seat mile (PRASM) and comments on ticket prices will be particularly important, reflecting the airline's ability to pass increased costs (fuel, labor) onto customers. If Delta shows improved margins or provides an optimistic revenue forecast for 2026, this may support the entire airline sector. However, a cautious stance on business travel or costs could be a dampening factor for the sector's shares.
• Concentrix (CNXC): An American provider of business process outsourcing will report before market open. The company is known for its call center and customer support services for corporations worldwide. Investors will be interested in Concentrix’s revenue growth amid digitalization and the merger with Webhelp (the deal closed earlier in 2025) – synergy from the combination could enhance business scales. Profitability metrics will be scrutinized: whether operational margins have been maintained in light of integration costs and wage inflation in the services sector. Concentrix's forecast regarding corporate client demand for 2026 will signal whether companies continue to invest in customer service and IT outsourcing even amid economic uncertainty.

Earnings Reports: After Market Close (AMC)

• No significant releases are expected following the main session closure on Tuesday. The corporate calendar for the evening of January 13 is sparse; most major issuers from the S&P 500 and Nasdaq indices have scheduled their financial results for subsequent days of the week. Therefore, investors will not see substantial corporate intrigue after market closure, and the news background will likely be relatively calm.

Other Regions and Indices: S&P 500, Euro Stoxx 50, Nikkei 225, MOEX

• S&P 500 (US): On Tuesday, the US stock market begins a new earnings season. Morning releases from heavyweights like JPMorgan and Delta will set the tone for the financial and transportation sectors. Given that the S&P 500 index has previously reached high levels, investors are carefully evaluating the initial reports: whether corporate earnings can meet the market's confident expectations. Additionally, the performance of the S&P 500 on this day will depend on CPI data – strong bank earnings could shift focus from macro to micro levels, but unexpected inflation figures could provoke broad-market fluctuations.
• Euro Stoxx 50 (Europe): No quarterly earnings publications are scheduled among the blue chips in the Eurozone for January 13. European markets will primarily rely on external factors – reactions from the markets to US inflation data and signals from the UK. The absence of major corporate drivers in the euro index means that macroeconomic news and currency dynamics (especially EUR/USD and GBP/USD after Bailey's speech) could play a decisive role. It is also worth mentioning some local reports: for instance, the UK company Games Workshop (FTSE 250) will release its half-year results, and in Germany, the agricultural holding Südzucker will report for the quarter – these releases are important in their sectors, but are unlikely to significantly influence the broader market.
• Nikkei 225 (Japan): The Japanese market continues to publish results from companies with non-standard fiscal years. There are no significant reports expected from giants in the Nikkei 225 on Tuesday, yet investors are monitoring corporate news from second-tier companies. Notably, the retail pharmacy chain Cosmos Pharmaceutical will report financial results for the first half of the year, reflecting consumer activity in the pharma retail sector. Overall, trading activity in Tokyo will rather be determined by the general mood in global markets following US data releases: the Japanese index is sensitive to changes in risk appetite and yen fluctuations, so any CPI surprises may also reflect on the Nikkei 225's dynamics.
• MOEX (Russia): On January 13, no major issuers are expected to release financial reports on the Moscow Exchange — the season for quarterly and annual results of Russian companies traditionally starts later in January and February. Some activity may occur concerning operational updates from individual companies or board meetings regarding dividends, but these events are unlikely to have a significant impact on the MOEX index. In the absence of internal drivers, the Russian market will follow global market sentiments and oil price dynamics: US CPI data and external factors will set the main direction for the ruble and the value of Russian assets on Tuesday.

Day’s Summary: What Investors Should Pay Attention To

• US CPI: The US inflation publication is the main trigger of the day. Investors should prepare for a spike in volatility at 4:30 PM Moscow Time: any deviation of the actual CPI from forecasts will immediately impact the dollar's exchange rate, yields, and global stock indices. Particular attention is required for core inflation; a slowdown may trigger a rally in stocks, while an unexpectedly high figure could spark discussions regarding new Fed actions and possibly lead to a short-term sell-off of risk assets.
• Speech by the Bank of England Governor: Andrew Bailey's afternoon speech may shift expectations regarding UK rates. For investors in the currency market, tracking GBP's reaction is crucial: any hawkish comments from Bailey may bolster the pound and influence European financial stocks, while a softer tone could have the opposite effect. This speech will also provide insights into regulator sentiment in Europe at the start of the year.
• Corporate Reports in the US: The start of the earnings season sets thematic movements within the market. Strong results and forecasts from JPMorgan, Delta, and others before the open may support relevant sectors (banking, transport), shifting focus from macro statistics towards corporate stories. However, investors should compare corporate trends with macro foundations: for example, even strong bank results may be overshadowed by negativity stemming from high CPI, and vice versa, moderate inflation could amplify the positive effect of strong corporate earnings.
• Oil and Commodity Prices: The oil market will receive signals from the API report on crude oil inventories (12:30 AM Moscow Time on Wednesday) in the evening. While this indicator is preliminary, unexpected increases or decreases in inventories could influence oil prices, which in turn will impact shares in the oil and gas sector and currencies of resource-rich countries. Combined with inflation data (energy component of CPI), this will help understand the trajectory of the commodity segment. Commodity investors should keep a close watch following the close of major trading.
• Risk Management in a Busy Day: The combination of important macro data and the first major reports creates conditions for heightened volatility. It is advisable to predefine acceptable ranges of fluctuations for the portfolio and set stop orders or hedging positions, especially when trading on a short horizon. In such an information-rich market, it is wise to avoid excessive leverage and emotional decisions: better to wait for key indicators to be released and then make informed investment moves based on facts rather than forecasts.