Economic Events and Corporate Reports Thursday, November 20, 2025 - G20 Summit, China's Rates, Reports from Disney, JD.com, Applied Materials

Detailed Overview of Economic Events and Corporate Earnings for Thursday, November 20, 2025: G20 Summit, Rate Decisions in China and South Africa, Key US Statistics and Canadian PPI, Reports from Disney, JD.com, Applied Materials, Walmart, Bilibili, and Other Global Companies.

USA: Major Reports and Their Expectations

Walmart (USA, Retail) – Q3 FY2026 Report (to be published before market opens). Consensus forecast: revenue around $177.5 billion (+4-5% YoY) and earnings per share ~ $0.60. Investors are expecting steady consumer demand and stable inventory levels. Special attention is on the performance of food sales and the efficiency of cost-cutting measures. (The world's largest retailer; Walmart's results can significantly influence the dynamics of the Dow Jones and S&P 500 indices, as well as the USD exchange rate.)
The Walt Disney Company (USA, Media and Entertainment) – Q4 FY2025 and full-year results (expected before the session begins). Forecast: revenue ~$22.8 billion (virtually unchanged from last year) and adjusted earnings per share ~$1.02 (down from $1.14 a year earlier due to weaknesses in the TV business). The market is awaiting updates on Disney+ subscriber growth and the impact of cost-cutting measures under Bob Iger's leadership. The parks and cruise segment, which previously showed growth, is also under scrutiny. (A major company from the Dow index; its report can set the tone for the entire media market and reflect on broad indices.)
Applied Materials (USA, Semiconductor Equipment) – Q4 FY2025 Report (to be released after market close). A slight revenue decrease (~$6.7 billion) is expected due to a decline in overall demand for chip-making equipment, with EPS ~ $2.1 (down YoY). However, investors anticipate a positive forecast thanks to a boom in investments in AI chip gear and high order load from AI chip segments. Applied Materials serves as a barometer for the semiconductor sector; its order volume forecast could impact the entire Nasdaq tech sector.
Intuit (USA, Financial Software) – Q1 FY2026 Report (fiscal, to be published after market close). Analysts' forecast: revenue of around $3.75-3.8 billion, earnings per share ~$3.10 (up ~24% YoY) driven by growth in QuickBooks (services for small businesses) and Credit Karma, while TurboTax traditionally contributes little in the first quarter. The main focus is on management comments regarding demand for fintech services and AI features in Intuit's products.
Ross Stores (USA, Off-price Retail) – Q3 2025 Report (after market close). The largest chain of discount clothing and household goods stores expects moderate sales growth (consensus ~$5.1 billion, +4-5% YoY) and EPS ~$1.53-1.54. Investors are tracking traffic trends – as disposable incomes decline, shoppers are increasingly turning to discounters, which may have supported Ross. The company previously issued a cautious forecast of EPS $1.31-1.37, so actual results above this range will be viewed positively. The Ross report will serve as an indicator of consumer sentiment and the state of the mass-market retail sector.
Veeva Systems (USA, Cloud Software for Pharmaceuticals) – Q3 FY2026 Report (after market close). The company has already provided a quarterly forecast: earnings per share of $1.94-1.95, close to consensus, with double-digit revenue growth (expected around $590-600 million). In focus is Veeva's transition to its own cloud platform Vault and maintaining growth rates for new orders from pharmaceutical companies. Strong results from Veeva will support the cloud software sector, especially the niche of vertical SaaS solutions.
Copart (USA, Auto Auctions) – Q1 FY2026 Report (after market close). A continuation of a positive trend is expected: revenue growth (previous quarter was +12% YoY) due to high demand for used cars and expanding global presence. Copart benefits from increased prices for vehicles and parts; EBITDA margins are traditionally high, and the market is monitoring whether the margin will remain around 45%+. The Copart report will provide insight into the state of the automotive and insurance markets (as insurers are the main sellers at its auctions).
Jacobs Solutions (USA, Engineering and Construction) – Q4 FY2025 Report. A large contractor in the infrastructure and government contract space, Jacobs is expected to show a stable order book. Analysts expect revenue growth in the units, especially in advanced technology and defense after recent acquisitions. Investors are waiting for updates on government infrastructure projects (stimulated by US programs) and comments on the backlog for 2026. Strong results could support shares in the industrial sector.
Warner Music Group (USA, Music) – Q4 2025 Report. Moderate revenue growth is expected, with streaming services (Spotify, Apple Music) and music publishing income as the main drivers. Analysts forecast quarterly revenue of approximately $1.5 billion with slight declines in profit YoY due to investments in new artists. For investors, key data will be the growth of revenue from streaming and music licensing – WMG's report will serve as a barometer for the entire music sector.

Canada and Latin America

Brookfield Corporation (Canada, Alternative Investment) – Q3 2025 Report. The asset management and infrastructure conglomerate reported record commission income and ~+17% YoY increase in fee-related earnings. Consensus EPS was around $0.61 (compared to $0.60 a year earlier), and Brookfield slightly exceeded expectations ($0.63). Investors are interested in the yield from infrastructure and real estate assets amid rising interest rates: Brookfield is a key indicator of the global alternative investments market. The market will also assess comments on the state of commercial real estate and private equity funds.
Nu Holdings (Nubank) (Brazil, Fintech) – Q3 2025 Report. The parent company of the digital bank Nubank continues to show exponential growth: expected revenue of around $4.0 billion (+~42% YoY). Profit forecast: ~$0.15 per share, thanks to scaling up the Nubank business which has achieved stable profitability. Key metrics include customer base growth (over 85 million users), credit portfolio, and non-performing loan ratio amid high Brazilian interest rates. Nubank is the largest neo-bank in Latin America, and its results influence evaluations of the fintech segment in emerging markets.

Europe: Reports from Major Public Companies

ORLEN S.A. (Poland, Oil and Gas) – Q3 2025 Report. Central Europe's largest oil and gas company (formerly PKN Orlen) is likely to show a significant drop in profit YoY due to decreasing refining margins and fuel prices in 2025. The company previously warned about margin pressure in oil refining. However, stable revenue is expected due to increased sales volumes and integration of acquired assets. The Orlen report is important for the Polish market and will signal the state of the oil and gas sector in the region. Any potential impact on the PLN exchange rate is limited, but unexpectedly strong or weak figures could move Orlen's and related companies' stocks.
Halma plc (UK, Technology Equipment) – H1 FY2026 Report. A conglomerate producing safety systems, sensors, and medical equipment traditionally experiences steady growth (~+10% YoY). The market expects revenue and profit to increase despite economic slowdowns: Halma's products (gas detectors, lift sensors, medical devices) have sustainable demand. As a company in the FTSE 100, Halma serves as an indicator of the health of the UK high-tech manufacturing sector. A positive report will support the FTSE index and the European industrial sector.
JD Sports Fashion (UK, Sports Goods Retail) – Trading Update for Q3 FY2026. Preliminary quarterly sales, including the autumn season, are expected to show growth around +10% YoY, considering strong demand for sneakers and athletic apparel from global brands. However, investors will focus on margins: high cost inflation (wages, rent) may pressure profitability. JD Sports is a leader in the sports retail segment in Europe and serves as a benchmark for consumer demand among youth. A successful update could uplift sentiment within the European retail sector.
Allegro.eu (Poland, E-commerce) – Q3 2025 Report. Poland's largest online marketplace increases revenue driven by turnover growth in the marketplace and financial services. Consensus expects quarterly revenue of around PLN 2.4-2.5 billion (+double-digit % YoY) and improved adjusted EBITDA. Focus is on competition from Amazon and Wildberries in the Polish market and the dynamics of active buyer numbers. Strong results from Allegro will support confidence in the potential of e-commerce in Eastern Europe, while disappointments could weaken sector shares.
PZU (Poland, Insurance) – 9-month 2025 Report. The largest insurer in Eastern Europe, the PZU Group is likely to show growth in premiums (especially in property and car insurance) and reliable net income. Analysts noted that for 1H 2025, PZU's profits grew at double-digit rates thanks to investment income and absence of major payouts. If the trend holds, the report will confirm the resilience of Poland's financial sector. Investors will focus on comments regarding dividends and capital adequacy, which are crucial for assessing PZU's stock appeal.
CTS Eventim (Germany, Entertainment) – Q3 2025 Report. A leading European ticketing operator and concert organizer is continuing its recovery post-pandemic. Significant YoY revenue growth is expected (in Q3 2024, concerts had not yet returned to pre-COVID levels). Key indicators include ticket sales and profitability of the concert segment. Given the successful summer festival season, the market awaits an improvement in margins. The CTS Eventim report will indicate how confidently Europeans are returning to offline entertainment and may influence shares of other industry companies (Live Nation, etc.).

(On this day, several other European issuers will report: LondonMetric and Grainger (UK, Real Estate) will provide insights into the British commercial and residential real estate market; Subsea 7 (Norway, Offshore Oil Services) will reflect on the state of oil and gas engineering; UNIQA (Austria, Insurance) will indicate trends in the CEE insurance market; Breedon Group (UK, Building Materials) will give a trading update on demand in the construction sector, etc. While these companies are not among the largest, their reports present industry interest.)

Asia: Significant Reports from Tech Companies

JD.com (China, E-commerce) – Q3 2025 Financial Results. Market expectations: revenue around ¥294 billion (+~13% YoY) after strong growth during the “618” sale quarter earlier (for comparison, in Q2 it was ¥356.7 billion). However, net profit is expected to drop by ~75% YoY due to aggressive investments in marketing and new businesses. JD.com is increasing spending to attract buyers (competing with Alibaba, PDD) and food delivery development. Investors will look for signals of margin improvement mainly in JD's retail business (expected +16-17% YoY) and a reduction in losses in new segments (JD Logistics, JD Food Delivery). (JD.com quotes impact the Hang Seng Tech index; the results from this company may significantly influence investor sentiment in China's tech sector and indirectly affect the yuan exchange rate if results deviate from forecasts.)
Bilibili (China, Online Video and Games) – Q3 2025 Report. Consensus forecast: revenue ~$1.07 billion (growth ~+3% YoY) with a slight profitable result at around $0.21 EPS (non-GAAP, i.e., close to break-even). Bilibili turned profitable for the first time in the previous quarter, and the market expects this trend to continue due to strict cost control. Audience growth has slowed (MAU around 330 million), but monetization is improving: advertising revenue (+20%+ YoY) and value-added services (subscriptions, in-game purchase boosts) offset the decline in mobile gaming revenue. In focus are management comments regarding the prospects for 2026 and progress towards achieving break-even by the end of the year. Strong results from Bilibili will confirm a positive shift in China's profit-oriented internet sector, while disappointments will heighten concerns about the sustainability of the user growth model.

(On November 20th, there are no first-tier publications in Asia, as most Chinese IT giants reported the previous week. Investors will continue to digest these results: Tencent (reported on November 15 with +13% YoY revenue) and Alibaba (November 13, growth +9% YoY) set the tone, showing a recovery in China’s internet sector. In Japan, the half-year reporting season (Q2 FY2025) for most large companies concluded by mid-November, so no new data from companies in the Nikkei 225 index are expected this Thursday.)

Russia: Reports from Public Companies on the Moscow Exchange

VK Company (Russia, Internet) – Financial results publication for Q3 and 9 months of 2025 according to IFRS. VK (formerly Mail.ru Group) is Russia's largest social network and IT holding company, owning VKontakte, Odnoklassniki, online education services, etc. A double-digit revenue growth is expected for 9 months, primarily driven by advertising revenues and the development of new areas (games, VK Clips, business messenger). Profitability is currently under pressure: the company is actively investing in content and technologies (including proprietary recommendation algorithms, AI services). Investors are interested in net profit or loss – VK was unprofitable for the half-year, and the market is waiting for signals indicating a reduction in losses in the second half. The VK report is important for the Russian tech sector: successful loss reduction and audience growth could improve industry perception, while weak results could heighten concerns about social media monetization in the Russian Federation. VKCO shares are included in the MOEX index, so surprises in the report could reflect on market movements.
Softline (Russia, IT Solutions) – Key unaudited financial indicators for Q3 and 9 months of 2025 (IFRS). Softline is a leading supplier of IT products, cloud services, and cybersecurity for businesses in Russia and the CIS (after separating global business into a separate company). For the first half of 2025, Russian Softline's revenue grew by ~20%, and the market expects this trend to continue in the second half driven by software import substitution. Key metrics include revenue growth (expected double digits), dynamics of gross margin, and debt load. Volatility in Softline’s shares is possible in response to the report, given the limited liquidity of the securities and interest from retail investors. At 12:00 MSK on November 20, the company will also hold a conference call with top management to discuss results.
Renaissance Insurance (Russia, Insurance Group) – Disclosure of financial results for the 9 months of 2025 according to IFRS. The Renaissance Group is one of the largest private life and property insurers. In 2024, the company showed high growth rates in collections. Analysts forecast approximately +25% YoY growth in insurance premiums for the first 9 months of 2025 (especially in the life insurance segment), but net income may decrease due to increased payouts for auto insurance (OSAGO) and volatility in investment income. Investors will pay close attention to the combined loss ratio (COR), an indicator of the insurer's operational efficiency. A strong Renaissance report will confirm the recovery of the insurance market in Russia post-pandemic, while weak results may pressure shares of other insurers (e.g., SOGAZ, reporting later).
On November 20, other reports will be published: T1 (T1 Technologies) – Q3 2025 results under IFRS (asset integrator of IT and telecom equipment, revenue growth expected due to government contracts); ArenaData – operational and financial results for the 9 months of 2025 (provider of data solutions, interesting in the context of import substitution of DBMS and Big Data solutions); Tinkoff (TCS Group) traditionally discloses key metrics later in November, so no report is planned for this date. Notably, a report from Bank of Saint Petersburg is scheduled for November 21 (important for the banking sector), while Sberbank and VTB reported the previous week, setting a positive tone (profit growth >50% YoY).

Small and Mid-Cap Companies: Key Reports and Their Significance

(On this day, a series of reports from second-tier companies in the American and global markets will be released – although they are less known to the general public, their results may be indicative for specific sectors.)

Bitfarms Ltd. (USA/Canada, Crypto-Mining and Data Centers) – Q3 2025 Report (before market opens). Revenue for the quarter was $69 million, of which $14 million was from discontinued operations (sale of South American farms). Bitfarms is undergoing a transformation: reducing its share of Bitcoin mining in favor of data center and HPC/AI services. The company successfully raised $588 million through convertible notes to fund this transition. Investors will assess the speed of retrofitting data centers for AI needs (in partnership with Nvidia) and its impact on future revenues. The Bitfarms report is significant for gauging the state of the crypto-mining industry: despite rising Bitcoin prices in 2025, many miners are seeking new business models in the wave of demand for computing power for AI.
Rekor Systems (USA, AI for Transport) – Q3 2025 Report (after market close). The company previously announced it expects record quarterly revenue of ~$14.2 million (+35% YoY) and significant improvement in adjusted EBITDA by the end of the year. Rekor specializes in computer vision systems for road infrastructure (license plate recognition, traffic monitoring) – its results reflect interest from government bodies in smart cities and AI solutions. An important feature is reducing quarterly losses (expected to ~$0.03 per share compared to $0.05 a year ago). If the forecast is confirmed, REKR shares may respond with growth. The Rekor report will demonstrate whether the smart city market in the USA is ready to become profitable or continues to need further investments.
Virgin Galactic (USA, Space Tourism) – Q3 2025 Report. The company continues to work on the regularity of its SpaceShip flights, but the financial results are modest: revenue only ~$0.4 million (from “ticket” sales of future tourists). The expected net loss is around $-60 million for the quarter (–$1.1 per share), which is, however, an improvement from last year as a result of decreased expenditures. Investors are interested in the cash balance (after additional emissions, the company has over $400 million at the end of Q3) and the schedule of commercial flights for 2026. The Virgin Galactic report is important for the "new space" sector: it will show whether the company is managing to reduce cash burn and move towards revenue that justifies its valuation. Positive results (e.g., announcement of new flights) may lead to volatility in SPCE shares, which are popular among retail investors.
Luminar Technologies (USA, LiDAR Automotive Technology) – Q3 2025 Report. The LiDAR developer for autonomous vehicles presented $18.7 million in revenue (+21% YoY), slightly above consensus, and a corrected loss of -$0.94 per share (better than expectations of -$1.08). The LiDAR market is experiencing consolidation, and Luminar is one of the clear leaders (contracts with Volvo, Mercedes). In the report, investors were looking for confirmation of growth in shipments of Iris sensors and progress in reducing costs. Important aspects include cash reserves (Luminar is actively spending on R&D, ~$300 million+ per year) and comments on new deals with automakers. Strong results from Luminar offer optimism regarding the implementation of autonomous driving technologies, while any delays or increased costs would amplify investors' skepticism towards this sector.
Globant S.A. (Luxembourg/Argentina, IT Outsourcing) – Q3 2025 Report (after market close). The digital services provider Globant reported revenue of ~$617 million (+9% YoY) and adjusted earnings of $1.53 per share, slightly missing consensus ($1.55). The main reason for the growth slowdown is client caution in the USA and Europe amid macro-uncertainties, leading Globant to cut its growth forecast for the entire year to ~1-2%. However, the company sees new drivers: demand for development in AI, gaming, and fintech. Investors assess dynamics in new orders and personnel utilization – key indicators for an outsourcer. Globant is one of the largest IT service companies based in Latin America, and its results influence the perception of emerging markets in technology.
Paysafe Ltd. (UK/USA, Payment Services) – Q3 2025 Report. The provider of payment solutions and e-wallets (Skrill, Neteller) reported revenue of $433.8 million (+2% YoY in dollars). Adjusted earnings per share was $0.70, slightly below consensus of $0.73. Paysafe is undergoing a reorganization: changing leadership and strategy after a series of quarters of declining revenue. In Q2, the company showed growth for the first time in a long while, a trend which continued into Q3 – organic growth ~0% considering exchange rates, indicating stabilization. The main driver is services for the gambling industry in North America (payments on betting websites). Investors reacted positively to the confirmation of an annual revenue forecast of ~$1.70 billion. The Paysafe report signals that second-tier fintech companies are beginning to adapt to challenging conditions (competition from fintechs and banks, rising rates) and are capable of returning business growth.
The Metals Company (Canada, Mining) – Q3 2025 Report (conference call at 23:30 MSK). A startup planning to extract metals from the Pacific Ocean floor is yet to generate revenue, so the focus is on operating expenses and cash availability. The quarterly loss increased to -$0.14 per share (against expectations of -$0.06), largely due to increased geological survey activities. The Metals Co. completed pilot collection of polymetallic nodules in the Clearwater zone and is preparing for environmental evaluation. Investors are keenly interested in news about whether the company has obtained the necessary international permits for commercial extraction (expected by 2026). TMC shares are highly volatile: any progress or delay in deep-sea mining regulations immediately reflects on quotes. The company’s report essentially serves as an R&D update: how much cash remains (at the end of Q3 ~ $115.6 million available) and whether it will fit within budget until strategic partnerships or new investments. For the green metals sector, TMC is a bellwether for the prospects of alternative methods of extracting nickel and cobalt (critical for EVs).
Ondas Holdings (USA, Drones and Wireless Networks) – Q3 2025 Report (before opening). A small technology company producing industrial drones (through its subsidiary American Robotics) and wireless systems for rail transport continues to operate at a loss. Consensus anticipated a loss of -$0.05 per share, and actual loss came out slightly over (-$0.06), with revenue just a few million (around $1.5 million for the quarter). However, the market notes positive signals: Ondas obtained its first commercial contracts for its drones (after FAA certification) and is completing testing of the network for Union Pacific. In the report, investors sought data on the backlog of orders and the pace of cash expenditure (funds are limited). While this stock is speculative, the report showed the state of the niche industrial drone market in the USA – it is still in the early stages, but first real sales have begun.
Gambling.com Group (Ireland, Affiliate Services in Online Gambling) – Q3 2025 Report (before market opens). This company, owning various betting recommendation portals, has benefitted from the legalization of online betting in the USA. For the quarter, it increased revenue to approximately $39 million (+30% YoY), surpassing the forecast, and achieved EPS of around $0.25 (versus ~$0.17 expectations). EBITDA margins remain consistently high (~40%). Key success factors include launching partner sites in new states (Kentucky in Autumn 2025) and the Cricket World Cup (which attracted traffic in India). Investors noted that Gambling.com raised its 2025 forecast and undertook a small acquisition (NDC Media) to strengthen its position. The GAMB report is an indicator of the booming online betting market: affiliate companies are showing excellent results, reflecting the expansion of iGaming. Strong figures support the entire sector, including large betting platforms (DraftKings, FanDuel).
Co-Diagnostics Inc. (USA, Diagnostics) – Q3 2025 Report (after market close). The developer of PCR tests and diagnostic technologies is experiencing a downturn after the boom in 2020-21: revenue is low (less than $1 million per quarter), with a loss of -$0.16 per share slightly better than forecast. A positive note is the gradual increase in sales of tuberculosis tests and the Vector Smart system (mosquito tracking), compensating for almost zero demand for COVID tests. The company focuses on the Co-Dx PCR Home platform – a promising portable device for express PCR, awaiting regulatory approval. Investors are interested in when the commercialization of this device will begin and whether Co-Diagnostics will have enough funds until then (about $37 million in cash, with no debt). Overall, the Co-Dx report illustrates a typical scenario for a small biotech company in the post-COVID period: limited sales, experience in cost optimization, and hope for a new product capable of reviving growth.
Eagle Point Credit Co. (USA, CLO Credit Fund) – Q3 2025 Report. The closed fund, investing in portfolios of bonds and loans (CLO), has formally increased net investment income due to rising rates (most of the assets are floating rates). It was expected around $0.32 NII per share, and actually, EPC allocated $0.34 and continued to pay a high dividend of ~$0.14 monthly. The share of troubled loans in the portfolio remained low (<2%), easing investors' concerns regarding asset quality amid discussions of potential defaults. Although the market price of ECC is trading at a ~15% discount to NAV, the report confirmed that the corporate credit market remains resilient, and the returns on CLO investments are high (ROE >15%). The report's market impact is moderate, but positive results from Eagle Point supported demand for shares of other income funds and indicated no stress within the high-yield loan segment.
Beazer Homes USA (USA, Residential Construction) – Q4 FY2025 Report (fiscal year, after market close). Results exceeded expectations: revenue of $571 million (-3% YoY) was above consensus, with EPS of $1.07 versus expected ~$0.80. Despite rising mortgage rates in the USA (~7-8% in 2025), Beazer managed to maintain closing volumes nearly at last year's level, sacrificing some margin to stimulate sales (discounts, assistance with interest rates for buyers). Available home inventories decreased, and the order portfolio stood at ~$1.2 billion by the end of the year (though less than last year against a slowing market). Beazer’s management noted that the new home market is adapting to high rates: buyers prefer deals with builders willing to subsidize the rate, while the secondary market has limited supply. The Beazer Homes report is an essential indicator for the sector: it showed that even with expensive mortgages, there is demand for new housing, albeit with lower profits for builders. This somewhat improved sentiment in shares of home building companies, which had decreased over the autumn.
Worksport Ltd. (USA/Canada, Accessories for Electric Pickups) – Q3 2025 Report (before market opens). The developer of innovative solar-powered truck bed covers demonstrated a 61% revenue growth to $2.6 million due to the launch of production at a new US plant. Loss decreased (-$0.75 per share, down from -$2.20 a year earlier), although still far from break-even. A key event: Worksport received its first wholesale orders for its flagship SOLIS cover and COR battery backup system for electric pickups – indicating strong market demand for the product. Investors are curious if the company will achieve break-even in 2026 with expected revenues of >$45 million (the management voiced such a target). The Worksport report is an example of a startup straddling the automotive and renewable energy sectors: its successes (or failures) will signal the prospects of the niche electric vehicle accessory market. Following the report, WKSP shares responded with growth, as the company approached operational profitability for the first time on a monthly timeline. However, risks remain high, and upcoming quarters will reveal if demand for Worksport products is sustainable.

Conclusion: On November 20, 2025, investors received an extensive array of data about the health of the corporate sector worldwide. Reports from retailers in the USA (Walmart, Ross) clarified the state of consumer demand amid inflation and high rates, while reports from tech giants (Disney, JD.com, Applied Materials, Intuit) showed how leading companies are adapting to new trends – from streaming and e-commerce to AI. In Europe, financial results indicated stability in industry (Halma) and the consumer sector (JD Sports), despite economic challenges. Russian companies reported generally positively, reflecting the recovery of key sectors (banking, internet, insurance) in the domestic market. Many companies from the list (Walmart, Disney, JD.com, etc.) have significant market capitalization, therefore their reports caused notable movements in indices: for instance, strong sales from Walmart supported the S&P 500, while a slowdown in JD.com's profit growth cooled appetites for the Chinese market.

Sector-wise, several trends can be noted:

The consumer sector demonstrates relative resilience. Walmart exceeded profit forecasts, bolstering the dollar and instilling confidence in US markets. At the same time, there is a noted redistribution of spending among households: the rise of discounters (Ross) and sustained demand for entertainment (Disney parks, concerts in Europe) coalesce with caution in large expenditures (residential construction saw a decrease in orders).
Technology and communications are continuing to grow in revenues, but profits are under pressure. This is evident in the reports from Disney (streaming), Chinese internet companies (JD, Bilibili – growing, but cutting costs for profitability), as well as Globant (IT services, growth slowed). Nevertheless, markets rewarded companies that demonstrated a focus on efficiency – for example, Bilibili received positive revaluation due to its return to profitability. In the hardware segment, a new growth cycle is anticipated due to AI: the report from Applied Materials and management comments indicate expectations for increased demand for equipment in 2024, supporting semiconductor companies' shares.
Finance and fintech – banks (reporting earlier in November) and fintech companies are faring relatively well. Nubank continues its expansion across Latin America with profitability, Paysafe stabilized and returned to revenue growth, and insurance companies (PZU, Renaissance) increased premiums. This indicates that the financial sector is adapting to the new norm of interest rates: the margin from core business is increasing, and clients remain active. Investors highlight asset quality risks (especially among credit funds and Nubank), but current reports do not signal any crisis phenomena.
Industry and commodities – results are mixed. Oil and gas giants (like Orlen) are experiencing pressure from external factors – low fuel prices and export restrictions (in Russia) – their reports are rather restrained. However, firms related to infrastructure spending (Jacobs, Halma) and construction (Beazer) show that the investment cycle is continuing – government contracts and modernization projects are supporting revenues. Metallurgists did not report directly on November 20, but a related segment (The Metals Co.) drew attention to the raw materials topic for batteries: interest in "green" metals is high, although the TMC project is still far from realization.

Overall, the markets reacted to this wave of reporting moderately positively: strong data from several companies (Walmart, Nvidia the day prior, Nubank, and others) outweighed individual disappointments (JD.com). The S&P 500 index saw a slight rise at the end of the day on November 20, European indices STOXX 600 and FTSE also strengthened amid good news from Halma, while Asian markets stabilized after fluctuations driven by Chinese tech giants. The currency market noted a strengthening dollar (thanks to US retail and the "hawkish" Fed in the minutes) and a slight rally in the pound (after reports from several stable UK companies lowered expectations for rate cuts).

Thus, November 20, 2025, confirmed the trend for the closing year: the economy is slowing down but remains resilient, with companies adapting – some through innovation and new markets, others by optimizing and reducing costs. This day of reports provided investors with valuable material for evaluating prospects for 2026 and was generally viewed as an encouraging signal for global markets.