Economic Events and Corporate Reports - January 28, 2026: FOMC Meeting, Bank of Canada Rate and Inflation in Russia and Australia

Detailed Overview of Economic Events and Corporate Reports on January 28, 2026. Federal Reserve Meeting, Bank of Canada Decision, CPI Publication in Russia and Australia, Bank of Japan Minutes, EIA Weekly Oil Inventories, and Reports from Companies in the USA, Europe, Asia, and Russia.

A comprehensive agenda is set for global markets on Wednesday. In Asia, attention is drawn to the minutes from the latest Bank of Japan meeting and the commencement of the largest airshow, Wings India 2026, in Hyderabad, featuring participation from Boeing, Airbus, and others, reflecting the growth of India's aviation sector. Australia will publish its inflation data for the fourth quarter, impacting expectations regarding the Reserve Bank of Australia’s policy. The European session passes relatively quietly in macroeconomic terms; however, investors are monitoring corporate reports from leading companies in the region, while the market's atmosphere will largely be shaped by expectations surrounding central bank decisions in North America.

The key event of the day will be the meeting of the Federal Reserve System (Fed) late in the evening: the outcome of the FOMC meeting will determine the market participants' mood regarding interest rates in the USA and future monetary policy. Earlier in the evening, the Bank of Canada will also announce its rate decision, setting the tone for other central banks. The energy market is focused on the weekly oil inventory statistics from the EIA, which could impact oil prices and commodity currencies. On the corporate side, a whole series of financial results from the largest publicly traded companies will be issued: from U.S. tech giants (Microsoft, Meta, Tesla, etc.) to industrial leaders in Europe (ASML, Volvo) and major players in Asian markets (Advantest, Maruti). Russian investors will assess new inflation statistics and operational metrics from X5 Group. Collectively, these factors will influence the dynamics of the S&P 500, Euro Stoxx 50, Nikkei 225, and Moscow Exchange indices throughout the day. It is crucial for investors to analyze events in conjunction: central bank decisions ↔ bond yields and dollar exchange rate ↔ commodity prices ↔ risk appetite in equity markets.

Macroeconomic Calendar (MSK)

1. 02:50 — Japan: Publication of the minutes from the last Bank of Japan meeting.
2. 03:30 — Australia: Consumer Price Index (CPI) for Q4 2025.
3. 05:00 — India: Opening of the Wings India 2026 Airshow (January 28–31) in Hyderabad.
4. 17:45 — Canada: Bank of Canada’s decision on the key interest rate.
5. 18:30 — Canada: Press conference by the Bank of Canada Governor following the meeting.
6. 18:30 — USA: Weekly commercial crude oil inventory (EIA).
7. 19:00 — Russia: Consumer Price Index (CPI) for December 2025 (preliminary data).
8. 22:00 — USA: Fed's interest rate decision (FOMC meeting results).
9. 22:30 — USA: Fed press conference (Chair Jerome Powell on the economy and monetary policy).

Federal Reserve: Interest Rate Decision

• Monetary Policy: Markets expect the Fed to maintain the federal funds rate at its current level after a cycle of tightening policy. The focus is on whether the FOMC signals a possible course change in the coming months. Any hint of an impending rate cut could boost equity growth and weaken the dollar, while statements emphasizing continued hawkish rhetoric to combat inflation may increase Treasury yields and pressure high-risk assets.
• Forecasts and Rhetoric: Investors are closely analyzing the accompanying statement and tone of comments from Jerome Powell. Assessments of the U.S. economy are crucial—stable labor market conditions and inflation near target levels may allow the Fed to pause or end its rate hike cycle. However, if the regulator expresses concerns about persistent inflationary pressure, this could imply a longer period of high rates without easing.
• Market Reaction: Fed decisions and the rhetoric from the press conference typically trigger increased volatility. The S&P 500 and Nasdaq may react sharply to any changes in rate forecasts, particularly sensitive is the technology sector. The USD and prices of gold and oil are also directly influenced by Fed signals, as they affect global liquidity and risk appetite.

Bank of Canada: Rate Expectations

• Interest Rate Decision: The Bank of Canada will announce its key rate decision amid stabilizing inflation around the 2% target. Most analysts anticipate the rate to remain unchanged, given the slowdown in Canada's economy at the end of 2025. Nonetheless, an unexpected change in the rate would surprise the markets, directly impacting the Canadian dollar (CAD) and the dynamics of the TSX index on the Toronto Stock Exchange.
• Regulator's Comments: At the press conference, the Bank of Canada Governor will provide an updated view on inflation risks and the state of the economy. Investors will assess whether the rhetoric indicates a possibility of future rate cuts in 2026. Any mentions of price stability in important commodities for the Canadian economy and the housing market's condition will influence monetary policy expectations. Similarities or discrepancies between the Bank of Canada's approach and the actions of the Federal Reserve may set the tone for movements in the USD/CAD currency pair and the overall sentiment among global investors.

Inflation in Australia and Russia

• Australia (CPI): The fourth-quarter consumer inflation data for 2025 will reflect the price growth rates in the Australian economy. Particular attention will be paid to the core CPI index: a sustained slowdown in core inflation could strengthen expectations that the Reserve Bank of Australia will refrain from further rate hikes or shift to easing. Against the backdrop of China's economic slowdown (a key trading partner for Australia) and declining commodity prices, weak CPI could enhance dovish sentiments, while an unexpected rise in inflation might increase yields on Australian bonds and strengthen the AUD.
• Russia (Price Index): Rosstat will release new consumer price data, providing insight into inflation dynamics by the end of 2025. In previous months, inflation in Russia accelerated due to the weak ruble and budgetary stimulus, prompting the Bank of Russia to raise the key rate. If the December data shows a slowdown in price growth, it could ease pressure on the regulator concerning further policy tightening. However, high inflation (significantly above the target of 4%) will maintain expectations for a high key rate in Russia. The market's reaction in OFZ (federal loan bonds) and the ruble’s exchange rate will depend on whether the statistics meet forecasts or provide a surprise.

Oil and Commodities: EIA Inventory Report

• U.S. Oil Inventories: The weekly report from the Energy Information Administration (EIA) on crude oil and petroleum product inventories in the USA is traditionally released on Wednesdays and serves as an indicator of the balance of supply and demand in the world’s largest fuel market. If the data indicates a significant reduction in commercial oil inventories, this may signal strong demand or limited supply, supporting price growth for Brent and WTI. Conversely, an unexpected increase in inventories could weaken oil prices, particularly impacting the energy sector stocks and currencies of commodity-exporting countries (including the Russian ruble and Canadian dollar).
• Commodity Price Dynamics: Besides inventories, investors are monitoring general trends in commodity markets. By the end of January, oil trades might be affected by a combination of factors: geopolitics, OPEC+ production agreements, and global demand outlook. Fluctuations in oil prices affect inflation expectations worldwide. Additionally, prices for industrial metals and gold are under observation: expectations of soft Fed policy could support precious metals, while strong economic data from China typically fuels the growth of industrial metals.

USA: Reports from Microsoft, Meta, Tesla, and Others

• Microsoft (MSFT): One of the leaders in the S&P 500 index will present financial results for October–December 2025. Investors expect revenue growth amid strong demand for Azure cloud services and AI products. Special attention will be on management’s comments regarding prospects in the artificial intelligence and enterprise software sectors. A strong Microsoft report could support the entire U.S. technology sector, while weak figures may trigger selling pressure on growth stocks.
• Meta Platforms (META): The parent company of Facebook and Instagram will report for Q4 2025, including the holiday advertising season. The market anticipates a rebound in advertising revenue growth due to intensified monetization of Reels and a stable audience. Costs related to the metaverse and AI projects are also in focus as investors seek signs of improved profitability after earlier cost-cutting measures this year. Meta’s results will set the tone for the entire NASDAQ, especially for the internet segment.
• Tesla (TSLA): The largest electric vehicle manufacturer will publish financial indicators for Q4, including delivery data for the entire 2025 year. Investor attention is focused on Tesla’s operating margins—whether the company has maintained profitability amid high competition and rising raw material costs. Markets are also looking for updates on new model production (e.g., Cybertruck) and demand forecasts for 2026. Stock dynamics post-report could significantly influence the Nasdaq index and sentiments surrounding the automotive sector.
• IBM (IBM): The conservative tech giant will report earnings for the last quarter of 2025. Investors will scrutinize results from cloud solutions and software divisions, as well as the performance of new business operations following restructuring (spinning off the service division into a separate firm, Kyndryl). Stable growth in profit and revenue from IBM would signal positively for "old" IT companies, while weak segments (such as consulting or mainframes) could heighten concerns about corporate client demand.
• Starbucks (SBUX): The largest coffee chain in the world will publish results for the first fiscal quarter of 2026 (October–December 2025). Focus will be on comparable sales (like-for-like) in the USA and China: the recovery of consumer activity in China after lifting COVID restrictions might have significantly boosted sales in Asia, while in the USA, investors are interested in the resilience of demand amid high-interest rates. Starbucks' profitability and loyalty program dynamics will also be at the center of analysts' attention. The results of SBUX will help assess the state of the consumer sector and trends in the hospitality industry.

Europe: Reports from ASML, Volvo, and Other Companies

• ASML Holding (ASML): The Dutch manufacturer of chip equipment, one of the largest companies in the Euro Stoxx 50, will report for Q4 2025. ASML’s results are viewed as a barometer for the semiconductor industry in Europe and worldwide. Investors expect data on new orders for lithography systems, especially in light of potential demand decreases from chipmakers in China and Taiwan. The management’s forecasts for 2026 (especially regarding demand for advanced EUV scanners) will impact the entire technology sector in European markets.
• AB Volvo (VOLV): The Swedish truck and heavy equipment manufacturer will present its financial results for Q4. Volvo’s metrics are interesting as an indicator of global industrial activity: order volumes for trucks in Europe, North America, and Asia will reflect the condition of the transportation and construction industries. Margin performance will also be scrutinized—whether the company has managed to pass on rising costs (for raw materials, energy, labor) to equipment prices. Solid results from Volvo will support stocks in the industrial sector in Europe, while signs of demand slowdown may prompt caution among investors.
• Lonza Group (LONN): The Swiss chemical and pharmaceutical company specializing in the production of ingredients and services for biotech will reveal its Q4 2025 report. Lonza is a key contractor for many pharmaceutical firms, so its revenue and order dynamics reflect trends in new drugs and vaccine development. Investors expect updates on margins, as high energy costs in Europe may have impacted profits. Lonza’s results will signal the state of the pharmaceutical sector and the level of investment activity in biotechnology.
• Other European Companies: Several other companies in Europe representing various sectors will also publish reports on Wednesday. Among these are: Royal KPN (Netherlands, telecommunications), Tele2 (Sweden, communications), online broker Nordnet (Sweden), and steel company SSAB (Sweden). Although these firms are not among the largest by market capitalization, their results complement the overall picture of the state of the telecom sector, fintech services, and industry in the European region. The response of local markets to their reports will depend on whether companies exceed analyst forecasts or face growth slowdowns.

Asia: Reports from Advantest, Maruti, Larsen & Toubro

• Advantest (6857.T): The Japanese semiconductor testing equipment manufacturer will present results for the third quarter of the 2025 fiscal year. The company is a significant component of the Nikkei 225 index, and its report will provide an assessment of the global chip supply chain state. A growing order portfolio from chip manufacturers (such as in Taiwan and the USA) will indicate a revival in the industry, while weak sales signal ongoing inventory corrections in the sector. Investors will also pay attention to Advantest’s comments regarding the demand for testing equipment for new chips amid advancements in AI and 5G technologies.
• Larsen & Toubro (LT.NS): The largest Indian engineering and construction conglomerate will announce its financial results for the quarter. L&T’s metrics serve as a barometer of investment activity in India’s infrastructure and industry. Growth in earnings and order portfolio amid government projects and private investments will reinforce accelerating economic development in the country. Special attention will be given to project margins and the condition of the energy division. Strong results from L&T could bolster growth in India’s Nifty 50 stock index and strengthen foreign investors' confidence in the Indian market.
• Maruti Suzuki India (MARUTI): India’s largest automobile manufacturer, controlling about half of the local car market, will publish its report for the third quarter of the 2026 fiscal year. Investors will assess Maruti’s vehicle sales dynamics amid rising interest rates and competition from foreign brands. Key focus areas include export figures and market share of new models, as well as management comments on supply chain conditions (chip shortages) and plans for electric vehicles. Maruti’s results will have implications for sentiments in the Asian automotive sector and signal consumer demand trends in emerging markets.

Russia: X5 Group and Corporate Results of the Day

• X5 Group (FIVE): Russia’s leading retail chain (brands such as “Piatyrochka”, “Perekrestok”, etc.) will present operating results for 2025. Investors are interested in the dynamics of comparable sales (LFL) in the grocery segment against the backdrop of double-digit food inflation and changing consumer behavior. Overall revenue is expected to grow due to the opening of new stores and online delivery expansion; however, growth rates may slow compared to the peak of post-pandemic recovery. X5 may also disclose preliminary profit or margin estimates, which will allow assessing the impact of cost inflation (wages, logistics) on retail. As one of the blue-chip stocks in the Moscow Exchange index, X5 could influence the mood of the Russian equity market, particularly in the consumer goods sector.
• Other corporate events in Russia: In addition to X5, the relatively new public retailer of men's clothing, Henderson Fashion Group (HNFG), will also publish its operating results for 2025. Although Henderson’s business scale is smaller than X5, its performance is interesting in the context of recovering demand for non-food retail and the fashion segment in Russia. Furthermore, investors in the Russian market continue to focus on external factors—Federal Reserve decisions and oil prices, which may outweigh the local reports' influence. Combined with inflation data in Russia, these corporate updates will help shape expectations regarding future monetary policy decisions by the Bank of Russia and the overall state of the economy.

Day Summation: What Investors Should Pay Attention To

• 1) Central Bank Decisions (Fed and Bank of Canada): will determine the global tone for markets. Soft signals will support stocks and bonds, while a hawkish rhetoric may increase volatility, particularly in currency and commodity segments.
• 2) Inflation Data: will show price trajectories in different parts of the world. Low CPI in Australia and easing inflation in Russia will be positive for local markets, while an unexpected rise will heighten expectations of a strict regulator policy.
• 3) Corporate Reporting from Giants: results from Microsoft, Meta, Tesla, and other leaders will set direction for the tech sector and Wall Street indices. Key companies in Europe and Asia (ASML, Volvo, Advantest, etc.) will provide signals regarding their industries. Surprises from reports may lead to sharp movements in individual stocks and sectors.
• 4) Oil Market: the reaction of oil prices to EIA statistics will reflect on oil and gas firms as well as oil-dependent economies. Investors must understand whether inventory changes are a short-term fluctuation or part of a more sustained demand/supply trend.
• 5) Geopolitics and Other Factors: Along with scheduled events, the backdrop of geopolitical risks and news may unexpectedly alter sentiments. Market participants should remain flexible: the combination of macro data, regulatory decisions, and corporate results creates a complex picture that requires a balanced approach to risks and assets.