Economic Events and Corporate Reports Thursday, November 20, 2025 — G20 Summit, China and South Africa Rates, Reports from Disney, JD.com, Applied Materials

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

United States: Major Reports and Their Expectations

Walmart (U.S., Retail) – Q3 FY2026 Report (to be published before market opens). Consensus forecast: revenue around $177.5 billion (+4–5% year-over-year) and earnings per share of approximately $0.60. Investors are anticipating steady consumer demand and stable inventory levels. Special attention will be given to the sales dynamics of food items and the effectiveness of cost-reduction measures. (As the world's largest retailer, Walmart's results can significantly impact the movements of the Dow Jones and S&P 500 indices, as well as the USD exchange rate.)
The Walt Disney Company (U.S., Media and Entertainment) – Q4 FY2025 and Full Year Financial Results (expected before the session begins). Forecast: revenue of approximately $22.8 billion (roughly in line with last year) and adjusted earnings per share of about $1.02 (down from $1.14 a year earlier due to weakness in the TV business). The market is eagerly awaiting subscriber growth data for Disney+ and the impact of cost-reduction measures under Bob Iger’s leadership. The Parks and Cruises segment, which previously showed growth, is also under scrutiny. (A major company in the Dow index; its report could set the tone for the entire media market and reflect on broad indices.)
Applied Materials (U.S., Semiconductor Equipment) – Q4 FY2025 Report (to be published after market close). A slight decline in revenue (~$6.7 billion) is expected due to a general decrease in demand for chip-making equipment, with EPS around $2.1 (down year-over-year). However, investors are optimistic about guidance due to a boom in AI equipment investments and a high order load from the AI chip segment. Applied Materials is seen as a barometer for the semiconductor sector; its order volume forecast could influence the entire Nasdaq technology sector.
Intuit (U.S., Financial Software) – Q1 FY2026 Report (fiscal, to be published after market close). Analyst forecast: revenue around $3.75–3.8 billion, earnings per share around $3.10 (up ~24% year-over-year) due to growth in the QuickBooks (small business services) and Credit Karma segments, while TurboTax typically contributes minimally in the first quarter. The main focus will be on management's insights about demand for fintech services and AI features in Intuit's products.
Ross Stores (U.S., Off-Price Retail) – Q3 2025 Report (after market close). The largest discount apparel and home goods retailer is expected to see moderate sales growth (consensus ~$5.1 billion in revenue, +4–5% year-over-year) and EPS of approximately $1.53–1.54. Investors are monitoring traffic trends – with disposable income declining, shoppers are increasingly shopping at discount outlets, which may have supported Ross. The company previously provided a subdued forecast ($1.31–1.37 EPS), so actual results above this range will be viewed positively. Ross's report will serve as an indicator of consumer sentiment and the state of the mass-market retail sector.
Veeva Systems (U.S., Cloud Software for Pharmaceuticals) – Q3 FY2026 Report (after market close). The company has already given guidance for the quarter: earnings per share of $1.94–1.95, close to consensus, with double-digit revenue growth (expected around $590–600 million). Focus will be on Veeva's transition to its proprietary Vault cloud platform and maintaining growth rates in new orders from pharmaceutical companies. Strong Veeva results will support the cloud software sector, particularly the niche of vertical SaaS solutions.
Copart (U.S., Vehicle Auctions) – Q1 FY2026 Report (after market close). Continuation of positive trends is expected: revenue growth (previous quarter +12% year-over-year) due to high demand for used vehicles and expansion of global presence. Copart benefits from rising prices of vehicles and parts; EBITDA margins typically remain high, and the market is keen to see if margins will stay above ~45%. Copart's report will provide insights into the state of the automotive and insurance markets (as major sellers at its auctions are insurers).
Jacobs Solutions (U.S., Engineering and Construction) – Q4 FY2025 Report. As a major infrastructure and government contract contractor, Jacobs is expected to show a resilient order book. Analysts foresee slight revenue growth, particularly in advanced technologies and defense following recent acquisitions. Investors anticipate updates on government infrastructure projects (boosted by U.S. programs) and comments on the backlog for 2026. Strong results may bolster shares in the industrial sector.
Warner Music Group (U.S., Music) – Q4 2025 Report. Moderate revenue growth is expected, with streaming services (Spotify, Apple Music) and income from music publishing as the main drivers. Analysts expect quarterly revenue around $1.5 billion with a slight decrease in profit year-over-year due to investments in new artists. For investors, data on revenue growth from streaming and licensing will be significant – WMG's report will serve as a barometer for the entire music sector.

Canada and Latin America

Brookfield Corporation (Canada, Alternative Investor) – Q3 2025 Report. The asset management and infrastructure conglomerate reported record commission income and a growth in fee-related earnings of approximately +17% year-over-year. Consensus EPS was around $0.61 (up from $0.60 a year ago), and Brookfield slightly exceeded expectations with ~$0.63. Investors are interested in the yield of infrastructure and real estate assets amid rising rates: Brookfield serves as a key indicator for the global alternative investment market. Separate market attention will focus on comments about the situation in 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% year-over-year). Profit forecast: ~$0.15 per share due to Nubank’s scaling leading to a stable profitability. Key metrics include client base growth (over 85 million users), the loan portfolio, and the default rate under Brazil's high-interest conditions. Nubank is the largest neo-bank in Latin America, and its results impact valuations in the fintech segment on emerging markets.

Europe: Reports from Major Public Companies

ORLEN S.A. (Poland, Oil and Gas) – Q3 2025 Report. As the largest oil and gas company in Central Europe (formerly PKN Orlen), it is likely to show a significant year-over-year decline in profits due to reduced refining margins and fuel prices in 2025. The company previously warned of margin pressure in refining. However, steady revenue is expected due to increased sales volumes and the integration of acquired assets. Orlen’s report is important for the Polish market and will signal the state of the regional oil and gas sector. Possible effects on the PLN exchange rate are limited, but unexpectedly strong or weak figures could move the shares of Orlen and related companies.
Halma plc (United Kingdom, Technology Equipment) – H1 FY2026 Report. The conglomerate that manufactures safety systems, sensors, and medical equipment has traditionally shown stable growth (~+10% year-over-year). The market expects increased revenue and profits despite an economic slowdown: Halma’s products (gas detectors, elevator sensors, medical devices) maintain steady demand. As a company in the FTSE 100, Halma serves as an indicator of the health of the UK's high-tech manufacturing sector, and a positive report could support the FTSE index and the European industrial sector.
JD Sports Fashion (United Kingdom, Sports Retail) – Trading Update for Q3 FY2026. Preliminary sales for the quarter, including the autumn season, are expected to grow around +10% year-over-year, considering strong demand for sneakers and sportswear from global brands. However, investors will pay attention to margins: high cost inflation (wages, rent) could pressure profitability. JD Sports is a leader in the sports retail segment in Europe, acting as a benchmark for consumer demand among young people. A successful update could improve sentiment in the European retail sector.
Allegro.eu (Poland, E-Commerce) – Q3 2025 Report. As the largest Polish online marketplace, Allegro is increasing revenue due to the growth of marketplace turnover and financial services. The consensus expects quarterly revenue of around PLN 2.4–2.5 billion (+double-digit % year-over-year) and improved adjusted EBITDA. In focus are competition from Amazon and Wildberries in the Polish market and dynamics in the number of active buyers. Strong results from Allegro will reinforce confidence in the potential of e-commerce in Eastern Europe, while disappointment may weaken sector stocks.
PZU (Poland, Insurance) – 9-month 2025 Report. As the largest insurer in Eastern Europe, the PZU Group is likely to show increased insurance premiums (especially in property and auto insurance) and a solid net profit. Analysts noted that Q1 2025 profit rose at double-digit rates due to investment income and the absence of major payouts. If the trend holds, the report will confirm the resilience of the Polish financial sector. Investor attention will be on comments regarding dividends and capital adequacy, which are important for assessing the attractiveness of PZU shares.
CTS Eventim (Germany, Entertainment) – Q3 2025 Report. As a leading European ticketing operator and concert organizer, CTS is continuing its recovery post-pandemic. Significant year-over-year revenue growth is expected (concerts in Q3 2024 hadn’t yet returned to pre-COVID levels). Key indicators include ticket sales and concert segment profitability. With a successful summer festival season, the market anticipates improved margins. The report from CTS Eventim will demonstrate how confidently Europeans are returning to offline entertainment and may affect shares of other companies in the industry (Live Nation, etc.).

(On this day, several other European issuers will also report: LondonMetric and Grainger (UK, Real Estate) will provide insights into the UK commercial and residential real estate markets; Subsea 7 (Norway, Offshore Oil Services) – results will reflect the situation in oil and gas engineering; UNIQA (Austria, Insurance) – trends in the CE insurance market; Breedon Group (UK, Building Materials) – trading update on demand in the construction sector, etc. Although these companies are not among the largest, their reports represent industry interest.)

Asia: Significant Reports from Technology Companies

JD.com (China, E-commerce) – Q3 2025 Financial Results. Market expectations: revenue around ¥294 billion (+~13% year-over-year) following strong growth during the “618” sale in the previous quarter (for comparison, it was ¥356.7 billion in Q2). However, net profit is expected to fall by ~75% year-over-year due to aggressive investments in marketing and new businesses. JD.com is increasing spending to attract buyers (in competition with Alibaba, PDD) and developing food delivery services. Investors will look for signals of margin improvement in JD Retail's core business (expected growth of +16–17% year-over-year) and shortening losses in new segments (JD Logistics, JD Food Delivery). (JD.com’s shares impact the Hang Seng Tech Index; the results of this company could significantly influence investor sentiment in China's tech sector and indirectly affect the yuan exchange rate in case of deviations from forecasts.)
Bilibili (China, Online Video and Gaming) – Q3 2025 Report. Consensus forecast: revenue of ~$1.07 billion (growth of ~+3% year-over-year) with a small profit result at $0.21 EPS (non-GAAP, i.e., close to breakeven). Bilibili achieved profitability for the first time in the previous quarter, and the market expects this trend to continue due to stringent cost control. User growth has slowed down (MAU around 330 million), but monetization is improving: revenue from advertising (+20%+ year-over-year) and value-added services (subscriptions, in-game purchase boosts) offsets declines in revenue from mobile gaming. Focus will be on management commentary regarding prospects for 2026 and progress towards achieving breakeven by year-end. A strong report from Bilibili will confirm a positive shift in China's profit-oriented internet sector, while disappointment will heighten concerns regarding the sustainability of user growth models.

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

Russia: Public Companies' Reports on the Moscow Exchange

VK Company (Russia, Internet) – Publication of financial results for Q3 and 9 months of 2025 under IFRS. VK (formerly Mail.ru Group) is the largest Russian social network and IT holding company, owning Vkontakte, Odnoklassniki, online education services, and more. Double-digit revenue growth is expected for 9 months, primarily driven by advertising revenues and the development of new areas (gaming, VK Clips, business messenger). Profitability is currently under pressure as the company actively invests in content and technologies (including proprietary recommendation algorithms, AI services). Investors are keen to know if the company will report a net profit or loss – VK was loss-making in the first half of the year, and the market awaits signals of a reduction in losses in the second half. VK's report is significant for the Russian tech sector: successful loss reduction and audience growth could improve industry perception, while weak results may exacerbate concerns about social media monetization in Russia. VKCO shares are part of the MOEX index, so surprises in the report could reflect 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 solutions for businesses in Russia and the CIS (following the separation of its global business into a separate company). Revenue in H1 2025 for the Russian division of Softline increased by ~20%, and the market anticipates this trend continuing in H2 due to software import substitution. Key metrics include revenue growth (expected double-digit), gross margin dynamics, and debt burden. Softline's shares may experience volatility in response to the report, considering the limited liquidity of its papers and interest from private investors. At 12:00 PM Moscow time on November 20th, the company will also hold a conference call with top management to discuss the results.
Renaissance Insurance (Russia, Insurance Group) – Disclosure of financial results for 9 months of 2025 under IFRS. Renaissance Group is one of the largest private life and property insurers. For 2024, the company showcased strong growth in collections. Analysts had forecast a further increase in insurance premium volume of ~+25% year-over-year for the 9 months of 2025 (especially in the life insurance savings segment), however, net profit may have decreased due to increased auto insurance (OSAGO) payments and volatility in investment income. Investors will pay attention to the combined loss ratio (COR) – a metric of an insurer’s operational efficiency. A strong report from Renaissance will confirm the recovery of the Russian insurance market post-pandemic, while a weak report might put pressure on shares of other insurers (e.g., SOGAZ, which reports later).
Other reports on November 20 include: T1 (T1 Technologies) – Q3 2025 results under IFRS (an asset consolidator for IT integration and telecom equipment, expected revenue growth due to government contracts); ArenaData – operational and financial results for 9 months of 2025 (data management solutions provider, noteworthy in the context of database and Big Data solution import substitution); Tinkoff (TCS Group) typically releases key metrics later in November, hence no report is planned for this date. It is important to note that a report from Bank Saint Petersburg is due on November 21 (important for the banking sector), and Sberbank and VTB reported the week prior, setting a positive tone (profits increased >50% year-over-year).

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

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

Bitfarms Ltd. (U.S./Canada, Crypto Mining and Data Centers) – Q3 2025 Report (before market opens). Quarterly revenue was $69 million, of which $14 million was from discontinued operations (sale of South American farms). Bitfarms is undergoing 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 the transition. Investors will assess the speed at which data centers are being retrofitted to meet the needs of AI (in partnership with Nvidia) and the impact on future earnings. Bitfarms' report is important as a snapshot of the state of the crypto mining industry: despite bitcoin price increases in 2025, many miners are seeking new business models in response to demand for computing power for AI.
Rekor Systems (U.S., AI for Transport) – Q3 2025 Report (after market close). The company previously announced expectations for record quarterly revenue of ~$14.2 million (+35% year-over-year) and a significant improvement in Adj. EBITDA by year-end. Rekor specializes in computer vision systems for road infrastructure (license plate recognition, traffic monitoring) – its results reflect governmental interest in smart cities and AI solutions. A key point is the reduction in quarterly losses (forecasted to ~$0.03 per share vs. $0.05 a year ago). If the projections hold, REKR shares could respond positively. Rekor’s report will showcase whether the smart city market in the U.S. is ready to generate profits or still requires further investments.
Virgin Galactic (U.S., Space Tourism) – Q3 2025 Report. The company continues to work on the regularity of flights of its SpaceShip vehicle, but financial metrics remain modest: revenue is around ~$0.4 million (from “tickets” sold to future tourists). Expected net loss – around $-60 million for the quarter (-$1.1 per share), which, however, is an improvement over last year due to reduced expenses. Investors are interested in cash reserves (after additional emissions, the company had >$400 million at the end of Q3) and the schedule for commercial flights in 2026. Virgin Galactic's report is significant for the "new space" sector: it will show if the company can reduce "cash burn" and approach revenue levels justifying its valuation. If positive developments arise (e.g., announcements of new flights), SPCE shares, popular among retail investors, could see volatility.
Luminar Technologies (U.S., LiDAR Automotive Technology) – Q3 2025 Report. The developer of LiDAR for autonomous vehicles reported revenue of $18.7 million (+21% year-over-year), slightly above consensus, and adjusted loss of -$0.94 per share (better than expectations of -$1.08). The LiDAR market is undergoing consolidation, with Luminar emerging as a clear leader (contracts with Volvo, Mercedes). Investors will look for confirmation of increased shipments of Iris sensors and progress in lowering costs. Important aspects include cash reserves (Luminar actively spends on R&D, ~$300 million+ annually) and comments on new deals with automakers. Strong results from Luminar instill optimism regarding the adoption of autonomous driving technologies, while delays or increased costs would heighten investor skepticism about this sector.
Globant S.A. (Luxembourg/Argentina, IT Outsourcing) – Q3 2025 Report (after market close). The digital services provider reported revenue of ~$617 million (+9% year-over-year) and adjusted earnings of $1.53 per share, slightly below consensus ($1.55). The main reason for the slowdown in growth is customer caution in the U.S. and Europe amid macroeconomic uncertainties, leading Globant to cut its growth forecast for the year to ~1–2%. However, the company identifies new drivers: demand for developments in AI, gaming, and fintech. Investors evaluate the dynamics of new orders and staffing levels – key indicators for outsourcers. Globant is one of the largest IT service companies based in Latin America, and its results impact the perception of Emerging Markets in the technology sector.
Paysafe Ltd. (U.K./U.S., Payment Services) – Q3 2025 Report. The provider of payment solutions and e-wallets (Skrill, Neteller) reported revenue of $433.8 million (+2% year-over-year in dollars). Adjusted earnings per share were $0.70, slightly below consensus of $0.73. Paysafe is undergoing a reorganization: changing leadership and strategy after several quarters of declining revenue. In Q2, the company first demonstrated growth in a long time, which persisted into Q3 – organic growth was around ~0% when accounting for exchange rates, indicating stabilization. The main driver is the service for the gaming industry in North America (payments on betting websites). Investors positively received the confirmation of maintaining the annual revenue forecast of ~$1.70 billion. Paysafe’s report signals that second-tier fintech companies are starting to adapt to challenging conditions (competition from fintech firms and banks, rising rates) and are capable of returning to business growth.
The Metals Company (Canada, Mineral Extraction) – Q3 2025 Report (conference call at 23:30 MSK). The startup planning to extract metals from the Pacific Ocean's seabed is not yet generating revenue, so operational expenses and cash availability are the key focus. Quarterly losses escalated to -$0.14 per share (against expectations of -$0.06), largely due to increased geological exploration activity. The Metals Co. completed pilot extraction of polymetallic nodules in the Clearwater zone and is preparing for an environmental assessment. Investors look for news on whether the company has secured the necessary international permits for commercial extraction (expected by 2026). TMC shares are highly volatile: any progress or delays in regulating deep-sea mining directly affects quotations. The report effectively serves as an R&D update: how much money is left (approximately $115.6 million cash at the end of Q3) and whether it will last until strategic partnerships or new investments arise. For the green metals sector, TMC is a bellwether for the prospects of alternative methods for extracting nickel and cobalt (critical for EVs).
Ondas Holdings (U.S., Drones and Wireless Networks) – Q3 2025 Report (before market opens). This small tech company manufactures industrial drones (through its subsidiary American Robotics) and wireless systems for the rail transport sector continues to operate at a loss. Consensus expectations were at -$0.05 per share, and the actual loss exceeded this slightly (-$0.06), with revenue being only a few million dollars (around $1.5 million for the quarter). However, the market notes positive signals: Ondas secured its first commercial contracts for its drones (after FAA certification) and is completing testing of a network for Union Pacific. Investors sought data on backlog orders and cash burn rate (cash for Ondas is limited). Although this stock is speculative, the report provides insight into the niche market for industrial drones in the U.S. – while still in early stages, actual sales have started.
Gambling.com Group (Ireland, Affiliate Services in Online Gambling) – Q3 2025 Report (before market opens). The owner of various betting recommendation sites benefited from the legalization of online betting in the U.S. The quarter saw its revenue grow to approximately $39 million (+30% year-over-year), exceeding forecasts, and an EPS around $0.25 (compared to ~$0.17 expectations). EBITDA margins remain high (~40%). Key success factors include launching affiliate sites in new states (Kentucky in fall 2025) and the cricket World Cup (which attracted traffic in India). Investors noted that Gambling.com raised its forecast for 2025 and completed a small acquisition (NDC Media) to strengthen its position. The report from GAMB serves as an indicator of the booming online betting market: affiliate companies are displaying excellent results that reflect the expansion of iGaming. Strong results support the entire sector, including major betting platforms (DraftKings, FanDuel).
Co-Diagnostics Inc. (U.S., Diagnostics) – Q3 2025 Report (after market close). The developer of PCR tests and diagnostic technologies is experiencing a downturn following the boom of 2020–21: revenue is low (less than $1 million for the quarter), with a loss of $0.16 per share, slightly better than forecasts. Positive trends include modest growth in sales of tuberculosis tests and Vector Smart (mosquito tracking system), gradually offsetting almost zero demand for COVID tests. The company is focusing on the Co-Dx PCR Home platform – a promising portable device for express PCR, awaiting regulatory approval. Investors are curious to know when commercialization of this device will commence and whether Co-Diagnostics has enough cash to reach that point (around $37 million in cash, with no debt). Overall, the report from Co-Dx reflects a typical situation for small biotech companies in the post-COVID period: modest sales, experience in optimizing expenses, and hope for a new product capable of reviving growth.
Eagle Point Credit Co. (U.S., CLO Credit Fund) – Q3 2025 Report. The closed fund, investing in portfolios of bonds and loans (CLO), formally increased net investment income due to rising rates (the majority of assets are floating-rate). Around $0.32 NII per share was expected, and EPC reported $0.34, continuing to pay a high monthly dividend of ~$0.14. The share of problematic loans in the portfolio remains low (<2%), which reassures investors regarding asset quality amid talks of possible defaults. Although ECC's market price trades at a ~15% discount to NAV, the report confirmed: the corporate credit market is stable, and CLO investment yield remains high (ROE >15%). The impact of the report on the market is moderate, but the positive results from Eagle Point supported demand for shares of other income funds and indicated a lack of stress in the high-yield loan segment.
Beazer Homes USA (U.S., Residential Construction) – Q4 FY2025 Report (fiscal year, after market close). Results surpassed expectations: revenue of $571 million (-3% year-over-year) came in above consensus, with EPS of $1.07 against expected ~$0.80. Despite rising mortgage rates in the U.S. (~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 customers). The company's inventory of finished homes decreased, while the order backlog at year-end stood at ~$1.2 billion (though still lower than last year's amid market slowdown). Beazer’s management indicated that the new housing market is adapting to high rates: buyers prefer deals with builders willing to subsidize rates, while the secondary market has a limited supply. Beazer Homes’ report is a critical indicator for the sector: it showed that even with expensive mortgages, there is demand for new housing, albeit with lower profitability for builders. This eased sentiment for shares of home-building companies, which had dropped in the fall.
Worksport Ltd. (U.S./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 new factory production launch in the U.S. The loss narrowed (-$0.75 per share, down from -$2.20 the previous year), though it is still far from breakeven. A key event: Worksport received its first bulk orders for its flagship SOLIS cover and COR backup battery system for electric pickups – confirming product demand in the market. Investors are interested in whether the company can achieve self-sustainability in 2026 with expected revenues of >$45 million (management has set this target). The report from Worksport serves as an example of a startup at the intersection of the automotive sector and renewable energy: its successes (or failures) will signal the prospects of the niche market for EV accessories. Following the report, WKSP shares reacted positively, as the company has come closest to operational profitability on a monthly horizon. However, risks remain high, and forthcoming quarters will demonstrate whether demand for Worksport’s products is sustainable.

Conclusion: On November 20, 2025, investors received an extensive amount of data on the health of the corporate sector worldwide. Reports from retailers in the U.S. (Walmart, Ross) clarified the state of consumer demand under inflation and high rates, while technology giants (Disney, JD.com, Applied Materials, Intuit) demonstrated how large companies are adapting to new trends – from streaming and e-commerce to AI. In Europe, financial results indicated stability in the industrial sector (Halma) and consumer sector (JD Sports), despite economic challenges. Russian companies reported generally positively, reflecting the recovery of key industries (banking, internet, insurance) in the domestic market. Many companies listed (Walmart, Disney, JD.com, among others) have significant market capitalization, making their reports trigger noticeable index movements: for instance, strong sales from Walmart supported the S&P 500, while a slowdown in JD.com’s profit growth dampened appetites for the Chinese market.

Sector Trends to Note:

The consumer sector – displays relative resilience. Walmart exceeded profit forecasts, bolstering the dollar and instilling confidence in U.S. markets. At the same time, a shift in consumer spending is observed: a rise in discount stores (Ross) and sustained demand for entertainment (Disney parks, concerts in Europe) contrasts with caution around major expenditures (homebuilding has shown order declines).
Technology and communications – continue to grow revenue, but profits are under pressure. This is evident in reports from Disney (streaming), Chinese internet companies (JD, Bilibili – growing but cutting costs for profitability), as well as Globant (IT services, growth has slowed). Nonetheless, markets rewarded companies that demonstrated a focus on efficiency – for example, Bilibili received positive revaluation due to its return to profit. In the hardware sector, a new growth cycle is anticipated due to AI: Applied Materials’ report and management comments indicate expectations for increased demand for equipment in 2024, supporting semiconductor stocks.
Finance and fintech – banks (which reported earlier in November) and fintech companies are relatively well positioned. Nubank continues its expansion in LatAm with profit, Paysafe has stabilized and returned to revenue growth, while insurance companies (PZU, Renaissance) have increased premiums. This suggests that the financial sector is adapting to the new norm of interest rates: the profitability of core businesses is rising, and clients remain active. Investors highlight risks regarding asset quality (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) face pressure from external conditions – low fuel prices and export restrictions (in Russia) making their reports rather subdued. In contrast, companies linked to infrastructure spending (Jacobs, Halma) and construction (Beazer) demonstrate that the investment cycle continues – government contracts and modernization projects support revenue. Metallurgists did not report directly on November 20, but the adjacent segment (The Metals Co.) drew attention to material sourcing for batteries: interest in "green" metals remains high, although the TMC project is still far from realization.

Overall, markets reacted to this wave of reporting with a moderately positive outlook: strong data from several companies (Walmart, Nvidia the day prior, Nubank, among others) outweighed isolated disappointments (JD.com). The S&P 500 index rose slightly on November 20th, European STOXX 600 and FTSE indices also strengthened against positive news from companies like Halma, while Asian markets stabilized after fluctuations triggered by results from Chinese tech giants. The currency market noted the strengthening of the dollar (thanks to U.S. retail figures and hawkish Fed protocols) and a slight rally in the pound (following reports from several stable UK companies that diminished expectations for rate cuts).

Thus, November 20, 2025, confirmed the trend for the concluding year: the economy is slowing down, yet remains resilient; companies are adapting – some through innovation and new markets, while others through optimization and cost reduction. This day of reports provided investors with valuable material to assess prospects for 2026 and was generally regarded as a hopeful signal for global markets.