Overview of Key Economic Events and Corporate Reports on Friday, November 28, 2025: GDP Data from Switzerland, India, and Canada, Chicago PMI Index, Impact of Early Market Close in the U.S., and Reports from Major Public Companies in the U.S., Europe, Asia, and Russia for CIS Investors.
The last trading day of the week promises to combine reduced activity in U.S. markets due to the ongoing Thanksgiving celebrations with the publication of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—allowing them to assess the state of both developed and emerging markets as the year comes to an end. Additionally, the Chicago PMI business activity index for November will be released, reflecting trends in the U.S. manufacturing sector. On the corporate front, the focus shifts to individual company reports in Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and Russian corporations. In light of the shortened trading session in New York and reduced liquidity, global investors need to be particularly vigilant for potential surprises in the statistics that could trigger increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — U.S.: Chicago PMI business activity index (November).
- 21:00 — U.S.: Early market close on exchanges (NYSE, NASDAQ) due to the Thanksgiving holiday.
Switzerland: GDP for Q3 2025
Switzerland's traditionally stable economy faced external pressures in Q3 2025. Government estimates suggest that GDP decreased by approximately 0.5% quarter-on-quarter (seasonally adjusted), significantly worse than the forecast of around zero. The main causes were the global slowdown and the shock from the U.S.'s sharp increase in import tariffs (up to 39%) on several Swiss goods, which heavily impacted the industry, particularly the chemical-pharmaceutical sector. In Q2, the economy grew only by +0.1% quarter-on-quarter, so the slide into negative territory was an unwelcome surprise. However, the government maintains a relative optimism: according to the updated forecast, Switzerland's GDP is expected to grow by about 1.3% for the full year 2025.
India: GDP for Q3 2025
India's GDP for July–September 2025 is expected to have maintained a high growth rate of around +7–7.5% year-on-year, according to analysts. This is slightly lower than the record +7.8% year-on-year reported in the previous quarter, but it confirms the strong momentum of the Indian economy driven by robust domestic demand, production growth, and the expansion of the services sector. Significant support came from government spending: for the first half of the current financial year, India's economy grew by 7.6% year-on-year, with authorities forecasting around +7% by year-end. Although external demand has somewhat weakened, the domestic market remains the key driver of growth, and the fresh GDP data will reveal the strength of this trend. Their release could influence investor sentiment in emerging markets and the exchange rate of the Indian rupee.
Canada: GDP for Q3 2025
The Canadian economy hovers on the brink of a technical recession. After a GDP drop of -1.6% (year-on-year) in Q2 due to a sharp drop in exports, a modest growth of around +0.5% year-on-year is expected in Q3 (virtually neutral dynamics compared to the previous quarter). This tepid outlook reflects weak domestic demand and ongoing challenges in external trade (including the impact of new U.S. tariffs on several Canadian goods). A strike at Air Canada during the summer also added negative pressure. If the statistics for July-September show another decrease, Canada will formally enter a recession. Confirmation of even minimal growth will alleviate concerns and support the Canadian dollar, while another decline will strengthen expectations of an imminent rate cut by the Bank of Canada.
U.S.: Chicago PMI Index in November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the U.S. Midwest. The previous October figure stood at 43.8 points, indicating severe contraction (values below 50 signal a downturn). The consensus forecast anticipated a slight increase in the index to about 45 points; however, the data released the day prior showed that the indicator unexpectedly plummeted to 36.3 points—its lowest since spring 2024. This sharp fall in the Chicago PMI highlights the worsening issues in the industry (declining orders and employment) and serves as a troubling signal ahead of the national ISM index publications. Nevertheless, the U.S. markets' reaction to this weak data may be restrained due to the shortened session and low liquidity on the day after the holiday.
Europe: Final Company Reports
In European markets, the quarterly reporting season is concluding, and several medium-sized companies will release their results on Friday. Among them, notable mentions include:
- Elia Group (Belgium) — a power transmission operator presenting its Q3 report; investors will evaluate the revenue dynamics from electricity transmission amid the volatility in Europe's energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing their financial results for Q3 2025; their results will signal the state of the EU real estate markets against the backdrop of rising rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company whose Q2 2025/26 financial year report will illustrate demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector, releasing data for July–September; markets are closely watching their profitability amid changing electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions, disclosing their Q3 results; market participants will assess whether the company has improved its figures in domestic and overseas markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing its Q2 2025/26 results; its reporting reflects the overall state of the UK real estate sector.
Overall, no major surprises are expected from European reports: most large companies have reported earlier, and the market is reacting sluggishly to the releases from smaller issuers. However, individual unexpectedly strong or weak results may locally affect the stock prices of these companies.
Asia: Meituan Report and Others
In Asia, the primary focus is on the report from Chinese internet company Meituan for Q3 2025. Meituan, one of China's leaders in online services (food delivery, marketplace, etc.), presents results that serve as a barometer for consumer activity in the country. A continuation of double-digit revenue growth is anticipated amid recovering domestic demand and the company's service expansion. Investors will be keen to know the dynamics of active users and the delivery segment's margins, as well as management's comments on competition (given pressure from Alibaba and other platforms).
Aside from Meituan, there are virtually no significant corporate reports in Asia on this date, as the reporting season has concluded: most large Asian corporations released quarterly results earlier in November. Therefore, sentiment in Asian markets on Friday will primarily be shaped by external factors and macro data (particularly Indian GDP) rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the publication of financial reporting from Transneft for Q3 2025 under IFRS stands out. Transneft, the operator of trunk oil pipelines, traditionally attracts investor attention. The company's results are expected to remain stable; revenue is projected to be around 355–360 billion rubles (1% more than in Q2), and net profit is expected to be close to the previous quarter's results. Earlier (according to RAS), the company reported a 3% year-on-year revenue growth for the first nine months, confirming the resilience of its business. Investors will scrutinize, in addition to the absolute profit figures, management statements regarding dividends and future investment programs in light of oil price volatility.
Some other issuers are also continuing to release delayed results for Q3. For instance, earlier in the week, RusHydro disclosed its results for the first nine months, with net profit up nearly +29% year-on-year. However, most flagship companies in the Russian market have already reported, so no new important releases other than Transneft's report are expected on Friday. The dynamics of Russian stocks on this day will likely depend on the overall sentiment in global markets and fluctuations in commodity prices.
What Investors Should Pay Attention To
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a multifaceted view of the global economy’s status. It is essential for investors to compare this data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, and does high growth persist in emerging markets (India) concurrently?
- U.S. Markets in Holiday Mode: Due to the shortened session in New York, there may be low volumes and increased volatility. Unexpected deviations in statistics (for example, a sharp decline in the PMI index or surprises in GDP data) could trigger disproportional reactions in the thin market. Caution should be exercised, as price fluctuations may intensify with a small number of active participants.
- Corporate Stories: Meituan's report serves as an indicator of China's consumer sector, while Transneft's results act as a barometer for the resilience of the Russian oil transport business. Investors holding shares in these or related companies should consider not only the dry numbers of the report but also management's statements about prospects and dividends. In Europe, no high-profile reports are anticipated, but individual strong or weak results from medium-sized companies could locally affect their stocks.
- Currencies and Commodities: Weak macro data may weaken corresponding currencies (for example, the Canadian dollar upon disappointment in Canada’s GDP) and put pressure on commodities. Signals of a global economic slowdown may temporarily dampen risk appetite in the commodity markets and in the currencies of emerging countries.
