Economic Events and Corporate Reports for the Week of December 1-5, 2025: PMI, PCE, Fed's QT Conclusion, Earnings Season

Detailed Review of Key Economic Events and Corporate Reports for the Week of December 1–5, 2025: PMI, PCE, Conclusion of Fed's QT, EU Foreign Ministers' Meetings, Inflation and Employment Statistics, Releases from Major US, European, Asian, and Russian Companies.

This week, central banks are concluding annual programs (including the end of the Fed's balance sheet reduction program), inflation and business activity (PMI) data for key economies are being released, and quarterly reports from major companies are forthcoming. Among corporate releases are the financial results from Salesforce, Kroger, Dollar Tree, and several Asian tech companies. This combination of events creates a mixed backdrop for global markets: on one hand, easing inflation and the conclusion of QT open prospects for risk asset support; on the other hand, the tone of corporate forecasts and geopolitical news may introduce volatility.

Monday, December 1, 2025

Monday will start quietly: global macroeconomic events are limited, so investor focus will shift to corporate reports. A few tech reports will be released in Asian markets, while no major releases are scheduled in the US. Stock prices will react to broader market sentiment and commodity price dynamics. Investors will closely monitor the results from tech and retail companies, as well as weekly PMI statistics, to assess global economic trends.

Before Market Open:

No major companies are releasing reports before the market opens.

After Market Close:

MongoDB (MDB) – USA, tech sector (cloud databases). Reports after market close; investors expect strong revenue growth driven by demand for cloud solutions.
Tatneft ADR (OAOFY) – Russia, energy sector (oil and gas). Quarter III report published: key indicators for oil securities and the ruble exchange rate.
Children’s Place (PLCE) – USA, retail sector (children's clothing). Reports after the market closes; investors focus on sales and inventory trends in the sector.
Duluth Holdings (DLTH) – USA, retail sector (activewear). Report after market close: margins and revenue will provide insights into consumer sentiment.

Economic Events (MSK Time):

00:00 – USA: The Fed officially concludes the quantitative tightening (QT) program.
— EU: Joint Foreign Ministers' meeting regarding the 20th sanctions package against Russia (amid statements from Ukraine about further support).
— Joint press conference of EU Foreign Ministers on Ukraine’s security (led by Kallas) following the meeting.
— China: Foreign Minister Wang Yi arrives in Russia (December 1-2).
01:00 – Australia: Manufacturing PMI (November).
03:30 – Japan: PMI (November).
04:45 – China (Caixin): PMI (November).
08:00 – India: PMI (November).
09:00 – Russia: PMI (November).
10:00 – Turkey: Q3 2025 GDP.
11:55 – Germany: PMI (November).
12:00 – Eurozone: PMI (November).
12:30 – UK: PMI (November).
16:00 – Brazil: PMI (November).
17:30 – Canada: PMI (November).
17:45 – USA: S&P Global Manufacturing PMI (November).
18:00 – USA: ISM Manufacturing PMI (November).

Investor Takeaway: Monday proceeds without major global disruptions – macro statistics are limited, and stock indices may trade within a narrow range. Strong reports from companies like MongoDB will sustain interest in the tech sector, while the outcomes from oil companies (Tatneft) will correlate with oil price dynamics and the ruble exchange rate. In the absence of significant news, the key indicators will be the PMIs from leading economies: support for business activity will arise from a reading above 50, while a decline may induce caution among investors. Oil and commodity prices remain under watch – they could set the tone for the energy sector and impact the Russian market (MOEX).

Tuesday, December 2, 2025

On Tuesday, the focus shifts back to corporate reporting from large tech and consumer companies. The macroeconomic agenda is light, so stock markets will primarily react to the tone of the reports. The main releases will be the results from cybersecurity and retail companies in the USA and Canada. Additionally, special attention will be drawn to US Special Representative Steve Witkoff's visit to Moscow and negotiations over a peace plan – geopolitical factors may introduce volatility in the energy and defense sectors.

Before Market Open:

No major reports are scheduled before the market opens.

After Market Close:

CrowdStrike (CRWD) – USA, cybersecurity. Expected to report Q3 results after market close; investors will assess ARR and revenue growth from cloud services.
Marvell Technology (MRVL) – USA, semiconductors. Financial results published; sales dynamics for data center and 5G network chips will be key.
Okta (OKTA) – USA, cybersecurity. Results will show the state of corporate IT budgets through access management for cloud applications.
American Eagle Outfitters (AEO) – USA, retail (clothing). Report after market close; significant focus on holiday season sales and margin outlook.
Bank of Nova Scotia (BNS) – Canada, banking sector. Inflation accounting and lending forecasts are critical for the Canadian stock market.

Economic Events (MSK Time):

— Russia: The 16th Investment Forum "Russia Calls!" continues (Day 1).
— NATO: Meeting of foreign ministers of the Alliance (including discussion of the US peace plan for Ukraine).
00:30 – USA: Crude oil inventories per API.
13:00 – Eurozone: Consumer Price Index (CPI) (November, preliminary). Year-over-year inflation change is important for the ECB.
18:00 – USA: JOLTS job openings (September). Labor market indicator provides insights into employment trends.

Investor Takeaway: On Tuesday, market participants will focus on corporate results as macroeconomic data is virtually absent. Strong reports from CrowdStrike and Marvell could heighten investor optimism in the tech sector and support the Nasdaq. Retail successes or disappointments (American Eagle) will impact the S&P 500 and Nasdaq indices, signaling the resilience of consumer spending. The geopolitical backdrop (Witkoff's meeting with Putin) may amplify fluctuations in the energy market – negative news could increase demand for "defensive" assets. Overall, with minimal statistics, the market will respond to the tone of corporate forecasts and foreign policy signals.

Wednesday, December 3, 2025

Wednesday will be a key day: a wide range of PMI data (for services and composite) will be published across many regions, alongside ECB President Lagarde's speech. However, the main focus for the market will be the reports from industry leaders. Salesforce, Snowflake, and Dollar Tree will release their Q3 results – their publications could provoke high volatility on US exchanges. Morning business activity indicators (including S&P Global PMI) will illustrate trends in the economies of the USA, China, and Europe as the year draws to a close. Investors will also pay close attention to Lagarde's comments in the European Parliament, which may adjust ECB rate expectations.

Before Market Open:

No global leaders are releasing reports before the market opens.

After Market Close:

Salesforce (CRM) – USA, corporate software. Reports after market close: the main focus will be on revenue growth from cloud CRM systems.
Snowflake (SNOW) – USA, cloud data solutions. Report will highlight revenue dynamics and subscription trends amid demand for data analytics.
Dollar Tree (DLTR) – USA, retail (discount stores). Reports after market close: sales and margin figures will reflect consumer demand.
Royal Bank of Canada (RY) – Canada, financial sector. Results from the largest Canadian bank will indicate the stability of the banking system.
Inditex ADR (IDEXY) – Spain, retail (Zara). American depositary receipt: report will reflect the state of retail in Europe and Asia.

Economic Events (MSK Time):

03:30 – Australia: Q3 2025 GDP.
10:30 – Switzerland: CPI (November). Yearly inflation is crucial for SNB.
11:55 – Germany: PMI (services and composite, November).
12:00 – Eurozone: PMI (services and composite, November).
12:30 – UK: PMI (services and composite, November).
12:00 – Central Bank of Russia will announce parameters for currency operations in December (currency purchase and sale limits).
13:00 – Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 – USA: ADP Nonfarm Employment (November). Detailed employment data, a precursor to NFP.
16:30 – USA: Speech by F. Powell (press conference or Fed speech).
16:30 – EU: ECB President K. Lagarde's speech at the European Parliament hearings (Economic Committee).
17:15 – USA: Industrial production (November).
17:30 – Canada: PMI (October).
17:45 – USA: S&P Global Services/Composite PMI (November).
18:00 – USA: ISM Services PMI (November).
18:30 – EU: K. Lagarde's speech (as head of EBSB) during hearings in the European Parliament.
18:30 – USA: Weekly EIA report on oil inventories (30 minutes after API).
19:00 – Russia: CPI (November) – yearly inflation.

Investor Takeaway: Wednesday brings multiple signals for global markets. Morning PMI indicators in the UK and Eurozone will confirm the trend of easing inflation and may support European indices and the euro. However, the day's main intrigue lies in the reports from Salesforce, Snowflake, and Dollar Tree after the US close: the results from these companies, especially in the tech and consumer sectors, will set the trading tone on Wall Street. Any deviations from expectations could sharply alter risk appetite. Additionally, President Lagarde's comments during the European Parliament hearings add significance to the day – investors will look for clues regarding future ECB policy. Overall, a combination of strong PMI data and positive corporate results would instill optimism in the markets, while weak figures or cautious company forecasts could push participants toward more "defensive" assets.

Thursday, December 4, 2025

On Thursday, investors will monitor multiple major directions. Two significant foreign policy events are scheduled – President Putin's visit to India and President Macron's visit to China – which may amplify volatility in emerging markets and currency dynamics. Financial markets will also focus on major retail reports and central banks: in the morning, results from retailers such as Kroger (grocery sales) and Ulta Beauty (cosmetics) will be presented; in the evening – Dollar General (discount stores). Additionally, a preliminary estimate of Brazil's Q3 GDP will be released. By the end of the day, investors will pay attention to weekly unemployment data in the USA.

Before Market Open:

No major releases are scheduled before the market opens.

After Market Close:

Kroger (KR) – USA, grocery retail. Q3 report: growth in food sales and consumer spending commentary are crucial.
Dollar General (DG) – USA, discount stores. Financial results will reflect demand resilience for low-cost goods in the economy segment.
Ulta Beauty (ULTA) – USA, cosmetics. The Q3 report will be evaluated on revenue from premium cosmetics and predictions for the holiday season.
Hewlett Packard Enterprise (HPE) – USA, IT services. Financial release after market close: metrics on cloud services and corporate offerings.
TD Bank (TD), BMO (BMO), CIBC (CM) – Canada, banking sector. Major Canadian banks reported before or after trading, and their results reflect the state of lending and inflation impacts.

Economic Events (MSK Time):

04:30 – China: PBOC decision on key rates (maintaining LPR is expected).
15:00 – Brazil: Q3 GDP (preliminary data).
16:30 – USA: Initial jobless claims (weekly).
18:00 – Canada: PMI (November).
00:30 (December 5) – USA: Crude oil inventories per API.

Investor Takeaway: Thursday presents a blend of corporate and macro factors. Morning reports from Kroger and Dollar General will set the tone for the consumer sector in the USA: strong results will lift markets, while weak results will indicate inflationary pressures on spending capabilities. Announcements from central banks—especially possible easing in China and India—support the trend toward soft policy amid controlled inflation. On the other hand, it’s essential for investors to "pick winners" among sectors: tech and financial companies (Intuit and others) will respond to their own drivers. The Russian equity market is likely to depend on external backgrounds this day – stable oil prices and signs of declining inflation globally may support the Moscow Exchange Index. Overall, the combination of positive macro (bank easing) and corporate news in the USA creates a foundation for moderately bullish sentiments heading into the weekend.

Friday, December 5, 2025

The final day of the week will bring a rich block of global macroeconomic statistics, while corporate activity is virtually concluded. The focus will be on service sector PMI indices and the assessment of business sentiment in the USA (Michigan), as well as quarterly results from the Eurozone. In the morning, the markets will analyze inflation data in Japan and completed state visits (India, China). Final PMIs will provide insights into how economies are entering the last quarter of 2025, while the Michigan consumer sentiment indicator will reflect American sentiment. In the evening, the PCE price deflator for September and Michigan sentiment data will be released, potentially adjusting expectations for Fed monetary policy.

Before Market Open:

Baker Hughes – number of drilling rigs (21:00 MSK); an important indicator of activity in the oil and gas sector.

After Market Close:

No major companies are releasing reports on Friday.

Economic Events (MSK Time):

02:30 – Japan: CPI (October).
07:30 – India: Reserve Bank of India rate decision (maintaining it at a record high is expected to combat inflation).
13:00 – Eurozone: Q3 GDP (expanded estimate).
18:00 – USA: PCE Price Index (expenditure price index, September); Michigan Consumer Sentiment (December, preliminary); consumer inflation expectations (December, preliminary).
18:30 – USA: Speech by a Fed board member or publication of monetary aggregates (as events unfold).

Investor Takeaway: On Friday, markets will digest a broad block of macroeconomic information. The publication of PMIs in the USA, Europe, and the UK will show how confidently business is entering the final quarter of the year: rising PMIs and improved sentiment would boost optimism and support stocks in cyclical sectors; weak data would push investors toward defensive assets. The Michigan indicator will show the level of consumer expectations – its rise would be favorable for consumer companies. The final inflation estimate (especially in Japan) and signals from the Reserve Bank of India (VIPR on rates) complement the picture: global inflation slowdown instills confidence in the stability of central bank monetary policies. Investors should evaluate this data alongside the conclusion of the earnings season: moderate inflation risks and clarifying monetary perspectives provide conditions for a more predictable environment. Nonetheless, geopolitical news (NATO Foreign Ministers' summit) and oil price dynamics by week's end remain critical factors of uncertainty.