Overview of Economic Events and Corporate Reports for Thursday, November 27, 2025: China's Statistics, European Data, ECB Minutes, Corporate Reports from Asia and Russia.
As the Thanksgiving holiday approaches in the United States, global market activity may decrease. Nevertheless, investors will need to evaluate important macroeconomic statistics from China and Europe, as well as a series of corporate reports from Asia, Europe, and Russia. The reduced liquidity due to the absence of American participants may amplify volatility in the face of unexpected information.
USA: Thanksgiving and Reduced Market Activity
On Thursday, American exchanges (NYSE, Nasdaq) will be closed for the national holiday – Thanksgiving Day. U.S. indices (S&P 500, Dow Jones, Nasdaq) will not conduct trades, and many U.S. investors will be absent from the markets. This calm in the largest financial center may lead to lower trading volumes in Europe and Asia. Volatility in other markets often decreases on such days; however, significant news can trigger sharp movements due to the thin market. Traders should remember that in the absence of guidance from Wall Street, global markets will primarily respond to local factors and daily news.
China: Industrial Production in Focus
Traders' attention will be drawn to China's industrial production data for October, released early in the morning. The dynamics of Chinese industry serve as a crucial barometer for the world's second-largest economy and demand for raw materials. A moderate slowdown in output growth is anticipated, with estimates around +5% year-on-year compared to 6–6.5% in the previous month. Key reasons include weakening external demand and ongoing challenges in China's real estate sector, which restrain industrial activity. If actual growth rates fall significantly below expectations, it could exacerbate concerns about a slowdown in the Chinese economy and prompt declines in industrial metal and oil prices. Conversely, stronger data (close to September's levels) would signal production stability, supporting optimism in Asian markets and commodity prices. Regional indices, including the Shanghai Composite and Japan's Nikkei 225, may react with corresponding rises or declines based on the statistics from Beijing.
Eurozone: Consumer Confidence and Inflation Expectations
Closer to noon, sentiment indicators in the Eurozone will be released – the final consumer confidence index for November and household inflation expectations. Preliminary data indicated an improvement in sentiment: the confidence indicator has likely remained close to an eight-month high around -14 points (a negative value indicates a predominance of pessimists, but the trend is upward). This suggests that European consumers are gradually becoming less concerned about the economic situation as inflation eases. Concurrently, inflation expectations will be published – citizens' forecasts for price growth over the next year. These are expected to remain relatively moderate, reflecting confidence in a continued reduction in actual inflation. For the European Central Bank, these results are significant: stable, low inflation expectations ease the challenge of keeping price pressures under control. Market reactions to these releases will be subdued if the figures align with forecasts. However, an unexpected surge in consumer pessimism or rising inflation expectations may exert short-term pressure on the euro and European equity indices (Euro Stoxx 50, DAX), as it raises concerns about the region's economic outlook.
ECB: Minutes from the Latest Meeting
At 15:30 Moscow time, the European Central Bank will publish the minutes from its last monetary policy meeting. Investors will closely examine the details of the ECB leadership's discussions from October. The main question is how unanimous opinions were regarding future interest rate policy and the assessment of inflation risks. In the previous decision, the regulator kept rates unchanged, signaling a pause after a series of increases. If the minutes reveal that some members of the Governing Council advocated for tightening policy due to persistent inflation, it may be perceived by the markets as a "hawkish" signal. In that case, eurozone bond yields could rise, and the euro may strengthen. Conversely, emphasis on economic slowdown and the absence of price pressures would be interpreted as a hint at a prolonged pause or even possible easing of policy in 2026 – a "dovish" tone in the minutes could support euro-denominated bonds and equity markets in Europe. Regardless, the release of the ECB report will be a key event of the day for forex traders and fixed income market participants.
Commodity Markets: U.S. Gas Inventory Report
On the commodities market, investors will keep an eye on the weekly statistics from the Energy Information Administration (EIA) regarding natural gas inventories in the U.S. Typically, this data is released on Thursdays at 18:30 Moscow time; however, due to the holiday, the publication may be postponed. Nevertheless, the market will consider the trends: by late autumn, gas inventories in U.S. storage are at seasonal highs, and whether a solid reduction in stocks has begun as cold weather sets in will affect price dynamics. High inventories and warm weather may continue to exert downward pressure on natural gas prices at both Henry Hub and the European TTF hub. If the report (when released) shows an unexpected significant withdrawal of gas from storage, prices may react with an uptick in anticipation of a tighter balance this winter. European energy companies and currencies of energy-exporting countries (such as the Norwegian krone) may also experience slight fluctuations in connection with U.S. gas statistics.
Asia: Results from Japan Tobacco, Fujitsu, and Didi
The corporate reporting season continues in the Asian region, with several major companies publishing their financial results on November 27. Among them:
- Japan Tobacco (JT) – one of the world's leaders in the tobacco industry. The company is expected to show stable profit growth due to price increases for its products and a weaker yen, enhancing revenues from overseas sales. Investors will pay attention to sales dynamics in key regions and management's projections: the tobacco giant may benefit from a revival in demand for premium brands in Asian and CIS markets.
- Fujitsu – a Japanese technology conglomerate (part of the Nikkei 225), specializing in IT services and equipment. Fujitsu's report for the past quarter will provide insight into the state of the IT and telecom sectors in Japan. The market expects moderate revenue growth; however, margin pressures may arise due to rising costs and competition in the digital services sector. Key points will include comments on new orders in cloud solutions and artificial intelligence.
- Didi Global – a Chinese taxi and transportation service (similar to Uber), whose American depositary shares are traded on the U.S. stock exchange. Didi's financial results for the third quarter will show how well the company is managing to restore growth after previous regulatory restrictions in China. Analysts forecast a revenue increase amid a revival in domestic tourism and travel, but profitability remains a question. Investors will assess active user base metrics and management comments on potential operational profitability. Didi's performance is crucial for sentiments in the Chinese tech sector and may influence valuations of similar companies in the region.
Europe: Remy Cointreau Report and Premium Segment Trends
Among European issuers, French company Remy Cointreau – producer of cognacs and premium alcohol – stands out this Thursday as it presents its financial results for the first half of its financial year. Previously, the market was concerned about signals of reduced demand for expensive alcoholic beverages in the U.S. and a slowdown in growth in China, which negatively impacted Remy Martin cognac sales. In the report, investors will seek confirmation of stable demand in the luxury segment: if sales in America and Asia begin to recover, shares of Remy Cointreau and other alcohol producers may gain support. However, weak results or cautious management forecasts may heighten concerns regarding the prospects of the premium consumer sector. Overall, the European corporate calendar for November 27 is not rich with prominent names, so macroeconomic news (consumer confidence data and ECB minutes) will take precedence for market participants in Europe.
Russia: Reports from AFK Sistema, RusHydro, Segezha, and the Astra Group
The Russian market (MOEX index) will receive a batch of corporate news: several notable issuers will publish their financial results under IFRS for Q3 and the first nine months of 2025:
- AFK Sistema (AFKS) – a major investment holding with assets in telecommunications, retail, healthcare, and other sectors. Sistema's report will show how its key investments are faring. The mobile operator MTS likely provided stable revenue flows, while consumer and technology projects may have faced a slowdown. Investors will also assess AFK's debt burden: rising interest rates in Russia are increasing borrowing costs, which may reflect in the net profit.
- RusHydro (HYDR) – one of the largest electricity producers in Russia, specializing in hydropower generation. For the first nine months, the company, according to preliminary data, has increased revenue thanks to new capacity launches and tariff indexing. However, high debt burdens and growing rates from the Central Bank of Russia are putting pressure on profit and cash flows. Key focus will be on management's commentary about plans for optimizing the debt portfolio and dividend outlook – energy companies in the sector are currently balancing between investments and shareholder payouts.
- Segezha Group (SGZH) – a forestry holding (paper, packaging, timber). The sector is influenced by declining global prices for processed timber and export restrictions to Europe. Segezha's financial results for the third quarter are likely to reflect a decrease in revenue and profit. A positive aspect may be the reorientation towards Asian markets and the weakening ruble, which supports exporters. Investors will be looking for signals of stabilized demand for the group's products in domestic and foreign markets.
- Astra Group (ASTR) – a Russian software and IT solutions developer, known for its Astra Linux operating system. The company's rapid growth in recent years is linked to the focus on software import substitution in the corporate and government sectors. The Q3 financial report will show if Astra can maintain high revenue and profit growth rates. In a context of constrained client budgets, some slowdown may occur, but business margins are likely to remain high. Investors will pay attention to any updates on company forecasts and new major contracts – the tech sector in Russia currently shows growth, and Astra's results will serve as an indicator of its resilience.
What Investors Should Focus On
At the end of the day, with most American players absent, markets will need to digest incoming signals on their own. Investors should concentrate on the following points:
- Chinese Statistics and Commodities: The pace of industrial growth in China will affect sentiment in commodity markets and sectors sensitive to demand from China (metallurgy, oil and gas). A drop in figures may heighten fears for China's economy, while stable output will support commodity prices and stocks of exporting companies.
- ECB Rhetoric: The content of the ECB minutes will reveal the balance of opinions regarding future rates. Any "surprises" – a stricter or softer stance from the regulator – could significantly shift the euro's exchange rate and bond yields, setting the tone for European markets.
- Corporate Reports: Reactions to the results of individual companies (especially major Asian and Russian ones reporting today) will impact the dynamics of their stocks and related sectors. For example, a strong report from Japan Tobacco may bolster interest in the tobacco sector in Asian markets, while AFK Sistema's figures will influence the valuation of investment holdings in Russia.
- Low Liquidity: Due to the holiday in the U.S., trading volumes will be lower than usual. In such conditions, even local news can lead to heightened volatility. Investors should be cautious when opening positions – sharp price movements are possible with relatively small volumes.
Thus, November 27, 2025 promises a relatively calm session without American players, but with enough important events for regional markets. The main drivers will be the morning data from Asia and daily news from Europe, which will determine investor sentiment. Despite the holiday pause in the U.S., it is crucial for trading participants in other countries to remain attentive to statistics and reports – they will help understand the condition of the global economy as it approaches year-end and identify where risks or investment opportunities may arise.
