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 Closure in the U.S., and Reports from Major Public Companies in the U.S., Europe, Asia, and Russia for Investors from the CIS Countries.
The last trading day of the week is expected to see reduced activity in U.S. markets due to the ongoing celebration of Thanksgiving, coupled with the release of significant macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—which will enable them to assess the status of both developed and developing markets as the end of the year approaches. Additionally, the Chicago PMI business activity index for November will be published, reflecting trends in the U.S. industrial sector. On the corporate front, attention will shift to the earnings reports of individual companies in Europe, Asia, and Russia, including results from Chinese internet giant Meituan and Russian corporations. Given the shortened trading session in New York and reduced liquidity, global investors will need to be particularly vigilant regarding potential surprises in the statistics that could lead to increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 AM — Switzerland: GDP (Q3 2025).
- 3:00 PM — India: GDP (Q3 2025).
- 4:30 PM — Canada: GDP (Q3 2025).
- 5:45 PM — USA: Chicago PMI business activity index (November).
- 9:00 PM — USA: Early market closure on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The traditionally stable Swiss economy faced external pressures in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-over-quarter (seasonally adjusted), significantly worse than the anticipated near-zero growth. Key factors included global slowdown and the shock from the U.S. sharply increasing import tariffs (to 39%) on a number of Swiss goods, which had a severe impact on industry—particularly the chemical and pharmaceutical sector. In Q2, the economy grew by only +0.1% quarter-over-quarter, making the move into negative territory an unwelcome surprise. However, the government maintains a relatively optimistic outlook: according to updated forecasts, Switzerland's GDP is expected to grow by about 1.3% by the end of 2025.
India: GDP for Q3 2025
India's GDP for July–September 2025 is estimated by analysts to maintain a high growth rate of approximately +7–7.5% year-over-year. This is slightly lower than the record +7.8% year-over-year seen in the previous quarter but confirms the strong momentum of the Indian economy driven by resilient domestic demand, manufacturing growth, and expansion in the service sector. Government expenditures provided significant support: for the first half of the current financial year, India's economy grew by 7.6% year-on-year, and authorities forecast around +7% for the entire year. Although external demand has weakened somewhat, the domestic market remains the key growth driver, and the fresh GDP data will reveal how robust this trend is. 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 is teetering on the brink of a technical recession. After a GDP contraction of -1.6% in Q2 (year-over-year) due to a sharp decline in exports, a meager growth of around +0.5% year-over-year is expected in Q3 (essentially flat relative to the previous quarter). This lackluster forecast reflects weak domestic demand and ongoing difficulties in external trade (including the effects of new U.S. tariffs on several Canadian goods). An additional negative factor over the summer was a strike at Air Canada. If the statistics for July-September show a decline again, Canada will formally enter a recession. Confirmation of even minimal growth would alleviate concerns and support the Canadian dollar, while another drop would intensify expectations for a potential rate cut by the Bank of Canada.
USA: Chicago PMI Index for 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 was 43.8 points, indicating significant contraction (values below 50 signal decline). The consensus forecast had anticipated a slight increase in the index to around 45 points; however, the data released yesterday showed that the indicator unexpectedly plummeted to 36.3 points—a low not seen since spring 2024. This sharp decline in the Chicago PMI underlines the worsening issues in the industry (declining orders and employment) and serves as a warning sign ahead of the release of nationwide ISM indices. Nevertheless, the U.S. markets' reaction to this weak data may be subdued due to the shortened session and low liquidity on the day following the holiday.
Europe: Closing Company Reports
In European markets, the quarterly reporting season is coming to an end, and on Friday, results will be released from a number of mid-sized companies. Among them stand out:
- Elia Group (Belgium) — a network operator presenting its Q3 report; investors will assess the revenue dynamics from electricity transmission amidst Europe’s volatile energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, publishing financial results for Q3 2025; their outcomes will provide signals about the state of the EU real estate markets against rising rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company whose Q2 2025/26 financial results will reveal demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — major players in the renewable energy and infrastructure sector reporting data for July-September; markets are watching their profitability amidst changing electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions, disclosing results for Q3; market participants will look at whether the company improved its performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate publishing results for Q2 2025/26; its report reflects the overall state of the British real estate sector.
Overall, no significant surprises are expected from European reports: most large companies reported earlier, and the market is reacting sluggishly to second-tier issuers’ releases. However, unexpectedly strong or weak results could locally impact the share prices of these companies.
Asia: Meituan Report and Others
In Asia, the primary focus is on the Q3 2025 report from Chinese internet company Meituan. As one of the leaders in online services in China (food delivery, marketplace, etc.), Meituan's results will serve as a barometer for consumer activity in the country. A continuation of double-digit revenue growth is expected, bolstered by recovering domestic demand and the expansion of the company’s services. Investors will be interested in the dynamics of active users and the profitability of the delivery segment, as well as management's comments on competition (considering pressure from Alibaba and other platforms).
Apart from Meituan, there are virtually no significant corporate reports in Asia on this date, which can be attributed to the reporting season's conclusion: most large Asian corporations published quarterly results in the first half of November. Consequently, the sentiment in Asian markets on Friday will mainly be shaped by external factors and macro data (particularly India’s GDP), rather than corporate events.
Russia: Reports from Transneft and Other Companies
In the Russian corporate calendar for Friday, the financial reporting of Transneft for Q3 2025 according to IFRS stands out. Transneft, the operator of trunk oil pipelines, traditionally attracts investors' interest. It is forecasted that the company's performance will remain stable: revenue is expected around 355–360 billion rubles (1% higher than in Q2), while net profit is anticipated to be close to the results of the previous quarter. Earlier (according to RAS), the company reported a 3% year-on-year increase in revenue for nine months, confirming the resilience of the business. Investors will examine not just the absolute profit figures but also management's statements regarding dividends and future investment programs against the backdrop of volatile oil prices.
Additionally, the publication of delayed results from some other issuers for Q3 continues. For instance, last week RusHydro revealed its nine-month report showing a nearly +29% year-on-year increase in net profit. However, most flagship Russian market players have reported earlier, so no new significant releases, aside from Transneft’s report, are anticipated on Friday. The dynamics of Russian stocks that 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 in Switzerland, India, and Canada will provide a multi-faceted view of the state of the global economy. It is important for investors to compare this data: does the slowdown in Europe (Switzerland) and North America (Canada) signal recession risks, and is there still high momentum in emerging markets (India).
- U.S. Markets in Holiday Mode: Due to the shortened session in New York, low volumes and increased volatility may occur. Unexpected deviations in statistics (such as a sharp drop in the PMI index or surprises in the GDP data) could result in disproportionate responses in a thin market. Caution is advised as price fluctuations may intensify with a low number of active participants.
- Corporate Stories: Meituan’s report serves as an indicator of China's consumer sector, while Transneft’s results reflect the stability of the Russian oil transportation business. Investors holding shares of these or related companies should consider not only the raw numbers of the report but also management's comments on prospects and dividends. In Europe, there are no expectations for major report releases, but unexpectedly strong or weak results from mid-sized companies can still locally influence their stocks.
- Currencies and Commodities: Weak macro data may weaken corresponding currencies (e.g., the Canadian dollar in the event of disappointing GDP from Canada) and exert pressure on commodities. Signals of a global economic slowdown could temporarily dampen risk appetite in commodity markets and within currencies of emerging countries.
