Detailed Overview of Economic Events and Corporate Reports for Wednesday, December 3, 2025: Global PMIs, Inflation Data, Major Company Reports, the "Russia Calling!" Forum, and Key Indicators for Investors.
Wednesday promises a packed economic agenda for markets. In Asia, investors are monitoring key indicators: Australia will release GDP data and the services PMI, while Japan, China, and India will unveil their November PMIs. In Europe, the focus is on the services PMIs in Germany, the Eurozone, and the UK, as well as ECB President Christine Lagarde's speech at public hearings in Strasbourg. In the US, attention is turned toward employment statistics (ADP) and services sector activity (ISM and S&P indices), alongside weekly oil inventory reports (EIA). Concurrently, significant events are taking place: French President Emmanuel Macron's official visit to China and the second day of the "Russia Calling!" investment forum. Investors should link macroeconomic results with market dynamics: inflation and PMIs ↔ yields, commodities, risk appetite.
Macroeconomic Calendar (Moscow Time)
- 01:00 — Australia: Services PMI (November).
- 03:30 — Australia: GDP (Q3 2025, YoY).
- 03:30 — Japan: Services PMI (November).
- 04:45 — China (Caixin): Services PMI (November).
- 08:00 — India: Services PMI (November).
- 09:00 — Russia: Services PMI (November).
- 10:00 — Turkey: Consumer Inflation CPI (November).
- 10:30 — Switzerland: Consumer Inflation CPI (November).
- 11:55 — Germany: Services PMI (November).
- 12:00 — Eurozone: Services PMI (November).
- 12:00 — Russia: Central Bank announces currency market operation volumes.
- 12:30 — UK: Services PMI (November).
- 13:00 — Eurozone: Producer Price Index PPI (October).
- 16:00 — Brazil: Services PMI (November).
- 16:15 — US: ADP Employment Assessment (November).
- 16:30 — Europe: ECB President Lagarde speaks (EU Parliamentary hearings).
- 17:15 — US: Industrial Production Index (September).
- 17:30 — Canada: Services PMI (October).
- 17:45 — US: S&P Global Services PMI (October).
- 18:00 — US: ISM Services PMI (November).
- 18:30 — Europe: Lagarde's repeat speech (financial risks, EU hearings).
- 18:30 — US: EIA Weekly Oil Inventory Report.
- 19:00 — Russia: Consumer Inflation CPI (November).
Asia
- Australia: GDP data (Q3 2025) and services PMI (November). The recent reduction in the RBA's key interest rate heightens expectations for moderate economic growth. Moderate GDP and stabilization of the PMI could strengthen the AUD and support Australian assets.
- Japan and China: November services PMIs (03:30 and 04:45 Moscow Time). These will provide signals regarding internal demand recovery. A slowdown in PMIs in both countries may weaken risk sentiment in markets.
- India: Services PMI (08:00 Moscow Time). This index often precedes economic growth: a high result will highlight the strength of the Indian economy against the backdrop of GDP growth.
Unforeseen circumstances: French President Emmanuel Macron continues his state visit to China, underscoring China's geo-economic significance. While little market impact is expected, attention to negotiations may heighten volatility in APEC stock indices.
Europe
- Eurozone, Germany, UK: November services PMIs (11:55–12:30 Moscow Time). A stabilization is expected following previous declines: weak PMIs may slow euro stocks, while improvement may support risk appetite.
- Switzerland, Turkey, Eurozone: Inflation data. At 10:30 – Swiss CPI (November), at 10:00 – Turkey CPI (November), at 13:00 – Eurozone PPI (October). Rising prices in Europe may increase pressure on the ECB, pushing currencies to strengthen against the dollar.
- ECB (Lagarde): Speeches (16:30 and 18:30 Moscow Time). ECB President Lagarde's address to the EU Parliament may provide momentum for the euro and bonds: hawkish rhetoric will strengthen the EUR, while calls for easing will weaken it.
Russia
- "Russia Calling!" Forum: Second day of the VTB Forum. Discussions on new investments in various sectors continue, with potential announcements regarding plans from state companies and regulators.
- Central Bank of Russia: At 12:00, it will announce foreign currency purchase/sale volumes. A small currency deficit will support the ruble, while excess will weaken it. These volumes affect market liquidity.
- Russia Data: Services PMI (09:00 Moscow Time) and consumer inflation CPI (19:00 Moscow Time). A slowdown in the PMI reflects stagnant internal spending; an accelerated CPI will increase pressure on rates and the ruble.
Overall, these factors set the stage for the Russian market: rising inflation and oil volatility could restrain the ruble, while the results of the forum will set the investment sentiment.
USA and North America
- USA: The ADP employment report (16:15 Moscow Time) will reveal hiring dynamics outside the agricultural sector. Strong data will accelerate labor market growth and may raise Treasury yields; weak data will weaken the dollar. Later in the night (18:00 Moscow Time) – ISM services index (November), and at 17:45 – S&P Global services PMI. The alignment of the PMI and ISM indices will indicate trends in the services sector, where jobs are created: acceleration is favorable for stocks, while slowdown is not.
- Canada: Services PMI (17:30 Moscow Time). Stability in Canadian PMIs will support the Bank of Canada’s policy and CAD; an unexpected decline will weaken it.
- Corporate Reports (USA): Major players will announce their results. Salesforce (CRM) – after market close (press release and teleconference at 2:00 Moscow Time), Macy's (M) – before opening (8:00 ET), PVH (PVH) – after close, Five Below (FIVE), Torrid (CURV), Guidewire (GWRE), Sprinklr (CXM), Inotiv (NOTV) – also will report. These may spark additional volatility: positive reports will boost sector stock demand, whereas disappointing ones will weaken it.
- Chinese Companies: Waterdrop (WDH) and Yuanbao (YB) – reports for Q3 (before market opens). As online insurers, they will reflect sensitivity to domestic demand in China; publication before the opening will allow for early adjustments in estimates.
Commodities and Currencies
- Oil: EIA report (18:30 Moscow Time). A decrease in commercial inventories is expected following seasonal demand: a deeper drawdown will support Brent/WTI quotes, while an inventory increase may exert pressure.
- Commodity Prices: The overall environment remains stable – metals are performing positively, oil is around $75. A strengthening dollar is moderately dampening commodities. Investors will keep an eye on OPEC+ actions and demand dynamics.
Corporate Reporting
- USA, Retail and Technology Sectors: Salesforce (NYSE: CRM) – Q3 FY2026 after market close; Macy's (NYSE: M) – Q3 2025 before market opens; Five Below (NASDAQ: FIVE) – Q3 FY2025 after close; Torrid Holdings (NYSE: CURV) – Q3 after close; PVH Corp (NYSE: PVH) – Q3 after close. Retail chains and technology services are in focus following the holiday season.
- USA, Other Sectors: Guidewire Software (NYSE: GWRE) – Q1 FY2026 after market close (finance/insurance), Sprinklr (NYSE: CXM) – Q3 FY2026 before opening (Social Media, CRM), Inotiv (NASDAQ: NOTV) – IVQ FY2025 after close (scientific services).
- China: Waterdrop Inc. (NYSE: WDH) – Q3 2025 before opening (online insurance); Yuanbao Inc. (NASDAQ: YB) – Q3 2025 before opening (online insurance). Their results reflect demand for insurance services and the investment climate in China.
What Investors Should Pay Attention To
- US PMI and ADP Data — they will indicate the strength of consumer and business demand: growth will accelerate stock indices, while weak output will signal a "turn" in the macro cycle.
- ECB President Lagarde’s Speech — her tone will set expectations for ECB rates: hawkish rhetoric will support the euro and euro-denominated bonds.
- Oil Inventory (EIA) — will act as a catalyst for oil quotes: deviation from the forecast will set the mood for energy stocks.
- Quarterly Company Reports (Salesforce, Macy’s, etc.) — they will determine the sector's stock dynamics: breakthrough results may ignite index races, while weak ones may cool the market.
- Russian Factor — outcomes from forums and inflation: it is important for investors to monitor the geopolitical backdrop and price growth indicators that influence the ruble and Moscow Exchange stocks.
