Investor Calendar for Friday, July 24, 2026: Central Bank of Russia Rate, PMI, and Reports from American Express and Verizon

Economic Events and Corporate Reports on Friday, July 24, 2026: The Central Bank of Russia's Decision on Key Rate and Press Conference, Preliminary PMIs from Japan, Germany, Eurozone, the UK, and the USA, Japan's CPI Inflation, New Home Sales. Earnings Reports from American Express, Verizon, NextEra Energy, HCA Healthcare, Charter, Booz Allen, Lamb Weston, and Shin-Etsu Chemical. Investor Overview

Friday, July 24, 2026, rounds off a busy macroeconomic week with two significant blocks of events. The first is the global wave of preliminary PMI business activity indices for July, rolling out successively from Australia and Japan through India, Germany, the Eurozone, the UK, and into the USA. The second is the meeting of the Bank of Russia followed by a press conference where investors will seek signals regarding the further trajectory of monetary policy. An additional factor of volatility will be the influx of corporate earnings reports prior to the opening of the US market: American Express, Verizon, NextEra Energy, HCA Healthcare, Charter Communications, and other S&P 500 issuers. For investors from the CIS, this day is particularly significant as the key rate decision directly impacts the OFZ market, the exchange rate of the ruble, and the valuation of MOEX stocks.

Asia-Pacific Session: Australian PMIs and Japan Inflation

The trading day opens with a block of statistics from the Asia-Pacific region, which traditionally sets the initial tone for sentiments in global markets.

02:00 Moscow time — Australia, preliminary PMIs for July (Manufacturing / Services / Composite). The composite index remains a key indicator of domestic demand resilience. Values above 50 points confirm business activity expansion and lower the likelihood of a policy easing by the Reserve Bank of Australia, supporting the Australian dollar.
02:30 Moscow time — Japan, CPI inflation for June. The most sensitive release of the Asian session. The core indicator, stripped of volatile components, remains the main benchmark for the Bank of Japan. A sustained rise above the target level strengthens the arguments for further normalization of rates, directly affecting the yen's exchange rate and the dynamics of the Nikkei 225.
03:30 Moscow time — Japan, preliminary PMIs for July. The gap between the industrial and services sectors continues to be a structural feature of Japan's economy: services show greater resilience amid domestic consumption and tourist flows, whereas manufacturing is dependent on external demand.
08:00 Moscow time — India, preliminary PMIs for July. The Indian economy remains one of the fastest-growing major markets, and its composite PMI consistently stays in the zone of confident expansion. The data is crucial for assessing capital inflow into emerging markets as a whole.

European Session: Business Activity Indices from Germany, Eurozone, and the UK

The European block of statistics is the central event in the first half of the day for the markets of the Old World and the Euro Stoxx 50 index.

10:30 Moscow time — Germany, preliminary PMIs for July. The largest economy in the Eurozone remains a barometer of the continent's industrial cycle. Particular attention will be paid to the manufacturing sector, which has been under pressure from energy costs, competition from Asian producers, and weak external demand over the past few quarters.
11:00 Moscow time — Eurozone, preliminary PMIs for July. The composite index of the block forms the basis for GDP forecasts for the third quarter. Investors assess how resilient the services sector is, compensating for weaknesses in manufacturing, as well as the dynamics of sub-indices of selling prices — a direct signal for the ECB's inflation expectations.
11:30 Moscow time — UK, preliminary PMIs for July. The data is critical for assessing the outlook of the Bank of England's policy. The combination of slowing business activity and ongoing price pressure in services remains the main dilemma for the British regulator and influences the dynamics of the pound and the FTSE 100 index.

Bank of Russia Meeting: Key Event for the CIS Market

At 13:30 Moscow time, the Bank of Russia will announce its decision on the key rate — the central event of the day for Russian investors and the entire CIS space.

What to Watch for in the Decision

The decision itself. The market assesses the balance between the trajectory of slowing inflation, lending dynamics, and labor market conditions.
The wording of the signal. The tone of the statement — whether hard, neutral, or soft — historically affects the OFZ market more strongly than the decision on the rate itself.
Updated medium-term forecast. A revision of the average key rate range for the current and next year sets a reference for the entire yield curve.

At 15:00 Moscow time, a press conference will be held with the Central Bank of Russia's leadership. It is the comments during this conference, rather than the press release itself, that often become sources of sharp movements in bonds, bank sector stocks, and the ruble exchange rate. Companies with high debt loads — developers, retailers, transport — react most acutely to the decision. Conversely, exporters in the raw materials sector are more sensitive to the currency component.

North American Session: PMIs, Housing Market, and US Industry

The second half of the day shifts the focus to American macro statistics, which will determine the direction of the S&P 500 and Nasdaq heading into the weekend.

15:30 Moscow time — Canada, PPI inflation for June. The Producer Price Index acts as a leading indicator for consumer inflation and is considered by the Bank of Canada when assessing price pressures within supply chains.
16:45 Moscow time — USA, preliminary PMIs for July. The publication from S&P Global concludes the global wave of business activity indices. Key components for the market include sub-indices of employment and selling prices which provide early signals about the labor market situation and inflation costs prior to the release of official statistics.
17:00 Moscow time — USA, new home sales for June. This indicator reflects the sensitivity of the housing market to mortgage rate levels. Weak data reinforces expectations for easing policy from the Fed and supports the stocks of construction companies.
18:00 Moscow time — USA, Kansas City Fed manufacturing activity index for July. This regional survey complements the picture of the state of the manufacturing sector and serves as a confirming signal to the national PMI.

Corporate Earnings on July 24, 2026: American Issuers Before Market Open

Friday falls in the middle of the second quarter earnings season for 2026. The main block of publications is scheduled for before the US markets open.

Financial Sector

American Express (AXP) — one of the most informative reports of the day. The company serves as an indicator of the premium consumer segment's condition in the USA. Investors assess billed business volumes, dynamics of commission income, credit portfolio quality, and loss reserves. The resilience of high-net-worth households' spending is an important signal for the entire consumer sector of the S&P 500.
Booz Allen Hamilton (BAH) — a consulting group focused on government and defense contracts. Key metrics include the backlog portfolio, book-to-bill, and margins amid the federal government's budget dynamics.

Telecommunications and Media

Verizon Communications (VZ) — focuses on net subscriber growth in post-paid mobile services, ARPU dynamics, broadband revenue, and free cash flow determining dividend payment sustainability.
Charter Communications (CHTR) — key metrics for the cable operator include the dynamics of its broadband internet subscriber base amid competition from mobile access and fiber-optic providers, as well as capital expenditures for network modernization.

Healthcare

HCA Healthcare (HCA) — the largest operator of private hospitals in the USA. Attention will focus on admission volumes, revenue per patient, payer structure, and labor expense dynamics.
Tenet Healthcare (THC) — the second representative of the hospital segment. Metrics for the outpatient surgery network traditionally demonstrate higher margins and serve as a driver for reevaluation.

Energy, Transport, and Consumer Sector

NextEra Energy (NEE) — the world's largest operator of renewable generation. Key metrics include the project portfolio, capacity addition rates, and regulated returns of the Florida division.
Canadian National Railway (CNI) — a North American railroad operator whose freight volumes are a leading indicator of regional industrial activity. Special attention is paid to the operating ratio.
Lamb Weston (LW) — a manufacturer of potato products for the foodservice segment. The earnings report reflects the state of restaurant traffic and the ability to pass on costs into prices.

Asian Block

Shin-Etsu Chemical (4063.T) — a Japanese chemical giant, the world leader in silicon wafer and PVC production. The company's report from Nikkei 225 serves as a leading indicator for the entire semiconductor supply chain and the US construction cycle.

Key Risks and Market Interconnections of the Day

The coincidence of the global PMI block with the decision on the key rate from the Central Bank of Russia creates heightened volatility within a narrow time frame. Several interrelations should be considered:

Weak European PMIs heighten expectations for ECB policy easing, putting pressure on the euro and supporting exporters in the Euro Stoxx 50.
Strong US PMIs combined with rising sub-indices of prices could shift expectations for the trajectory of Fed rates and strengthen the dollar, which is negative for commodity assets and currencies of emerging markets.
Inflation in Japan directly influences the yen's exchange rate and, through the carry trade mechanism, impacts global liquidity.
The decision of the Central Bank of Russia will determine the movement of the RGBI index and the reevaluation of shares of highly leveraged issuers on MOEX.

What Investors Should Pay Attention To

Friday, July 24, 2026, requires investors to adopt a differentiated approach depending on the geography of their portfolio.

For investors in Russian assets — the key lies not so much in the decision on the rate itself, but in the regulator's signal and the updated forecast. Sharp movements in long OFZs and bank sector stocks are anticipated during the interval of 15:00–16:00 Moscow time, during the press conference.
For investors in the US market — the report from American Express provides the most qualitative snapshot of the state of consumer demand, while Verizon and Charter shape the picture of the telecom sector in terms of dividend sustainability.
For investors in European assets — the divergence between industrial and services PMIs remains the main structural theme; a narrowing of this gap would be a positive signal for cyclical sectors.
For investors in Asia — the combination of Japan's CPI and the report from Shin-Etsu Chemical allows for the simultaneous assessment of both the monetary and industrial contours of the region.
Overall risk management — Fridays before weekends traditionally come with position reductions and decreased liquidity in the second half of the day, which amplifies movements on any unexpected data.

The outcome of the day will be formed at the intersection of two forces: the global business activity indicator which will show whether the world economy is slowing in a synchronized manner or divergently, and the local monetary decision which will set the tone for the Russian market in the coming weeks. It is advisable for investors to predefine reaction scenarios for each block and avoid increasing leverage ahead of the data releases.