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

Economic Events and Corporate Reports on Friday, July 24, 2026: Central Bank of Russia’s Decision on Key Rate and Press Conference, Preliminary PMIs from Japan, Germany, Eurozone, UK, and US, 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, concludes an eventful macroeconomic week with two significant blocks of events. The first is the global wave of preliminary PMI indices for July, which will sequentially flow from Australia and Japan through India, Germany, the Eurozone, and the UK to the US. The second is the meeting of the Central Bank of Russia followed by a press conference, where investors will seek signals regarding the future trajectory of monetary policy. An additional factor contributing to volatility will be the dense stream of corporate earnings reports before the US market opens: 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: the decision on the key rate directly influences the OZF market, the ruble exchange rate, and the valuation of MOEX shares.

Asia-Pacific Session: Australia’s PMIs and Japan's Inflation

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

02:00 MSK – Australia, Preliminary PMIs for July (Manufacturing / Services / Composite). The composite index remains a key indicator of the resilience of domestic demand. Values above 50 points confirm the expansion of business activity, reducing the likelihood of a policy easing by the Reserve Bank of Australia, thereby supporting the Australian dollar.
02:30 MSK – Japan, Consumer CPI Inflation for June. This is the most sensitive release of the Asian session. The core figure, stripped of volatile components, remains the main benchmark for the Bank of Japan. A sustained overshoot of the target level strengthens arguments for further normalization of rates, which directly impacts the yen exchange rate and the Nikkei 225 dynamics.
03:30 MSK – Japan, Preliminary PMIs for July. The gap between the industrial and service segments remains a structural feature of the Japanese economy: services demonstrate greater resilience amid domestic consumption and tourist flows, while the manufacturing sector relies on external demand.
08:00 MSK – India, Preliminary PMIs for July. The Indian economy remains one of the fastest-growing major markets, with its composite PMI consistently holding in the confident expansion zone. The data is important for assessing capital inflow into emerging markets overall.

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

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

10:30 MSK – Germany, Preliminary PMIs for July. The largest economy in the Eurozone remains a barometer for the industrial cycle on the continent. Particular attention is paid to the manufacturing sector, which has been under pressure for several quarters from energy costs, competition from Asian producers, and weak external demand.
11:00 MSK – 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 service sector is, compensating for industrial weakness, as well as the dynamics of sub-indices of selling prices—a direct signal for inflation expectations from the ECB.
11:30 MSK – UK, Preliminary PMIs for July. The data is critical for assessing the Bank of England's policy prospects. The combination of slowing business activity and persistent price pressure in services remains the main dilemma for the British regulator and dictates the dynamics of the pound and the FTSE 100 index.

Central Bank of Russia Meeting: Key Event for the CIS Market

At 13:30 MSK, the Central 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 in the Decision

The Decision on the Rate Itself. The market assesses the balance between the trajectory of inflation slowdown, the dynamics of lending, and the state of the labor market.
Signal Formulation. The tone of the statement—hawkish, neutral, or dovish—historically affects the OZF market more strongly than the rate change itself.
Updated Medium-Term Forecast. Adjustments to the range of the average key rate for the current and next year set a benchmark for the entire yield curve.

At 15:00 MSK, there will be a press conference with the leadership of the Central Bank of Russia. The comments made during this conference, rather than the press release itself, often become the source of sharp movements in bonds, banking sector stocks, and the ruble exchange rate. Companies with high debt loads—developers, retail, transport—react most sharply to the decision. In contrast, commodity sector exporters are more sensitive to the currency component.

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

The second half of the day shifts focus to American macro statistics, which will define the direction of the S&P 500 and Nasdaq at the week's close.

15:30 MSK – Canada, Producer Price Index (PPI) for June. The PPI serves as a leading indicator of consumer inflation and is taken into account by the Bank of Canada when assessing price pressures in supply chains.
16:45 MSK – US, Preliminary PMIs for July. The S&P Global publication completes the global wave of business activity indices. Key components for the market are the employment sub-indices and selling price, providing early signals about the state of the labor market and inflationary costs before the official statistics release.
17:00 MSK – US, New Home Sales for June. This indicator reflects the sensitivity of the housing market to mortgage rates. Weak data strengthens expectations for a dovish stance from the Fed and supports the stock prices of construction companies.
18:00 MSK – US, Kansas City Fed Manufacturing Activity Index for July. The regional survey complements the picture of the manufacturing sector's state 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 Q2 2026 earnings season. The main block of publications occurs before trading opens in the US.

Financial Sector

American Express (AXP) – one of the most informative reports of the day. The company serves as an indicator of the state of the premium consumer segment in the US. Investors assess the volume of card spending (billed business), dynamics of fee income, quality of the loan portfolio, and loss reserves. The resilience of wealthy households' spending is an important signal for the entire S&P 500 consumer sector.
Booz Allen Hamilton (BAH) – a consulting group focused on government and defense contracts. Key metrics include the order backlog, book-to-bill ratio, and profitability amid the federal government’s budget dynamics.

Telecommunications and Media

Verizon Communications (VZ) – focus on net postpaid mobile subscriber growth, ARPU dynamics, revenue from broadband access, and free cash flow, which determines the sustainability of dividend payments.
Charter Communications (CHTR) – a key indicator for the cable operator is the broadband internet subscriber base dynamics amid competition from mobile access and fiber-optic providers, as well as capital expenditures on network modernization.

Healthcare

HCA Healthcare (HCA) – the largest operator of private hospitals in the US. Attention to treatment volumes, revenue per patient, payor mix structure, and personnel expense dynamics.
Tenet Healthcare (THC) – the second representative of the hospital segment. Performance metrics for the ambulatory surgery network traditionally demonstrate higher profitability and serve as a driver for revaluation.

Energy, Transport, and Consumer Sector

NextEra Energy (NEE) – the world’s largest operator of renewable generation. Key metrics include project portfolio, capacity growth rates, and regulated returns of the Florida division.
Canadian National Railway (CNI) – a North American railroad operator whose freight volumes serve as a leading indicator of regional industrial activity. Special attention to the operating ratio.
Lamb Weston (LW) – a producer of potato products for the food service segment. The report reflects the state of restaurant traffic and the ability to pass costs through to prices.

Asian Block

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

Key Risks and Market Interconnections of the Day

The coincidence of the global PMI block with the Central Bank of Russia’s rate decision creates heightened volatility in a narrow time window. Several interconnections should be considered:

Weak European PMIs increase expectations of a dovish ECB policy, putting pressure on the euro and supporting exporters in the Euro Stoxx 50.
Strong American PMIs coupled with rising price sub-indexes could shift expectations regarding the trajectory of Fed rates and strengthen the dollar, which is negative for commodity assets and emerging market currencies.
Inflation in Japan directly impacts the yen exchange rate and, through the carry trade mechanism, global liquidity.
The Central Bank of Russia’s Decision will determine the movement of the RGBI index and the revaluation of heavily indebted issuers’ MOEX shares.

What Investors Should Pay Attention To

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

Investors in Russian Assets – the key is not so much the decision on the rate itself but the regulator's signal and the updated forecast. Sharp movements in long OZF and banking sector stocks are likely between 15:00 and 16:00 MSK, during the press conference.
Investors in the US Market – the American Express report provides the most qualitative insight into consumer demand, while Verizon and Charter shape the telecommunications sector's picture in terms of dividend sustainability.
Investors in European Assets – the divergence between industrial and service PMIs remains the main structural theme; a narrowing of the gap would be a positive signal for cyclical sectors.
Investors in Asia – the combination of Japan's CPI and Shin-Etsu Chemical's earnings report allows for an understanding of both monetary and industrial contours of the region simultaneously.
Overall Risk Management – the Friday before the weekend typically comes with position reduction and decreased liquidity in the second half of the day, which amplifies movements on any unexpected data.

The day's outcome is shaped by the intersection of two forces: the global business activity indicator, which will show whether the world economy is slowing synchronously or divergently, and the local monetary decision that sets the tone for the Russian market in the coming weeks. Investors are advised to determine their reaction scenarios in advance for each block and avoid increasing leverage before data publication.