Economic Events and Corporate Reports for December 1-5, 2025: PMI, PCE, Fed QT, Earnings Season

Detailed Review of Key Economic Events and Corporate Reports for the Week of December 1–5, 2025: PMI, PCE, End of Fed QT, EU Foreign Affairs Meetings, Inflation and Employment Statistics, Releases from Major Companies in the US, Europe, Asia, and Russia.

This week, central banks conclude their annual programs, including the end of the Fed’s balance sheet reduction, while inflation and business activity (PMI) data from key economies are set to be released, along with quarterly reports from major corporations. Among the corporate releases are the financial results for Salesforce, Kroger, Dollar Tree, and several Asian tech companies. This mix of events creates a mixed backdrop for global markets: on one hand, slowing inflation and the end of QT open up prospects for risk asset support; on the other hand, the tone of corporate forecasts and geopolitical news could add volatility.

Monday, December 1, 2025

Monday will start on a calm note: global macroeconomic events are limited, so investor focus will shift to corporate reports. A few tech reports are expected from Asian markets, with no major releases in the US. Stock prices will react to broader market sentiment and commodity price dynamics. Investors will closely monitor outcomes from tech and retail companies, as well as weekly PMI statistics to assess trends in the global economy.

Before Market Open:

No major companies are releasing reports prior to market open.

After Market Close:

MongoDB (MDB) – USA, Technology Sector (Cloud Databases). Reported after market close: investors expect strong revenue growth due to demand for cloud solutions.
Tatneft ADR (OAOFY) – Russia, Energy Sector (Oil and Gas). Q3 report released: a key indicator for oil stocks and the ruble's exchange rate.
Children’s Place (PLCE) – USA, Retail Sector (Children's Clothing). Reported after market close; investors will focus on sales and inventory trends in the sector.
Duluth Holdings (DLTH) – USA, Retail Sector (Active Lifestyle Apparel). Reported after market close: margins and revenue will give insights into consumer sentiment.

Economic Events (MSK Time):

00:00 – USA: The Fed officially ends its quantitative tightening (QT) program.
— EU: Joint Foreign Ministers meeting on the 20th sanctions package against Russia (against the backdrop of statements from the Ukrainian side on continued support).
— Joint press conference of EU Foreign Ministers on Ukraine security (Kallas’ office) following the meeting.
— China: Foreign Minister Wang Yi arrives in Russia (December 1-2).
01:00 – Australia: November PMI in the manufacturing sector.
03:30 – Japan: November PMI.
04:45 – China (Caixin): November PMI.
08:00 – India: November PMI.
09:00 – Russia: November PMI.
10:00 – Turkey: Q3 2025 GDP.
11:55 – Germany: November PMI.
12:00 – Eurozone: November PMI.
12:30 – UK: November PMI.
16:00 – Brazil: November PMI.
17:30 – Canada: November PMI.
17:45 – USA: S&P Global Manufacturing PMI (November).
18:00 – USA: ISM Manufacturing PMI (November).

Investor Takeaway: Monday passes without major global disruptions – macro statistics are limited and stock indices may trade within a narrow range. Strong reports from companies like MongoDB will sustain interest in the tech sector, while oil companies' results (Tatneft) will correlate with oil dynamics and the ruble’s exchange rate. In the absence of significant news, key indicators will be the PMIs of leading economies: support for business activity will come from levels above 50+, while a decline may cause caution among investors. Oil and commodity prices remain under scrutiny – they could set the tone for the energy sector and influence the Russian market (MOEX).

Tuesday, December 2, 2025

On Tuesday, the focus will again be on corporate reporting from major tech and consumer companies. The macroeconomic agenda is small, so stock markets will primarily respond to the tone of the reports. Key releases will include results from cybersecurity and retail companies in the US and Canada. Additionally, special attention will be drawn to US Special Representative Steve Whitkoff's visit to Moscow and discussions regarding the peace plan – geopolitical factors could introduce volatility in the energy and defense sectors.

Before Market Open:

No significant reports ahead of trading.

After Market Close:

CrowdStrike (CRWD) – USA, Cybersecurity. Third quarter report expected after market close: investors will evaluate ARR growth and revenue from cloud services.
Marvell Technology (MRVL) – USA, Semiconductors. Financial results released; the dynamics of sales for data center and 5G network chips will be crucial.
Okta (OKTA) – USA, Cybersecurity. Results from the cloud application access management company will indicate the state of corporate IT budgets.
American Eagle Outfitters (AEO) – USA, Retail (Apparel). Report after market close: important for holiday season sales and margin forecasts.
Bank of Nova Scotia (BNS) – Canada, Banking Sector. Inflation accounting and lending forecasts are critical for the Canadian stock market.

Economic Events (MSK Time):

— Russia: 16th Investment Forum "Russia Calls!" continues (day 1).
— NATO: Meeting of Alliance Foreign Ministers (including discussion of the US peace plan for Ukraine).
00:30 – USA: Crude oil inventories per API data.
13:00 – Eurozone: Consumer Inflation Indicator CPI (November, preliminary). Changes in annual inflation are important for the ECB.
18:00 – USA: JOLTS job openings (September). Labor market indicators will provide insights into employment trends.

Investor Takeaway: On Tuesday, market participants will concentrate on corporate results – macroeconomic data is almost non-existent. Strong reports from CrowdStrike and Marvell may boost investor optimism in the tech sector and support the Nasdaq. Successes or disappointments in retail (American Eagle) will reflect on the S&P 500 and Nasdaq indices, signaling the resilience of consumer spending. The geopolitical backdrop (Whitkoff’s meeting with Putin) may amplify fluctuations in the energy market – negative news could increase demand for "defensive" assets. Overall, with minimal statistics, the market will respond to the tone of corporate forecasts and foreign policy signals.

Wednesday, December 3, 2025

Wednesday will be a key day: a broad package of PMI data (services and composite) will be released across many regions, alongside comments from ECB President Lagarde. However, the main event for the market will be reports from industry leaders. Salesforce, Snowflake, and Dollar Tree will present their Q3 results – their publications may trigger high volatility in US markets. Morning business activity indicators (with S&P Global PMI) will show trends in the US, China, and Europe economies as the year closes. Investors will also pay close attention to Lagarde's comments in the European Parliament, which could adjust expectations for ECB rates.

Before Market Open:

No global leaders in reports before market open.

After Market Close:

Salesforce (CRM) – USA, Corporate Software. Report due after market close: the main indicator is revenue growth from cloud CRM systems.
Snowflake (SNOW) – USA, Cloud Data Storage Solutions. Report will shed light on revenue dynamics and subscriptions amid demand for data analytics.
Dollar Tree (DLTR) – USA, Retail (Discount Stores). Reported after market close: sales and margin numbers will show the state of consumer demand.
Royal Bank of Canada (RY) – Canada, Financial Sector. Results from Canada’s largest bank will indicate the resilience of the banking system.
Inditex ADR (IDEXY) – Spain, Retail (Zara). American depositary receipt: report will reflect the state of retail in Europe and Asia.

Economic Events (MSK Time):

03:30 – Australia: Q3 2025 GDP.
10:30 – Switzerland: CPI (November). Annual inflation is important for the SNB.
11:55 – Germany: PMI (services and composite, November).
12:00 – Eurozone: PMI (services and composite, November).
12:30 – UK: PMI (services and composite, November).
12:00 – The Central Bank of Russia will announce parameters for currency operations for December (purchase and sale boundaries).
13:00 – Eurozone: PPI (October, preliminary). Data on industrial prices in the EU.
16:15 – USA: ADP Nonfarm Employment (November). Detailed employment data, a precursor to NFP.
16:30 – USA: Speech by F. Powell (press conference or Fed appearance).
16:30 – EU: Remarks by ECB President K. Lagarde in European Parliament hearings (Economic Committee).
17:15 – USA: Industrial Production (November).
17:30 – Canada: PMI (October).
17:45 – USA: S&P Global Services/Composite PMI (November).
18:00 – USA: ISM Services PMI (November).
18:30 – EU: Remarks by K. Lagarde (as Head of ESM) in European Parliament hearings.
18:30 – USA: Weekly EIA oil inventory report (30 mins after API).
19:00 – Russia: CPI (November) — annual inflation.

Investor Takeaway: Wednesday carries multiple signals for global markets. Morning PMI indicators in the UK and Eurozone will confirm trends towards slowing inflation and may support European indices and the euro. However, the day’s main intrigue lies in the reports from Salesforce, Snowflake, and Dollar Tree after the US close: results from these companies, especially in the tech and consumer sectors, will set the tone for trading on Wall Street. Any deviations from expectations could sharply change risk appetite. Additionally, comments from ECB President Lagarde in EU hearings add significance to the day – investors will seek hints on future ECB policy. Overall, a combination of strong PMI data and positive corporate results would inject optimism into markets, while weak numbers or cautious company forecasts would push participants towards more "defensive" assets.

Thursday, December 4, 2025

On Thursday, investors will focus on multiple significant developments. Two major geopolitical events are scheduled for this day – President Putin’s visit to India and President Macron’s visit to China – which may amplify volatility in emerging markets and the currency backdrop. Financial markets will also concentrate on major retail reports and central banks: in the morning, the US will release results from retailers like Kroger (grocery sales) and Ulta Beauty (cosmetics), while in the evening, Dollar General (discount stores) is set to report. Furthermore, preliminary GDP estimates for Brazil for Q3 will be released. By the end of the day, investors will pay attention to US weekly unemployment data.

Before Market Open:

No major releases prior to market open.

After Market Close:

Kroger (KR) – USA, Grocery Retail. Q3 report: growth of grocery sales and comments on consumer spending will be important.
Dollar General (DG) – USA, Discount Stores. Financial results will show the resilience of demand for budget goods in the economy segment.
Ulta Beauty (ULTA) – USA, Cosmetics. Q3 report assessed based on revenue from premium cosmetics and holiday forecast.
Hewlett Packard Enterprise (HPE) – USA, IT Services. Financial release after market close: metrics for cloud services and corporate services.
TD Bank (TD), BMO (BMO), CIBC (CM) – Canada, Banking Sector. Major Canadian banks reported before or after trading, reflecting the state of lending and inflation impacts.

Economic Events (MSK Time):

04:30 – China: PBOC key rate decision (expected to maintain LPR unchanged).
15:00 – Brazil: Q3 GDP (preliminary data).
16:30 – USA: Weekly initial jobless claims.
18:00 – Canada: PMI (November).
00:30 (Dec 5) – USA: Crude oil inventories per API data.

Investor Takeaway: Thursday presents a mix of corporate and macro factors. Morning reports from Kroger and Dollar General will set the tone for the US consumer sector: strong results will boost markets, while weak results will indicate inflationary pressure on consumer spending. Central bank announcements – particularly any easing in China and India – reaffirm trends towards soft policy amid controlled inflation. Conversely, investors need to “pick the best” sectors: tech and financial companies (Intuit, etc.) will react to their individual drivers. The Russian stock market on this day will likely depend more on the external backdrop – stable oil prices and signs of declining inflation globally could support the MOEX index. Overall, a combination of positive macro (central bank easing) and corporate news from the US creates the preconditions for moderately bullish sentiment heading into the weekend.

Friday, December 5, 2025

The final day of the week will bring a rich block of global macro statistics, while corporate activity has nearly concluded. The focus will be on PMI indices for the service sector and the Michigan business sentiment assessment in the US, along with quarterly results from the Eurozone. In the morning, markets will analyze inflation data from Japan and completed state visits (India, China). Final PMIs will provide insights into the economies entering the last quarter of 2025, while the Michigan consumer expectations indicator will reflect Americans' sentiments. In the evening, the PCE deflator for September and Michigan Sentiment data will be released, which could adjust expectations regarding Fed monetary policy.

Before Market Open:

Baker Hughes – rig count (21:00 MSK); an important indicator of activity in the oil and gas sector.

After Market Close:

No major companies are releasing reports on Friday.

Economic Events (MSK Time):

02:30 – Japan: CPI (October).
07:30 – India: RBI interest rate decision (expected to remain at record highs to combat inflation).
13:00 – Eurozone: Q3 GDP (extended estimate).
18:00 – USA: PCE Price Index (September); Michigan Consumer Sentiment (December, preliminary); consumer inflation expectations (December, preliminary).
18:30 – USA: Speech by a Fed board member or publications of monetary aggregates (as per the events of the day).

Investor Takeaway: On Friday, markets will digest an extensive block of macroeconomic information. The publication of PMIs in the US, Europe, and the UK will show how confidently businesses enter the year's final quarter: rising PMIs and improved sentiments would boost optimism and support cyclicals, while weak data would push investors toward defensive assets. The Michigan indicator will highlight the level of consumer expectations – its increase will be favorable for consumer companies. The final assessment of inflation (especially in Japan) and signals from the Bank of India (VIPR on rates) complete the picture: global inflation slowdown instills confidence in the stability of central bank monetary policies. Investors should evaluate this data alongside the completion of the reporting season: moderate inflation risks and clarity on monetary prospects create conditions for a more predictable environment. Nonetheless, geopolitical news (the NATO Foreign Ministers summit) and weekly oil price dynamics remain significant factors of uncertainty.