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 final trading day of the week promises a mix of decreased activity in U.S. markets due to the continuation of Thanksgiving celebrations, alongside the release of important macroeconomic indicators from several countries. Investors will receive fresh GDP data from three economies—Switzerland, India, and Canada—that will offer insights into the state of both developed and emerging markets as the year comes to a close. Additionally, the Chicago PMI business activity index for November will be released, reflecting trends in the U.S. industrial sector. On the corporate front, attention will shift to individual companies’ earnings reports in Europe, Asia, and Russia, including results from the Chinese internet giant Meituan and various Russian corporations. In light of the shortened trading session in New York and reduced liquidity, global investors must remain particularly vigilant for potential surprises in the statistics, which could trigger increased volatility.
Macroeconomic Calendar (MSK)
- 11:00 — Switzerland: GDP (Q3 2025).
- 15:00 — India: GDP (Q3 2025).
- 16:30 — Canada: GDP (Q3 2025).
- 17:45 — USA: Chicago PMI Business Activity Index (November).
- 21:00 — USA: Early closure of trading on exchanges (NYSE, NASDAQ) due to Thanksgiving holiday.
Switzerland: GDP for Q3 2025
The traditionally stable Swiss economy faced pressure from external factors in Q3 2025. According to government estimates, Switzerland's GDP contracted by approximately 0.5% quarter-on-quarter (seasonally adjusted), which is significantly worse than the previously forecasted growth near zero. Major contributing factors included global deceleration and the shock from the U.S.’s sharp increase in import tariffs (up to 39%) on several Swiss goods, which severely impacted its industry (particularly the chemical-pharmaceutical sector). The economy only grew by +0.1% quarter-on-quarter in Q2, making the shift to negative territory an unwelcome surprise. However, the government maintains a relatively optimistic outlook: according to revised forecasts, Swiss GDP is expected to grow by about 1.3% for the entire year of 2025.
India: GDP for Q3 2025
India's GDP for July–September 2025 is anticipated to have maintained a high growth rate of approximately +7–7.5% year-on-year, as per analysts' estimates. This is slightly lower than the record +7.8% year-on-year recorded in the previous quarter but confirms the strong momentum of the Indian economy, driven by robust domestic demand, manufacturing growth, and expansion in the services sector. Significant support came from government spending: by the end of 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 full year. Although external demand has softened somewhat, the domestic market remains a key growth driver, and the forthcoming GDP data will reveal how robust this trend is. Its release could influence investor sentiment in emerging markets and affect the Indian rupee's exchange rate.
Canada: GDP for Q3 2025
The Canadian economy is teetering on the brink of a technical recession. Following a GDP decline of -1.6% year-on-year in Q2 due to a sharp drop in exports, a symbolic growth of around +0.5% year-on-year is expected in Q3 (essentially negligible growth compared to the previous quarter). Such a sluggish forecast reflects weak domestic demand and ongoing challenges in foreign trade (including new U.S. tariffs on several Canadian goods). An additional negative factor in the summer was the strike at Air Canada. Should the statistics for July–September show another decline, Canada would formally enter a recession. Confirmation of even minimal growth would alleviate concerns and support the Canadian dollar, while a repeat decline would heighten expectations for a soon-to-come rate cut by the Bank of Canada.
USA: Chicago PMI Index in November
The Chicago PMI business activity index for November reflects the state of the manufacturing sector in the U.S. Midwest. The previous October reading stood at 43.8 points, indicating deep contraction (values below 50 signal a downturn). The consensus forecast anticipated a slight increase in the index to around 45 points; however, according to data released the day prior, the indicator unexpectedly plummeted to 36.3 points—the lowest since spring 2024. Such a sharp decline in the Chicago PMI underscores the worsening issues in the industry (reductions in orders and employment) and serves as a concerning signal ahead of the national ISM index releases. However, the U.S. markets' reaction to this weak data may be muted due to the shortened session and low liquidity the day after a holiday.
Europe: Final Corporate Reports
The European exchanges are wrapping up the quarterly reporting season, and several medium-sized companies will release results on Friday. Key among them are:
- Elia Group (Belgium) — a grid operator presenting its Q3 report; investors will assess the revenue dynamics from electricity transmission amid volatility in Europe’s energy markets.
- CPI Property Group and CPI FIM — related commercial real estate developers with assets in Europe, releasing financial results for Q3 2025; their outcomes will signal the state of the EU real estate markets amidst rising rates.
- Dottikon ES (Switzerland) — a chemical-pharmaceutical company whose report for Q2 FY 2025/26 will demonstrate demand for specialty chemicals.
- Terna Energy and GEK Terna (Greece) — significant players in the renewable energy and infrastructure sector, presenting data for July–September; markets will monitor their profitability amid changes in electricity prices.
- Intralot (Greece) — a provider of lottery and gaming solutions releasing Q3 results; market participants will assess whether the company has improved its performance in domestic and foreign markets.
- TR Property Investment Trust (UK) — an investment trust specializing in real estate, publishing results for Q2 FY 2025/26; its report will reflect the overall condition of the UK real estate sector.
Overall, significant surprises from the European reports are not expected, as most large companies have already reported earlier, and the market reacts sluggishly to releases from secondary issuers. However, unexpectedly strong or weak results from specific companies could locally influence their stock prices.
Asia: Meituan's Report and Others
In Asia, the focus is on the Q3 2025 report from the Chinese internet company Meituan. Meituan, a leader in China's online services (food delivery, marketplace, etc.), will present results that serve as a barometer for consumer activity in the country. Double-digit revenue growth is expected amid a recovery in domestic demand and expansion of the company's services. Investors will be interested in the dynamics of active users and delivery segment margins, along with management's insights on competition (considering the pressure from Alibaba and other platforms).
Besides Meituan, there are few notable corporate reports in Asia on this date, due to the conclusion of the reporting season: most large Asian corporations released quarterly results in the first half of November. Therefore, the sentiment in Asian markets on Friday will largely be shaped by external factors and macro-data (notably Indian GDP), rather than corporate events.
Russia: Results from Transneft and Other Companies
In the Russian corporate calendar for Friday, the publication of financial results from Transneft for Q3 2025 under IFRS stands out. Transneft, the operator of main oil pipelines, traditionally attracts investor attention. Forecasts suggest that the company's figures will remain stable: revenue is expected to be around 355–360 billion rubles (about 1% higher than in Q2), with net profit close to previous quarter results. Earlier (according to RAS), the company reported a 3% year-on-year revenue increase for the first nine months, confirming business resilience. Investors will examine, besides the absolute profit figures, management statements regarding dividends and future investment programs amid oil price volatility.
Additionally, several other issuers are still publishing delayed results for Q3. For instance, last week RusHydro revealed its report for the first nine months, showing a net profit increase of nearly +29% year-on-year. However, most flagship companies in the Russian market have already reported earlier, so no significant new releases are expected on Friday, other than Transneft's report. The dynamics of Russian stocks on this day will likely depend on the general mood in global markets and fluctuations in commodity prices.
What Investors Should Pay Attention To
- Global Growth Rates: The GDP publications from Switzerland, India, and Canada will provide a multifaceted overview of the global economy's state. It is crucial for investors to compare these data points: does deceleration in Europe (Switzerland) and North America (Canada) signal recession risks, while a high growth rate continues 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 (for instance, a sharp drop in the PMI index or surprises in GDP data) could elicit disproportionately strong reactions in a thin market. Caution is advised as price fluctuations may intensify with few active participants.
- Corporate Stories: Meituan's report serves as an indicator of China's consumer sector, while Transneft's results are a barometer of the resilience of the Russian oil transport business. Investors holding shares of these or related companies should consider not only the dry numbers from the report but also management statements regarding outlooks and dividends. No major reports are expected in Europe, but individual strong or weak results from medium-sized companies could have localized effects on their stocks.
- Currencies and Commodities: Weak macro data could weaken corresponding currencies (for example, the Canadian dollar in the event of disappointing Canadian GDP) and put pressure on commodity prices. Signals of slowing global economic activity could temporarily cool risk appetite in commodity markets and the currencies of emerging countries.
