Detailed Overview of Economic Events and Corporate Reports for Wednesday, December 3, 2025: Global PMIs, Inflation Data, Reports from Major Companies, "Russia Calling!" Forum, and Key Indicators for Investors.
Wednesday promises a rich economic agenda for the markets. In Asia, investors are closely watching key indicators: Australia will release GDP data and the PMI index for the services sector, while Japan, China, and India will announce November PMIs. In Europe, the focus will be on the services PMI in Germany, the Eurozone, and the UK, as well as a speech by ECB President Christine Lagarde at public hearings in Strasbourg. In the US, attention will be on the employment statistics (ADP) and activity in the services sector (ISM and S&P indices), alongside the weekly oil inventory reports (EIA). Important events are also taking place concurrently: French President Emmanuel Macron's official visit to China and the second day of the "Russia Calling!" investment forum. Investors should connect 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, y/y).
- 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 volumes of currency market operations.
- 12:30 — UK: Services PMI (November).
- 13:00 — Eurozone: Producer Price Index PPI (October).
- 16:00 — Brazil: Services PMI (November).
- 16:15 — US: ADP Estimate of Non-Farm Employment (November).
- 16:30 — Europe: ECB President Christine Lagarde's speech (public hearings at the European Parliament).
- 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 follow-up 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 index (November). The recent cut in the RBA's key rate strengthens expectations of moderate economic growth. Modest GDP and stabilizing PMIs could strengthen the AUD and support Australian assets.
- Japan and China: November Services PMIs (03:30 and 04:45 Moscow Time). These will signal the recovery of domestic demand. A slowdown in PMIs in both countries may weaken risk sentiment in the markets.
- India: Services PMI (08:00 Moscow Time). The index often leads economic growth: a high result will underline India's economic strength against the backdrop of GDP growth.
Force majeure: French President Emmanuel Macron continues his state visit to China, highlighting the geopolitical significance of China. No market impact is expected, but attention to negotiations may increase volatility in Asian stock indices.
Europe
- Eurozone, Germany, UK: Services PMI indices for November (11:55–12:30 Moscow Time). Stabilization is expected after the previous decline: weak PMIs will slow down Euro stocks, while improvement will support risk appetite.
- Switzerland, Turkey, Eurozone: Inflation data. At 10:30 — Switzerland CPI (November), at 10:00 — Turkey CPI (November), at 13:00 — Eurozone PPI (October). Price increases in Europe may intensify pressure on the ECB, pushing currencies to strengthen against the dollar.
- ECB (Lagarde): speeches (16:30 and 18:30 Moscow Time). The ECB head, speaking before the EU Parliament, could give a boost to 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 about new investments in industries are ongoing, and announcements regarding state companies and regulators are anticipated.
- Bank of Russia: at 12:00 will announce currency purchase/sale volumes. A small currency deficit will help the ruble, while an excess will weaken it. Volumes affect market liquidity.
- Data from Russia: Services PMI (09:00 Moscow Time) and Consumer Inflation CPI (19:00 Moscow Time). A slowdown in PMI reflects stagnation in domestic spending; an accelerated CPI will intensify pressure on rates and the ruble.
Together, these factors create a backdrop for the Russian market: rising inflation and oil volatility may restrain the ruble, while the outcomes of the forum will shape the investment portfolio sentiment.
US and North America
- US: the ADP employment report (16:15 Moscow Time) will show non-farm hiring dynamics. 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. Matching PMI and ISM indices will indicate trends in the services sector, which creates jobs: acceleration is favorable for stocks, while a slowdown is not.
- Canada: Services PMI (17:30 Moscow Time). Stability in Canadian PMI will support the Bank of Canada's policy and the CAD; an unexpected decline will weaken it.
- Corporate Earnings (US): major players will report their results. Salesforce (CRM) – after market close (press release and conference call at 2:00 Moscow Time), Macy’s (M) – before market opens (8:00 ET), PVH (PVH) – after close, along with Five Below (FIVE), Torrid (CURV), Guidewire (GWRE), Sprinklr (CXM), and Inotiv (NOTV) who will also release reports. These could induce additional volatility: strong reports may boost demand for sector stocks, while disappointment will weaken them.
- Chinese Companies: Waterdrop (WDH) and Yuanbao (YB) – Q3 earnings reports (before market opens). As online insurers, they will reflect sensitivity to domestic demand in China; publication before market opens will allow for advance adjustments of estimates.
Commodities and Currencies
- Oil: EIA report (18:30 Moscow Time). A decrease in commercial stocks is expected after seasonal demand: a deeper drawdown will support Brent/WTI quotes, while an increase in stocks will apply pressure.
- Commodity Prices: the overall backdrop remains stable — metals are up, oil around $75. A strengthening dollar moderately slows down commodities. Investors will be attentive to OPEC+ actions and demand dynamics.
Corporate Earnings
- US, Retail and Technology Sectors: Salesforce (NYSE: CRM) – Q3 FY2026 after market closes; Macy’s (NYSE: M) – Q3 2025 before market opens; Five Below (NASDAQ: FIVE) – Q3 fiscal 2025 after market closes; Torrid Holdings (NYSE: CURV) – Q3 after market closes; PVH Corp (NYSE: PVH) – Q3 after market closes. Retail chains and tech services are in focus post-holiday season.
- US, Other Sectors: Guidewire Software (NYSE: GWRE) – Q1 FY2026 after market closes (finance/insurance), Sprinklr (NYSE: CXM) – Q3 FY2026 before market opens (Social Media, CRM), Inotiv (NASDAQ: NOTV) – Q4 FY2025 after market closes (scientific services).
- China: Waterdrop Inc. (NYSE: WDH) – Q3 2025 before market opens (online insurance); Yuanbao Inc. (NASDAQ: YB) – Q3 2025 before market opens (online insurance). Their results reflect demand for insurance services and the investment climate in China.
Investor Focus Points
- The PMI and ADP data in the US — these will indicate the strength of consumer and business demand: growth will accelerate stock indices, while weak results may signal a "turn" in the macro cycle.
- The speech of ECB President Christine Lagarde — her tone will set expectations for ECB rates: hawkish rhetoric will support the euro and euro bonds.
- Oil inventories (EIA) — will serve as a catalyst for oil quotes: discrepancies from forecasts will set the mood for energy stocks.
- Quarterly earnings reports (Salesforce, Macy’s, etc.) — these will determine sector stock dynamics: breakthrough results may heat up index races, while weak ones may cool the market.
- The Russian factor — results of **forums and inflation**: it is important for investors to monitor the geopolitical backdrop and price growth indicators that affect the ruble and stocks on the Moscow Exchange.
