The Week Ahead
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Week commencing 27 July
Chris Beauchamp insight
The final week of July goes out with a bang, full to the brim with economic and corporate news. The Fed, BoE and BoJ all make rate decisions this week, while GDP figures from the US and the eurozone are released, the first readings for Q2. The calendar becomes truly action-packed on the corporate side of things, as a wave of UK companies rush to issue half year statements. Some of the biggest FTSE 100 companies are reporting this week, including Lloyds, Barclays, Reckitt Benckiser and Rolls-Royce. Meanwhile, in the US earnings season reaches a peak, as Meta, Microsoft, Apple and Amazon all report, along with ExxonMobil and Chevron and many others.
Economic reports
- Monday
- Tuesday
- Wednesday
- Thursday
- Friday
- Weekly view
9am (London time) – German IFO index (July): business climate index forecast to fall to 85.1 from 85.6. Markets to watch: EUR crosses
1.30pm (London time) – US durable goods orders (June): orders expected to rise 2.3% MoM overall, and rise 1.4% from 1.3% excluding transportation orders. Markets to watch: USD crosses
3pm (London time) – US consumer confidence (July): index expected to fall to 91 from 91.2. Markets to watch: USD crosses
2.30am (London time) – Australia inflation (June): prices expected to rise 0.5% MoM from -0.7%, and 4.4% YoY from 4%. Markets to watch: AUD crosses
3.30pm (London time) – US EIA crude oil inventories (w/e 24 July): stockpiles rose by 2.01 million barrels in the preceding week. Markets to watch: Brent, WTI
7pm (London time) – Fed rate decision: rates expected to be left at 3.75%, but with oil prices on the rise again the discussion is likely to focus on the potential for an increase later in the year. Markets to watch: US indices, USD crosses
9am (London time) – German GDP (Q2, flash): QoQ rate expected to fall to -0.2% from 0.3%, and YoY to hold at 0.4%. Markets to watch: EUR crosses
10am (London time) – eurozone GDP (Q2, flash): QoQ rate forecast to rise to 0.1% from -0.2%, while YoY rises to 0.7% from 0.3%. Markets to watch: EUR crosses
12pm (London time) – BoE rate decision: rates expected to be held at 3.75%, with seven members of the MPC expected to vote for a hold, and two for an increase. Markets to watch: GBP crosses
1pm (London time) – Germany inflation (July, preliminary): prices expected to rise 0.3% MoM from -0.3%, and 2.3% YoY, in line with June. Markets to watch: EUR crosses
1.30pm (London time) – US GDP (Q2, advance reading), initial jobless claims (w/e 25 July), PCE price index (June): GDP forecast to rise 1.6% QoQ, down from 2.1% in Q1. Claims fell to 187K last week, the lowest level since 1969, and core PCE expected to rise 0.1% MoM from 0.3%. Markets to watch: USD crosses
2.30am (London time) – China PMI (July): manufacturing PMI forecast to rise to 50.4 from 50.3, and non-manufacturing expected to rise to 50.3 from 50.2. Markets to watch: CNH crosses
4am (London time) – Bank of Japan rate decision: no change in rates expected. Markets to watch: JPY crosses
10am (London time) – eurozone inflation (July, flash): prices forecast to rise to 3% from 2.8% YoY, and 0.2% from -0.1% MoM. Core inflation expected to rise to 2.5% from 2.4%. Markets to watch: EUR crosses
2.45pm (London time) – US Chicago PMI (July): index forecast to fall to 55 from 56.7. Markets to watch: USD crosses
Monday
9am (London time) – German IFO index (July): business climate index forecast to fall to 85.1 from 85.6. Markets to watch: EUR crosses
1.30pm (London time) – US durable goods orders (June): orders expected to rise 2.3% MoM overall, and rise 1.4% from 1.3% excluding transportation orders. Markets to watch: USD crosses
Tuesday
3pm (London time) – US consumer confidence (July): index expected to fall to 91 from 91.2. Markets to watch: USD crosses
Wednesday
2.30am (London time) – Australia inflation (June): prices expected to rise 0.5% MoM from -0.7%, and 4.4% YoY from 4%. Markets to watch: AUD crosses
3.30pm (London time) – US EIA crude oil inventories (w/e 24 July): stockpiles rose by 2.01 million barrels in the preceding week. Markets to watch: Brent, WTI
7pm (London time) – Fed rate decision: rates expected to be left at 3.75%, but with oil prices on the rise again the discussion is likely to focus on the potential for an increase later in the year. Markets to watch: US indices, USD crosses
Thursday
9am (London time) – German GDP (Q2, flash): QoQ rate expected to fall to -0.2% from 0.3%, and YoY to hold at 0.4%. Markets to watch: EUR crosses
10am (London time) – eurozone GDP (Q2, flash): QoQ rate forecast to rise to 0.1% from -0.2%, while YoY rises to 0.7% from 0.3%. Markets to watch: EUR crosses
12pm (London time) – BoE rate decision: rates expected to be held at 3.75%, with seven members of the MPC expected to vote for a hold, and two for an increase. Markets to watch: GBP crosses
1pm (London time) – Germany inflation (July, preliminary): prices expected to rise 0.3% MoM from -0.3%, and 2.3% YoY, in line with June. Markets to watch: EUR crosses
1.30pm (London time) – US GDP (Q2, advance reading), initial jobless claims (w/e 25 July), PCE price index (June): GDP forecast to rise 1.6% QoQ, down from 2.1% in Q1. Claims fell to 187K last week, the lowest level since 1969, and core PCE expected to rise 0.1% MoM from 0.3%. Markets to watch: USD crosses
Friday
2.30am (London time) – China PMI (July): manufacturing PMI forecast to rise to 50.4 from 50.3, and non-manufacturing expected to rise to 50.3 from 50.2. Markets to watch: CNH crosses
4am (London time) – Bank of Japan rate decision: no change in rates expected. Markets to watch: JPY crosses
10am (London time) – eurozone inflation (July, flash): prices forecast to rise to 3% from 2.8% YoY, and 0.2% from -0.1% MoM. Core inflation expected to rise to 2.5% from 2.4%. Markets to watch: EUR crosses
2.45pm (London time) – US Chicago PMI (July): index forecast to fall to 55 from 56.7. Markets to watch: USD crosses
Company announcements
| Monday 27 Jul |
Tuesday 28 Jul |
Wednesday 29 Jul |
Thursday 30 Jul |
Friday 31 Jul |
|
| Full-year earnings | Games Workshop | ||||
| Half/ Quarterly earnings | Cranswick Barclays Croda Rio Tinto GSK |
Unilever Standard Chartered Aberdeen St James's Place Coca-Cola Boeing Ford Visa |
BAE British American Tobacco Int'l Personal Finance Reckitt Benckiser Weir Greggs Aston Martin Lagonda Procter & Gamble Starbucks Meta Microsoft |
Anglo American Drax Haleon Hammerson Informa Lloyds Mondi Rentokil Rolls-Royce Schroders Shell Vesuvius Apple Amazon Mastercard |
Melrose Industries Chevron ExxonMobil |
| Trading update | SSP | Glencore Sage |
Pets at Home Endeavour Mining |
Dividends
FTSE 100: None
FTSE 250: Moneysupermarket.com
Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
Index adjustments
| Monday 27-Jul |
Tuesday 28-Jul |
Wednesday 29-Jul |
Thursday 30-Jul |
Friday 31-Jul |
Monday 3-Aug |
|
| FTSE 100 | ||||||
| Australia 200 | 0.1 | |||||
| Wall Street | ||||||
| US 500 | 0.08 | 0.07 | 0.04 | 0.47 | 0.37 | 0.05 |
| Nasdaq | 1.19 | 1.67 | ||||
| Netherlands 25 | ||||||
| EU Stocks 50 | 0.7 | |||||
| China H-Shares | 3.8 | |||||
| Singapore Blue Chip | 0.78 | |||||
| Hong Kong HS50 | 3.3 | |||||
| South Africa 40 | ||||||
| Japan 225 | 2.4 |
* Please note these can change without notice
1 Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day
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