It’s a busy week in the markets as US earnings season hits full speed, whilst there is a host of macro data due out.

Third quarter earnings come with low expectations, with analysts forecasting yet another decline in revenues for US firms. S&P 500 earnings have fallen for the last five quarters and there is every chance Q3 will make it six in a row.

All the major US sectors are in focus. Tech giants IBM, Intel, Microsoft and Netflix are all due to report. In financials, Bank of America, Morgan Stanley and Goldman Sachs will complete the Wall Street landscape after being sketched in last week by Citigroup, Wells Fargo and JPMorgan.

We’re also due some interesting releases from oilfield services firms, including Halliburton and Schlumberger, which will offer up clues about the health of the energy sector as we head into the final quarter.

On the macro front, the main story is the European Central Bank (ECB) interest rate decision on Thursday. The post-meeting press conference with Mario Draghi will be as closely followed as ever.

Data-wise, inflation reports from the US, Eurozone and UK will be among the chief releases, along with a batch-load of Chinese industrial and GDP figures.

Economic Calendar

(All times are BST)

Monday, October 17th

00:01 – UK Rightmove house price index

10:00 – Eurozone September CPI inflation

13:30 – US Empire State manufacturing index

10:45 – New Zealand Q3 CPI inflation

Tuesday, October 18th

01:30 – Reserve Bank of Australia meeting minutes

09:30 – UK September CPI inflation

13:30 – US September CPI inflation

Wednesday, October 19th

03:00 – China GDP, industrial production, retail sales figures

09:30 – UK average earnings, employment data

13:30 – US building permits

15:00 – Bank of Canada interest rate decision

19:00 – Fed beige book

Thursday, October 20th

09:30 – UK retail sales

12:45 – European Central Bank interest rate decisions

13:30 – ECB press conference with Mario Draghi

13:30 – Philly Fed manufacturing index, US weekly unemployment claims

Friday, October 21st

13:30 – Canada CPI inflation, retail sales figures

Earnings Calendar

 

Monday, October 17th

Bank of America Corp (BAC) – Q3/2016, EPS estimate 0.342

Hasbro (HAS) – Q3/2016, EPS estimate 1.745

IBM (IBM) – Q3/2016, EPS estimate 3.230

Netflix (NFLX) – Q3/2016, 0.054

Tuesday, October 18th

BlackRock (BLK) – Q3/2016, EPS estimate 4.973

Goldman Sachs (GS) – Q3/2016, EPS estimate 3.852

Harley-Davidson (HOG) - Q3/2016, EPS estimate 0.639

Intel Corp (INTC) – Q3/2016, EPS estimate 0.722

Johnson & Johnson (JNJ) – Q3/2016, EPS estimate 1.647

Yahoo! (YHOO) – Q3/2016, EPS estimate 0.144

ASOS (ASC) – Y/2016, EPS estimate 0.577

Wednesday, October 19th

American Express (AXP) – Q3/2016, EPS estimate 0.959

eBay (EBAY) – Q3/2016, EPS estimate 0.440

Halliburton (HAL) – Q3/2016, EPS estimate -0.065

Morgan Stanley (MS) – Q3/2016, EPS estimate 0.626

US Bancorp (USB) – Q3/2016, EPS estimate 0.833

Thursday, October 20th

American Airlines (AAL) – Q3/2016, EPS estimate 1.579

Bank of New York Mellon (BK) – Q3/2016, EPS estimate 0.808

Microsoft (MSFT) – Q1/2017, EPS estimate 0.682

Schlumberger (SLB) – Q3/2016, EPS estimate 0.223

Verizon Communications (VZ) – Q3/2016, EPS estimate 0.990

Friday, October 21st

General Electric (GE) – Q3/2016, EPS estimate 0.308

Honeywell International (HON) – Q3/2016, EPS estimate 1.637

McDonald’s (MCD) – Q3/2016, EPS estimate 1.486

Daimler (DAI) – Q3/2016, EPS estimate 2.246

SAP SE (SAP) – Q3/2016, EPS estimate 0.951

Source: Bloomberg