Week Ahead - ECB in focus after Bank of England hold

​Central banks - On the macro front, the European Central Bank is centre stage this week as it meets for the first time since the Brexit vote. Markets expect the ECB to refrain from launching any fresh stimulus measures. But it’s going to be closely watched as investors gauge how policymakers view the risks to the Eurozone economy from Britain’s decision to leave the EU. ECB president Mario Draghi will face questions on the state of Italy’s banks, which are a source of concern for investors.

The ECB convenes on Thursday, with the always-colourful Draghi press conferenc expected at 13:30. Ahead of this, UK inflation data out on Tuesday will be scrutinised closely after last week’s Bank of England meeting.

Companies – Earnings season on Wall Street hits full speed as we have a raft of corporate releases. Microsoft, Amazon, Intel, General Motors and General Electric are among some of the most traded stocks to report. Below is a list of some of the key earnings reports to watch.

Economic Calendar

(All times BST)

Monday, July 18th

All day – Japan bank holiday

Tuesday, July 19th

02:30 – Reserve Bank of Australia monetary policy meeting minutes

09:30 – UK inflation readings and inflation report hearings

10:00 – German ZEW economic sentiment

Wednesday, July 20th

09:30 – UK employment report

15:50 – US crude oil inventories

Thursday, July 21st

09:30 – UK retail sales

12:45 – European Central Bank monetary policy announcement and press conference

13:30 – Philly Fed Manufacturing Index

Friday, July 22nd

08:00-09:00 – French, German and Eurozone manufacturing and services PMIs

13:30 – Canadian retail sales and inflation data

Earnings Calendar


Monday, July 18th

Bank of America (BAC) – Q2/2016, EPS estimate 0.332

Hasbro (HAS) – Q2/2016, EPS estimate 0.382

Tuesday, July 19th

Goldman Sachs (GS) – Q2/2016, EPS estimate 3.076

Johnson & Johnson (JNJ) – Q2/2016, EPS estimate 1.685

Microsoft (MSFT) – Q2/2016, EPS estimate 0.582

Philip Morris International (PM) – Q2/2016, EPS estimate 1.186

Wednesday, July 20th

American Express (AXP) – Q2/2016, EPS estimate 1.950

eBay (EBAY) – Q2/2016, EPS estimate 0.421

Intel Corp (INTC) – Q2/2016, EPS estimate 0.530

Morgan Stanley (MS) – Q2/2016, EPS estimate 0.602

Thursday, July 21st

Amazon (AMZN) – Q2/2016, EPS estimate 1.099

AT&T (T) – Q2/2016, EPS estimate 0.718

Chipolte Mexican Grill (CMG) – Q2/2016, EPS estimate 0.937

General Motors (GM) – Q2/2016, EPS estimate 1.48

Schlumberger (SLB) – Q2/2016, EPS estimate 0.228

Starbucks (SBUX) – Q3/2016, EPS estimate 0.487

Unilever (ULVR) – S1/2016, EPS estimate 0.923

Friday, July 22nd

American Airlines (AAL) – Q2/2016, EPS estimate 1.556

General Electric (GE) – Q2/2016, EPS estimate 0.455

Honeywell International (HON) – Q2, EPS estimate 1.640

Valeant Pharmaceuticals (VRX) – Q2/2016, EPS estimate 1.582

Sources: Bloomberg, CNBC