Q2 GDP prints for Britain and the US are the main macro events, while earnings season is in full swing on both sides of the Atlantic.

US & UK GDP

 

The first read of the second quarter growth figures for the US and UK economies are the main macro releases this week. With warnings that Brexit will result in an ever deeper economic slowdown than the post-referendum resilience has suggested, the preliminary Q2 print for the UK will be closely followed for any signs that activity is slowing down from what was already a fairly lacklustre Q1.

Meanwhile the US number has to live up to Donald Trump’s boasts of getting at least 3% annually. The fall in the dollar and Treasury yields suggests markets are already dubious about growth of this level. Fading hopes that the Trump administration will unleash economic dynamism were dealt another blow after the health bill failed to clear Congress.

Facebook, Amazon & Google earnings

 

On Wall Street, earnings season continues apace with three of the biggest hitters set to report this week. Alphabet, owner of Google, will deliver Q2 numbers after the close on Monday. Q1 numbers beat expectations, with EPS coming in at $7.73 versus $7.39 expected. Expectations for Q2 are in the region of $8 a share. Facebook reports Wednesday while Amazon reports after the close on Thursday, with expectations for EPS of around $1.42.

FTSE Super Thursday

 

It’s a massive day for the FTSE 100 on Thursday, with a huge swathe of component companies reporting a blend of quarterly, interim and final results. With Anglo American (AAL), AstraZeneca (AZN), British American Tobacco (BAT), Diageo (DGE), Lloyds Banking Group (LLOY) Royal Dutch Shell (RDSA/B), Schroders (SDR) and Sky (Sky) all reporting, something like one quarter of the FTSE 100 by index weighting is in action.

Fed meeting

 

Softer retail sales and inflation data has heaped pressure on the dollar as markets trim bets for a rate hike in December. Looking to this meeting, while no one expects the FOMC to adjust rates, there is some chatter on the street that it might look at balance sheet adjustment. As the meeting does not feature a fresh summary of Economic Projections and press conference with chair Janet Yellen, this could be a quieter FOMC than we’ve been used to this year.

 

Economic Calendar

(All times BST)

Monday, 24 July

01:30 – Japan flash manufacturing PMI

08:00 – French flash manufacturing & services PMIs

08:30 – German flash manufacturing & services PMIs

09:00 – Eurozone flash manufacturing & services PMIs

13:30 – Canada wholesale sales

15:00 – US existing home sales

Tuesday, 25 July

09:00 – German Ifo business climate

15:00 – US CB consumer confidence

Wednesday, 26 July

02:30 – Australia CPI inflation

09:30 – UK preliminary GDP Q2

15:00 – US new home sales

15:30 – US crude oil inventories

19:00 – FOMC statement, interest rate decision

Thursday, 27 July

07:00 – Spain unemployment rate

09:00 – Eurozone M3 money supply

13:30 – US core durable goods orders, weekly unemployment claims

Friday, 28 July

00:30 – Japan household spending, national core CPI, Tokyo core CPI

07:45 – French preliminary CPI inflation

08:00 – Spanish flash CPI inflation, GDP

13:00 – German preliminary CPI inflation

13:30 – US advanced GDP reading Q2

13:30 – Canada GDP Q2

15:00 – Revised University of Michigan consumer sentiment

Corporate Calendar

 

Monday, 24 July

Alphabet (GOOGL) – Q2/2017, EPS estimate 8.003

Halliburton (HAL) – Q2/2017, EPS estimate 0.177

Hasbro (HAS) – Q2/2017, EPS estimate 0.456

Reckitt Benckiser Group (RB) – interim results, EPS estimate 1.306

Ryanair (RYA) – Q1/2017,

Tuesday, 25 July

3M (MMM) – Q2/2017, EPS estimate 2.590

Amgen (AMGN) – Q2/2017, EPS estimate 2.092

AT&T (T) – Q2/2017, EPS estimate 0.738

Caterpillar (CAT) – Q2/2017, EPS estimate 1.197

Chipotle Mexican Grill (CMG) – Q2/2017, EPS estimate 2.239

Domino’s Pizza (DPZ) – Q2/2017, EPS estimate 1.225

El du Pont de Nemours & Co (DD) – Q2/2017, EPS estimate 1.285

General Motors (GM) – Q2/2017, EPS estimate 1.695

McDonald’s (MCD) – Q2/2017, EPS estimate 1.616

United Technologies Corp (UTX) – Q2/2017, EPS estimate 1.776

Croda International (CRDA) – interim results, EPS estimate 0.915

Fevertree Drinks (FEVR) – interim results

Rio Tinto (RIO) – interim results, EPS estimate 2.543

Segro (SGRO) – interim results, EPS estimate 0.096

Wednesday, 26 July

Boeing Co (BA) – Q2/2017, EPS estimate 2.319

Coca-Cola Co (KO) – Q2/2017, EPS estimate 0.575

Facebook (FB) - Q2/2017, EPS estimate 1.126

Ford Motor Co (F) – Q2/2017, EPS estimate 0.433

GlaxoSmithKline (GSK) – interim results

Hammerson (HMSO) – interim results, EPS estimate 0.151

ITV (ITV) – interim results, EPS estimate 0.069

Tullow Oil (TLW) – interim results, EPS estimate -0.230

Thursday, 27 July

Amazon.com (AMZN) – Q2/2017, EPS estimate 1.420

Intel Corp (INTC) – Q2/2017, EPS estimate 0.682

Mastercard (MA) – Q2/2017, EPS estimate 1.044

Raytheon (RTN) – Q2/2017, EPS estimate 1.760

Starbucks (SBUX) – Q3/2017, EPS estimate 0.551

Twitter (TWTR) – Q2/2017, EPS estimate 0.046

Verizon (VZ) – Q2/2017, EPS estimate 0.957

Anglo American (AAL) – interim results, EPS estimate 1.248

AstraZeneca (AZN) – interim results, EPS estimate 1.470

British American Tobacco (BAT) – interim results, EPS estimate 1.323

Countrywide (CWD) – interim results

Diageo (DGE) – Final results, EPS estimate 1.053

Foxtons (FOXT) interim results

Just Eat (JE) – interim results

Lloyds Banking Group (LLOY) – interim results, EPS estimate 0.038

Royal Dutch Shell (RDSA/B) – interim results

Schroders (SDR) – interim results

Sky (Sky) – final results

St James Place (STJ) – interim results, EPS estimate 0.232

Thomas Cook Group (TCG) – Q3/2017

Weir Group (WEIR) – interim results, EPS estimate 0.404

Friday, 28 July

American Airlines Group (AAL) – Q2/2017, EPS estimate 1.826

Chevron Corp (CVX) – Q2/2017, EPS estimate 0.917

Exxon Mobil (XOM) – Q2/2017, EPS estimate 0.866

Merck & Co (MRK) – Q2/2017, EPS estimate 0.874

Barclays (BARC) – interim results

BT Group (BT) – Q1/2017, EPS estimate 0.062

International Consolidated Airlines (IAG) – interim results

Laird (LRD) – interim results

 

 

Source: Bloomberg


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