US markets have hit record highs but could the Q2 earnings season take the shine off stocks?
With two weeks to go until to earnings season begins, 82% of companies with revised earnings estimates going into the reporting period have revised them down. Lowballing by Wall Street before earnings season is normal, but the scale of the downward revisions has raised a few eyebrows. We saw the same thing ahead of the Q3 2018 earnings, just before stocks slumped into a bear market. Although that slump proved temporary, the pattern is worth noting. Earnings season unofficially kicks off with Citigroup on Wall Street on Monday and continues through to mid-August.
We’ll be hosting a daily walkthrough of what to watch out for on XRay covering everything you need to know from US earnings season.
In the UK, watch for trading updates from SSE, Thomas Cook, Anglo American and easyJet on Thursday.
Macro data will be in focus this week as markets watch to see whether the slowdown in global growth is gaining pace.
Chinese GPD and industrial production numbers are due early Monday. Q2 growth is seen slowing to 6.2% from 6.4% in Q1. For the rest of the year economists think the economy will grow at 6.2%, this would mark a 30-year low for the country. While there are many factors at play, the ongoing trade war with the US must take some of the blame for the slowdown.
Australia’s dollar looks likely to be sensitive to employment data this week, with traders looking for clues about when interest rates may be cut again. The Reserve Bank of Australia has tied monetary policy directly to the labour market. The RBA has already cut rates but the question is how many more are in the offing?
Its a busy few weeks with earnings season, and there are lots of reports coming out this week. Below are the major reports to watch out for this week.
| Pre-Market | 15th July | Citigroup – Q2 Earnings |
| Pre-Market | 16th July | Johnson & Johnson – Q2 Earnings |
| Pre-Market | 16th July | JPMorgan Chase & Co – Q2 Earnings |
| Pre-Market | 16th July | Wells Fargo & Co – Q2 Earnings |
| Pre-Market | 16th July | Goldman Sachs – Q2 Earnings |
| Pre-Market | 16th July | Domino’s Pizza – Q2 Earnings |
| Pre-Market | 17th July | Bank of America Corp – Q2 Earnings |
| After-Market | 17th July | Netflix Inc -Q2 Earnings |
| Pre-Market | 17th July | Abbot Laboratories – Q2 |
| After-Market | 17th July | IBM – Q2 Earnings |
| After-Market | 17th July | eBay – Q2 Earnings |
| After-Market | 18th July | Microsoft – Q4 Earnings |
| Pre-Market | 18th July | Philip Morris Inc – Q2 Earnings |
| Pre-Market | 18th July | Morgan Stanley – Q2 Earnings |
| 07.00 BST | 18th July | Danske Bank – Q2 Earnings |
| Pre-Market | 19th July | BlackRock Inc – Q2 Earnings |
| Pre-Market | 19th July | American Express – Q2 Earnings |
Don’t miss our expert analysis and insight live-streamed direct to your platform. We’ve got videos throughout the week – tune in live or watch on catch-up.
| 12.45 GMT | Live everyday this week | Earnings Season Daily Walk-through |
| 13.00 GMT | 16th July | Asset of the Day: Bullion Billions |
| 19.00 GMT | 16th July | LIVE: Trader Training |
| 13.00 GMT | 17th July | Asset of the Day: Indices Insights |
Take a look at the upcoming events for your economic calendar. For a full list, head to our platform.
| 02.00 GMT | 15th July | China GDP |
| 22.45 GMT | 15th July | New Zealand CPI |
| 08.30 GMT | 16th July | UK employment report |
| 09.00 GMT | 16th July | German ZEW economic sentiment |
| 12.30 GMT | 16th July | US retail sales |
| 08.30 GMT | 17th July | UK CPI |
| 01.30 GMT | 18th July | Australia employment report |
Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.
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