It’s a busy week for economic data and earnings, with Nvidia set to provide the direction for equities whilst a lot of market focus will also be on the release of minutes from the last FOMC meeting. The Fed’s thinking on inflation is in the spotlight after last week’s CPI report indicated inflationary pressures persisting. Meanwhile PMI reports and earnings updates on Wall Street provide plenty for traders to stay interested.
Washington’s Birthday holiday sees Wall Street closed, which might keep liquidity a bit thin and mean some lack of direction for a lot of FX crosses and metals. Japan’s core machinery orders and UK house price data will provide some interest but by and large it’s a quiet start to the trading week as investors continue to digest the importance of the previous week’s US inflation print and what it could mean for the Federal Reserve.
The Reserve Bank of Australia’s monetary policy meeting minutes are due up early ahead of China’s loan prime rate decisions. Canada’s CPI inflation will be considered in terms of the Bank of Canada’s policy footing after the loonie suffered its worst daily decline against the greenback in almost a year last week. We’re also due monetary policy report hearings in the UK from the Bank of England, whilst US retail giants are due to report earnings and provide a snapshot of the health of the consumer.
Earnings: Medtronic (MDT), The Home Depot (HD), Walmart (WMT), Palo Alto Networks (PANW), Teladoc Health (TDOC)
It’s all about Nvidia earnings and FOMC meeting minutes. Nvidia’s had a couple of bullish price target upgrades in the last week, so expectations are clearly running high. UBS raised its price target on the stock to $850 per share from $580, whilst Mizuho Securities raised to $920 from $750. The market will be acutely focused on the guidance and whether, as UBS analysts alluded to last week, supply might be starting to outstrip demand. FOMC meeting minutes will be pored over for clues about when the first rate cut might come – last week’s inflation numbers have seen markets trim expectations for a move in May and now the consensus is coalescing around June.
Earnings: Etsy (ETSY), Lucid Group (LCID), Nvidia (NVDA), Rivian Automotive
It’s PMI day! The monthly round of flash purchasing manager surveys comes around again and the focus will again be on Europe, where the picture has not been positive of late. Nevertheless, the downturn in Euro area manufacturing did show signs of easing in January. The HCOB eurozone manufacturing PMI was 46.6 last month, whilst the decline in input costs and output prices gained momentum. Meanwhile ISM survey data recently showed a pickup in US service sector growth in January. Final CPI inflation readings from the Eurozone are also due.
Earnings: Moderna (MRNA), Block (SQ)
The week rounds out in relatively subdued fashion with a holiday in Japan, the Reserve Bank of New Zealand’s latest statement of intent, and some UK consumer confidence numbers to contend with early on. The main economic data comes from Germany with the final GDP report and Ifo business climate survey. Earnings week closes with Berkshire Hathaway and the irrepressible Warren Buffett, with some now talking of the company as the next $1tn stock.
Earnings: Berkshire Hathaway (BRK.B)
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Several key economic releases are scheduled for the week of 4 – 8 August 2025. On Monday, 4 August at 0630 GMT, Switzerland will release its CPI m/m data, with June showing a +0.2% rise and July expected to remain steady.
Markets experienced significant volatility this week driven by US economic data, Trump's trade policies, and interest rate expectations. The dollar weakened at the end of the week after soft jobs data, while gold rebounded. US stocks declined due to tariff concerns.
Markets experienced significant volatility this week due to mixed economic data, Trump's trade policies, and differing expectations for Federal Reserve monetary policy.
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