• Crucial policy decisions by Fed, BOE, BoJ
• Key US jobs report closely watched
• Focus on US earnings season's AI impact
• Major stocks' earnings could fuel AI-mania
• Microsoft, Meta, Amazon, Apple key releases

Get ready for one of the most-eventful weeks so far in 2024!

There are crucial policy decisions by the Fed, BOE, and BoJ, along with key data such as the closely watched US jobs report.

Our focus lies on the ongoing US earnings season, with this singular question: “Has the AI-mania truly run its course?”

With US markets having just seen their biggest weekly drop since April, much attention will be paid to some of the biggest stocks to announce their earnings this week.

If these tech giants can keep fuelling the AI-mania with stellar earnings outlooks, that could help broader stock markets recover.
 

Key earnings releases this week:

Events Watchlist:

• Tuesday, July 30th: Microsoft earnings (after US markets close)

Stock bulls will hope the second-largest US stock (by market cap) can ramp up its earnings outlook for its Azure Cloud business, with estimates having been consistently raised since September 2023.

If Microsoft indicates that its earnings prowess can still grow, that could boost this stock 4.9% higher when markets reopen Wednesday.

• Wednesday, July 31st: Meta earnings (after US markets close)

While US elections-related spending on its platforms are set to drive sales growth, investors are also eager to learn if the licensing of its Llama AI model can continue driving earnings.

If Meta suggests that customers are curtailing their AI-related spending, that could drag Meta’s share down by as much as 9% at Thursday’s open.

• Thursday, August 1st: Amazon, Apple earnings (after US markets close)

Attention will be paid to Amazon’s generative AI products (e.g. Amazon Q, Rufus, etc.), and Apple’s recent AI features that are set to be baked into upcoming iPhones (which still account for about 50% of Apple’s total revenue).

Amazon shares are forecasted to move 7.1% up/down on Friday, while Apple’s implied post-earnings move is forecasted at 3.9% up/down, depending on whether the earnings outlook turn positive or negative.

Here’s a comprehensive list of other key economic data and events due next week:

Monday, July 29

• NETH25 index: Heineken earnings
• US earnings: McDonald’s
• Fireside chat between Nvidia CEO, Jensen Huang, and Meta CEO, Mark Zuckerberg

Tuesday, July 30

• JP225 index: Japan June jobless rate
• SG20 index: Singapore June unemployment rate
• EU50 index: Eurozone 2Q GDP; July economic confidence
• GER40 index: Germany July CPI, 2Q GDP
• US2000 index: US July consumer confidence
• US earnings: Microsoft, AMD, Procter & Gamble, Starbucks, Pfizer
• MXN: Mexico 2Q GDP

Wednesday, July 31

• CHINAH index: China July PMIs
• JPY: Bank of Japan rate decision; Japan June retail sales and industrial production
• AUD: Australia June CPI, retail sales
• EUR: Eurozone July CPI and 2Q GDP; Germany July unemployment
• US500 index: Fed rate decision; US July consumer confidence
• US earnings: Meta, Qualcomm, Arm, Mastercard, T-Mobile, Boeing

Thursday, August 1

• AUD: Australia June trade balance
• CN50 index: China July manufacturing PMI
• EU50 index: Eurozone June unemployment
• GBP: Bank of England rate decision
• US2000 index: US weekly initial jobless claims
• US earnings: Amazon, Apple, Intel earnings

Friday, August 2

• MXN: Mexico June unemployment
• USD index: US July nonfarm payrolls
• US earnings: Exxon Mobil, Chevron

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