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Earnings season reaches its peak this week. Last week, results from major US technology, financial, and healthcare companies drove markets. Major developed-market central bank meetings and President Trump’s Asia tour were also key drivers.
Global equity markets had another strong week in GBP-terms, rising around 1.8%. Japanese and US equities led gains., while Europe – the best performing region year-to-date – gave back some ground.
Looking ahead, attention will remain on corporate earnings, the Bank of England’s Monetary Policy Committee (MPC) meeting and efforts to end the US government shutdown. This will be the busiest week of the Q3 reporting season, with results due from the likes of AMD, Berkshire Hathaway and Palantir.
Last week
- Q3 corporate earnings dominated the week, with over 800 major companies reporting, including five of the Magnificent Seven. Results were generally positive, though expectations for large-cap technology stocks remain high.
- The US shutdown continued and is now close to becoming the longest in history.
- Several major central banks (the Fed, ECB, BoJ and Bank of Canada) met to review interest rates policy, all broadly in line with market expectations.
- President Trump toured Asia, visiting Malaysia, Japan and South Korea, with a key focus on ending the week with improved trade relations with China.
This week
- Corporate earnings are set for the biggest week of the quarter, with around 1,500 major companies due to report.
- Forward looking PMI data from both the US and China will be closely watched following Trump’s meeting with President Xi.
- The Bank of England’s MPC meets on Thursday, with a rate change considered unlikely.
- The US Senate will reconvene on Monday, to continue to attempt to implement a funding bill aimed at reopening the government.
