Macroeconomic/ geopolitical developments
- The S&P 500 and Nasdaq reached fresh all-time highs last week, lifted by strong earnings, upbeat economic data, and investor resilience despite tariff concerns and midweek volatility.
- Inflation rose moderately in June, driven by tariff-affected goods but offset by falling car prices, while stronger-than-expected retail sales and a solid labor market highlighted ongoing consumer resilience.
- Early second-quarter results have exceeded expectations, with strong performances from major banks and consumer brands, suggesting resilience across sectors despite lowered earnings forecasts.
- With limited macroeconomic releases, investor focus shifts to Global Flash PMIs for signals on growth and inflation, alongside key earnings from Alphabet and Tesla that will test tech sector momentum and broader market sentiment.
Global financial market developments
- US and global equity averages were higher, with new record highs in some places..
- US and European bond yields were little changed on the week
- The US Dollar Index continued its recovery higher from an early July multi-year low.
- Gold futures consolidated in a range.
- Oil futures prices remained range bound.
Key this week
Central Bank Watch: A busy week lies ahead for central bank developments. Key events include the People’s Bank of China’s Interest Rate Decision on Monday, the Reserve Bank of Australia’s Meeting Minutes on Tuesday, and the European Central Bank Meeting, Interest Rate Decision and Monetary Policy Statement all on Thursday.
Macro Data Watch: The macroeconomic calendar is relatively light, but investors will be watching Thursday’s release of global flash PMI data closely. On Friday, attention will turn to Japan’s Consumer Price Index and UK Retail Sales figures for further insights into inflation and consumer trends.
Earnings Watch: The U.S. Q2 earnings season continues, with Coca-Cola reporting on Tuesday, followed by tech giants Alphabet and Tesla on Wednesday.
| Date | Major Macro Data |
| 07/21/2025 | PBoC Interest Rate Decision |
| 07/22/2025 | RBA Meeting Minutes |
| 07/23/2025 | EU Consumer Confidence; US Existing Home Sales Change |
| 07/24/2025 | Global Flash PMI; German Consumer Confidence; ECB Main Refinancing Operations Rate, Monetary Policy Statement and Rate On Deposit Facility; Canadian Retail Sales; US New Home Sales Change; UK Consumer Confidence |
| 07/25/2025 | Japanese CPI; UK Retail Sales; US Durable Goods Orders |
| Date | Major Earnings Data |
| 07/21/2025 | Verizon |
| 07/22/2025 | Coca-Cola; Phillip Morris; Rtx Corp; Texas Instruments; Intuitive Surgical |
| 07/23/2025 | Alphabet; Tesla; IBM; T-Mobile; ServiceNow Inc; AT&T |
| 07/24/2025 | Blackstone; Honeywell |
| 07/25/2025 | Nothing of note |
