FANG Earnings, FTSE Super Thursday And UK GDP In Focus Next Week
ETX Capital | Jul 21, 2017 14:56
Q2 GDP prints for Britain and the US are the main macro events, while earnings season is in full swing on both sides of the Atlantic.
US and UK GDP
The first read of the second quarter growth figures for the US and UK economies are the main macro releases this week. With warnings that Brexit will result in an ever deeper economic slowdown than the post-referendum resilience has suggested, the preliminary Q2 print for the UK will be closely followed for any signs that activity is slowing down from what was already a fairly lacklustre Q1.
Meanwhile the US number has to live up to Donald Trump’s boasts of getting at least 3% annually. The fall in the dollar and Treasury yields suggests markets are already dubious about growth of this level. Fading hopes that the Trump administration will unleash economic dynamism were dealt another blow after the health bill failed to clear Congress.
Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN) and Google earnings
On Wall Street, earnings season continues apace with three of the biggest hitters set to report this week. Alphabet (NASDAQ:GOOGL), owner of Google, will deliver Q2 numbers after the close on Monday. Q1 numbers beat expectations, with EPS coming in at $7.73 versus $7.39 expected. Expectations for Q2 are in the region of $8 a share. Facebook reports Wednesday while Amazon reports after the close on Thursday, with expectations for EPS of around $1.42.
FTSE Super Thursday
It’s a massive day for the FTSE 100 on Thursday, with a huge swathe of component companies reporting a blend of quarterly, interim and final results. With Anglo American (LON:AAL), AstraZeneca (LON:AZN), British American Tobacco (LON:BATS), Diageo (LON:DGE), Lloyds Banking Group (LON:LLOY) Royal Dutch Shell (LON:RDSa), Schroders (LON:SDR) and SKY (LON:SKYB) all reporting, something like one quarter of the FTSE 100 by index weighting is in action.
Fed meeting
Softer retail sales and inflation data has heaped pressure on the dollar as markets trim bets for a rate hike in December. Looking to this meeting, while no one expects the FOMC to adjust rates, there is some chatter on the street that it might look at balance sheet adjustment. As the meeting does not feature a fresh summary of Economic Projections and press conference with chair Janet Yellen, this could be a quieter FOMC than we’ve been used to this year.
Economic Calendar (all times BST)
Monday, 24 July
01:30 – Japan flash manufacturing PMI
08:00 – French flash manufacturing and services PMIs
08:30 – German flash manufacturing and services PMIs
09:00 – Eurozone flash manufacturing and services PMIs
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13:30 – Canada wholesale sales
15:00 – US existing home sales
Tuesday, 25 July
09:00 – German Ifo business climate
15:00 – US CB consumer confidence
Wednesday, 26 July
02:30 – Australia CPI inflation
09:30 – UK preliminary GDP Q2
15:00 – US new home sales
15:30 – US crude oil inventories
19:00 – FOMC statement, interest rate decision
Thursday, 27 July
07:00 – Spain unemployment rate
09:00 – Eurozone M3 money supply
13:30 – US core durable goods orders, weekly unemployment claims
Friday, 28 July
00:30 – Japan household spending, national core CPI, Tokyo core CPI
07:45 – French preliminary CPI inflation
08:00 – Spanish flash CPI inflation, GDP
13:00 – German preliminary CPI inflation
13:30 – US advanced GDP reading Q2
13:30 – Canada GDP Q2
15:00 – Revised University of Michigan consumer sentiment
Corporate Calendar
Monday, 24 July
Alphabet (GOOGL) – Q2/2017, EPS estimate 8.003
Halliburton (NYSE:HAL) – Q2/2017, EPS estimate 0.177
Hasbro (NASDAQ:HAS) – Q2/2017, EPS estimate 0.456
Reckitt Benckiser (LON:RB) – interim results, EPS estimate 1.306
Ryanair (LON:RYA) – Q1/2017,
Tuesday, 25 July
3M (NYSE:MMM) – Q2/2017, EPS estimate 2.590
Amgen (NASDAQ:AMGN) – Q2/2017, EPS estimate 2.092
AT&T (NYSE:T) – Q2/2017, EPS estimate 0.738
Caterpillar Inc (NYSE:CAT) – Q2/2017, EPS estimate 1.197
Chipotle Mexican Grill Inc (NYSE:CMG) – Q2/2017, EPS estimate 2.239
Domino’s Pizza Group Plc (NYSE:DPZ) – Q2/2017, EPS estimate 1.225
EI du Pont de Nemours & Co (NYSE:DD) – Q2/2017, EPS estimate 1.285
General Motors (NYSE:GM) – Q2/2017, EPS estimate 1.695
McDonald’s (NYSE:MCD) – Q2/2017, EPS estimate 1.616
United Technologies Corp (NYSE:UTX) – Q2/2017, EPS estimate 1.776
Croda International (LON:CRDA) – interim results, EPS estimate 0.915
Fevertree Drinks PLC (LON:FEVR) – interim results
Rio Tinto (LON:RIO) – interim results, EPS estimate 2.543
Segro Plc (LON:SGRO) – interim results, EPS estimate 0.096
Wednesday, 26 July
Boeing Co (NYSE:BA) – Q2/2017, EPS estimate 2.319
Coca-Cola Company (NYSE:KO) – Q2/2017, EPS estimate 0.575Facebook (FB) - Q2/2017, EPS estimate 1.126
Ford Motor Company (NYSE:F) – Q2/2017, EPS estimate 0.433
GlaxoSmithKline PLC (LON:GSK) – interim results
Hammerson PLC (LON:HMSO) – interim results, EPS estimate 0.151
ITV (LON:ITV) – interim results, EPS estimate 0.069
Tullow Oil (LON:TLW) – interim results, EPS estimate -0.230
Thursday, 27 July
Intel Corp (NASDAQ:INTC) – Q2/2017, EPS estimate 0.682
Mastercard (NYSE:MA) – Q2/2017, EPS estimate 1.044
Raytheon (RTN) – Q2/2017, EPS estimate 1.760
Starbucks (NASDAQ:SBUX) – Q3/2017, EPS estimate 0.551
Twitter (NYSE:TWTR) – Q2/2017, EPS estimate 0.046
Verizon (NYSE:VZ) – Q2/2017, EPS estimate 0.957
Anglo American (LON:AAL) – interim results, EPS estimate 1.248
AstraZeneca PLC (LON:AZN) – interim results, EPS estimate 1.470
British American Tobacco (BAT) – interim results, EPS estimate 1.323
Countrywide Plc (LON:CWD) – interim results
Diageo (DGE) – Final results, EPS estimate 1.053
Foxtons (LON:FOXT) interim results
Just Eat (LON:JE) – interim results
Lloyds Banking Group (LLOY) – interim results, EPS estimate 0.038
Royal Dutch Shell (RDSA/B) – interim results
Schroders (SDR) – interim results
Sky (Sky) – final results
St. James’s Place PLC (LON:SJP) – interim results, EPS estimate 0.232
Thomas Cook Group Plc (LON:TCG) – Q3/2017
Weir Group (LON:WEIR) – interim results, EPS estimate 0.404
Friday, 28 July
American Airlines Group (NASDAQ:AAL) – Q2/2017, EPS estimate 1.826
Chevron Corp (NYSE:CVX) – Q2/2017, EPS estimate 0.917
Exxon Mobil (NYSE:XOM) – Q2/2017, EPS estimate 0.866
Merck and Co (NYSE:MRK) – Q2/2017, EPS estimate 0.874
Barclays (LON:BARC) – interim results
BT Group (LON:BT) – Q1/2017, EPS estimate 0.062
International Consolidated Airlines (IAG (LON:ICAG)) – interim results
Laird Plc (LON:LRD) – interim results
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