The local highlight this week is Thursday’s June jobs report, the read that matters most for the RBA. Offshore, US earnings season broadens out from the banks into big tech, with Alphabet and Tesla both reporting, and central banks in China and Europe hand down rate decisions that are each tipped to be holds. Here’s what to watch.
As usual, this calendar comes to us from the experts at CommSec.
Monday July 20
China interest rate decision (July)
The benchmark one-year lending rate is tipped to stay at 3%.
US Conference Board Leading Index (June)
The index rose 0.1% in May.
Wednesday July 22
Westpac Leading Index (June)
The index fell 0.04% in the previous month.
Thursday July 23
Labour force (June)
Unemployment stood at 4.4% in May.
Europe interest rate decision (July)
Markets expect the European Central Bank to hold rates at 2.25%.
US weekly jobless claims
Claims totalled 215,000 in the prior week.
Friday July 24
Composite PMI (July)
The index read 50.4 in June.
US Composite PMI (July)
The index read 51.9 in June.
US new home sales (June)
Sales are expected at 600,000.
Key themes to watch
Earnings season broadens into tech: CommSec’s James Gruber says that after the big US banks reported last week, earnings season now turns to other sectors, technology among them. He notes S&P 500 earnings per share are expected to grow 23.6% in the second quarter, with a large part of that coming from the tech sector, which is forecast to lift earnings per share by 63%. Semiconductors, a key subsector, are tipped to grow profits by 131% year-on-year, so expectations for tech are running high.
Alphabet and Tesla report: Two of the Magnificent Seven deliver results this week. Gruber says Alphabet reports Wednesday and is forecast to grow net income 26% year-on-year on a 23% rise in revenue, with the market watching how its heavy AI spending, guided at US$180 to US$190 billion in capex for 2026, is converting into bottom-line growth. On Tesla, he says the market is optimistic about a short-term turnaround after a strong production and delivery print, with analysts forecasting adjusted earnings-per-share growth of 23%. With annual guidance previously withdrawn, Gruber says shareholders will scrutinise any 2026 and 2027 forecasts, alongside fresh timelines for Full Self-Driving and the robotaxi rollout.
The rest of the US reporters: Gruber lists a heavy week of American results, including Domino’s Pizza on Monday; General Motors, 3M, MSCI, Danaher and Halliburton on Tuesday; IBM, Moody’s, CME Group, Texas Instruments, ServiceNow and GE Vernova on Wednesday; Intel, Newmont, Blackstone, KLA, Lockheed Martin, Freeport-McMoRan and Nasdaq on Thursday; and Exxon Mobil, American Express, NextEra Energy and Verizon on Friday.
Aussie jobs and local updates: The local highlight is the ABS June labour force report on Thursday. A run of ASX companies also deliver quarterly updates, including South32, Yancoal and Aurelia Metals on Monday; HUB24 and Alkane Resources on Tuesday; Beach Energy, Lynas Rare Earths and Westgold on Wednesday; Karoon Energy, Santos and Sandfire Resources on Thursday; and Regis Resources on Friday. Newmont also reports on Friday, and Macquarie Group hosts its annual general meeting on Thursday.
Central banks hold the line: Beyond Europe, China’s central bank hands down its own rate decision on Monday. Gruber says both the Chinese and European decisions are tipped to keep rates steady.
Check back next week for the latest investor calendar, only on Switzer.
This article is general in nature and is not a recommendation to buy or sell any security.
