Week ahead: FOMC meeting, Q2 earnings reports in the spotlight

Given the recent weakening in the US housing sector, some softer survey readings and a modest increase in jobless claims, investors will be closely watching for any subtle shifts in the Fed's hawkishness.

Some economists, such as at Pantheon Macroeconomics, believe some of those softer survey readings might be overstating the slowdown in the economy, while auto factory shutdowns for the summer were temporarily bolstering unemployment claims data.

Yet government bond yields had pulled back a bit further in recent weeks and, according to Fed funds futures as of 25 July, a possible end to rate hikes as soon as the November FOMC was no longer heresy.

Fed funds futures were fully pricing-in a 75 basis point rate hike by the US central bank at its next meeting, followed by another 50bp in September, 25bp in November and 81% odds of a last 25bp in December, although the latter was not a foregone conclusion anymore.

Historically, the odds needed to be nearer to 90.0% to more or less ensure that such a hike was in the bag - even if only just.

A slew of US house price surveys are scheduled for release on Tuesday with a barrage of inflation indicators due out at the end of the week, on Friday.

Against that backdrop of recession concerns, a preliminary reading for second quarter US gross domestic product will be published on Thursday.

The economic calendar is also quite heavy in the euro area.

Tuesday will bring with it a reading on German consumer confidence in August. It will be followed by a preliminary reading on German consumer prices the next day and CPI releases for France, Italy and Spain all on Friday.

Alongside the latter, Eurostat will publish its first estimate for second quarter euro area GDP-

On home shores, mortgage lender will publish its home price survey covering the month of July on Friday and the Bank of England will publish consumer credit data for June.

In Japan, rate-setters will meet on Monday to decide on monetary policy.

The corporate earnings calendar will get into full swing during the week on both sides of the Atlantic.

On this side of the Pond, EasyJet will release third quarter numbers on Tuesday, alongside six-month figures from Unilever, followed by a first half update out of Lloyds on Wednesday, from Shell and Barclays on Thursday and from NatWest Group on Friday.

In the US, Alphabet and Microsoft will release their second quarter earnings reports on Tuesday, followed by Meta Platforms on Wednesday, and Apple and Amazon both on Thursday.

Monday 25 July

INTERIMS

Science Group , SThree

QUARTERLY PAYMENT DATE

General Electric Co (CDI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

IFO Business Climate (GER) (09:00)

IFO Current Assessment (GER) (09:00)

IFO Expectations (GER) (09:00)

GMS

Kropz

AGMS

Axiom European Financial Debt Fund Limited, B.P. Marsh & Partners, Keras Resources , Naked Wines, Young & Co's Brewery 'A' Shares

Tuesday 26 July

INTERIMS

Franchise Brands, Gresham Technologies, Unilever

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Confidence (US) (15:00)

House Price Index (US) (14:00)

New Homes Sales (US) (15:00)

Q2

Unilever

FINALS

Games Workshop Group, Gore Street Energy Storage Fund , Trifast

SPECIAL DIVIDEND PAYMENT DATE

Castings

AGMS

AO World, BrandShield Systems, Bytes Technology Group , Dekel Agri-Vision (DI), Firering Strategic Minerals (DI), Mitie Group, Nanosynth group, NewRiver REIT, Ninety One , OnTheMarket, Telecom Plus, Vodafone Group, Xeros Technology Group

TRADING ANNOUNCEMENTS

Greencore Group (CDI), Medica Group

FINAL DIVIDEND PAYMENT DATE

Inspired

Wednesday 27 July

INTERIMS

Breedon Group , Conduit Holdings Limited Com Shs (DI), Ibstock , Lancashire Holdings Limited, Lloyds Banking Group, MusicMagpie, Nichols, Primary Health Properties, Quartix Technologies, Reckitt Benckiser Group, Rio Tinto, Smurfit Kappa Group (CDI), Unite Group

QUARTERLY EX-DIVIDEND DATE

Marsh & Mclennan Cos Inc.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

Durable Goods Orders (US) (13:30)

GFK Consumer Confidence (GER) (07:00)

M3 Money Supply (EU) (09:00)

MBA Mortgage Applications (US) (12:00)

Pending Homes Sales (US) (15:00)

Q2

GSK, Lancashire Holdings Limited

FINALS

Hargreaves Services, Yourgene Health

AGMS

Allied Minds , Aquila Services Group, Caledonia Investments, Cropper (James), De La Rue, JPMorgan Japan Small Cap Growth & Income, Mode Global Holdings , Montanaro UK Smaller Companies Inv Trust, Motorpoint Group, Peel Hunt Limited NPV, Shield Therapeutics, Tatton Asset Management

TRADING ANNOUNCEMENTS

Fresnillo

UK ECONOMIC ANNOUNCEMENTS

BRC Shop Price Index (00:01)

FINAL DIVIDEND PAYMENT DATE

Baillie Gifford China Growth Trust , Fidelity China Special Situations , Fuller Smith & Turner, Wynnstay Properties

Q1

Wizz Air Holdings

Thursday 28 July

INTERIMS

Barclays, Centrica, Hammerson, Inchcape, Rathbones Group, Relx plc, Rentokil Initial, Restore, Robert Walters, SEGRO, Shell 'A', Shell 'B', Smith & Nephew, St James's Place

INTERIM DIVIDEND PAYMENT DATE

Compass Group

INTERIM EX-DIVIDEND DATE

Blackrock Throgmorton Trust, Independent Inv Trust, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Moneysupermarket.com Group

QUARTERLY EX-DIVIDEND DATE

NB Global Monthly Income Fund Limited Red Ord Shs NPV £, Tufton Oceanic Assets Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Business Climate Indicator (EU) (10:00)

Consumer Confidence (EU) (10:00)

Continuing Claims (US) (13:30)

Economic Sentiment Indicator (EU) (10:00)

GDP (Preliminary) (US) (13:30)

Industrial Confidence (EU) (10:00)

Initial Jobless Claims (US) (13:30)

Services Sentiment (EU) (10:00)

Q2

Samsung Electronics Co Ltd (ATT) GDR (Reg S), Shell , Shell 'A', Shell 'B', Smith & Nephew

FINALS

SRT Marine Systems

SPECIAL EX-DIVIDEND DATE

Bytes Technology Group , Tristel

AGMS

Alien Metals Limited NPV (DI), B&M European Value Retail S.A. (DI), CMC Markets, Cyba, Discoverie Group, Eurasia Mining, GB Group, Graft Polymer (UK) , Ingenta, Ingenta, Mediclinic International , Oxford Instruments, Seen, Tate & Lyle, Ted Baker, The Global Smaller Companies Trust

TRADING ANNOUNCEMENTS

Aveva Group, Sage Group, Virgin Wines UK

FINAL DIVIDEND PAYMENT DATE

Anglo Asian Mining, Templeton Emerging Markets Inv Trust, Tribal Group

FINAL EX-DIVIDEND DATE

Bloomsbury Publishing, Bytes Technology Group , Celtic 6% Cnv Cum Prf, Downing One VCT , Heath (Samuel) & Sons, Monks Inv Trust, NewRiver REIT, Northern 2 VCT, Octopus AIM VCT, QinetiQ Group, Quixant, Redcentric, Royal Mail, SSE, Triad Group

Friday 29 July

INTERIMS

AIB Group (CDI), Croda International, HarbourVest Global Private Equity Limited A Shs, Intertek Group, Jupiter Fund Management , Morgan Advanced Materials , NATWEST GROUP PLC ORD 100P, Rightmove, Rightmove

INTERIM DIVIDEND PAYMENT DATE

Character Group, Gooch & Housego, Hargreave Hale AIM VCT , Paragon Banking Group, S and U 31.5% Prf. Cum. Prf 12.5P, Up Global Sourcing Holdings

QUARTERLY PAYMENT DATE

CT Private Equity Trust, Ediston Property Investment Company, Marble Point Loan Financing Limited NPV, Middlefield Canadian Income PCC, Real Estate Credit Investments Ltd

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Chicago PMI (US) (14:45)

GDP (Preliminary) (GER) (07:00)

Personal Consumption Expenditures (US) (13:30)

Personal Income (US) (09:30)

Personal Spending (US) (09:30)

U. of Michigan Confidence (US) (14:45)

Unemployment Rate (GER) (08:55)

Q2

NATWEST GROUP PLC ORD 100P

SPECIAL DIVIDEND PAYMENT DATE

Bisichi , Gulf Keystone Petroleum Ltd Com Shs (DI), Kings Arms Yard VCT, Pembroke Vct B

EGMS

Global Ports Investments GDR (REG S)

AGMS

Advanced Oncotherapy, Axis Bank Ltd GDR (Reg S), Eneraqua Technologies, Palace Capital , Record, Record, Tintra

TRADING ANNOUNCEMENTS

Glencore , Industrials Reit Limited

UK ECONOMIC ANNOUNCEMENTS

Import Price Index (GER) (07:00)

M4 Money Supply (09:30)

Mortgage Approvals (09:30)

Nationwide House Price Index (07:00)

FINAL DIVIDEND PAYMENT DATE

Anpario, B.P. Marsh & Partners, Big Yellow Group, Bisichi , British Land Company, Calculus VCT , Camellia, Edinburgh Inv Trust, Helical, Inspiration Healthcare Group , JPMorgan European Discovery Trust, Norcros, Premier Foods, Shires Income, The Mission Group, Value and Indexed Property Income Trust, Vertu Motors, Wentworth Resources NPV