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US markets have hit record highs but could the Q2 earnings season take the shine off stocks?

With two weeks to go until to earnings season begins, 82% of companies with revised earnings estimates going into the reporting period have revised them down. Lowballing by Wall Street before earnings season is normal, but the scale of the downward revisions has raised a few eyebrows. We saw the same thing ahead of the Q3 2018 earnings, just before stocks slumped into a bear market. Although that slump proved temporary, the pattern is worth noting. Earnings season unofficially kicks off with Citigroup on Wall Street on Monday and continues through to mid-August.

We’ll be hosting a daily walkthrough of what to watch out for on XRay covering everything you need to know from US earnings season.

In the UK, watch for trading updates from SSE, Thomas Cook, Anglo American and easyJet on Thursday.

China GDP – Will We See a Slowdown?

Macro data will be in focus this week as markets watch to see whether the slowdown in global growth is gaining pace.

Chinese GPD and industrial production numbers are due early Monday. Q2 growth is seen slowing to 6.2% from 6.4% in Q1. For the rest of the year economists think the economy will grow at 6.2%, this would mark a 30-year low for the country. While there are many factors at play, the ongoing trade war with the US must take some of the blame for the slowdown.

Australian employment data

Australia’s dollar looks likely to be sensitive to employment data this week, with traders looking for clues about when interest rates may be cut again. The Reserve Bank of Australia has tied monetary policy directly to the labour market. The RBA has already cut rates but the question is how many more are in the offing?

Its a busy few weeks with earnings season, and there are lots of reports coming out this week. Below are the major reports to watch out for this week.

Pre-Market15th JulyCitigroup – Q2 Earnings
Pre-Market16th JulyJohnson & Johnson – Q2 Earnings
Pre-Market16th JulyJPMorgan Chase & Co – Q2 Earnings
Pre-Market16th JulyWells Fargo & Co – Q2 Earnings
Pre-Market16th JulyGoldman Sachs – Q2 Earnings
Pre-Market16th JulyDomino’s Pizza – Q2 Earnings
Pre-Market17th JulyBank of America Corp – Q2 Earnings
After-Market17th JulyNetflix Inc -Q2 Earnings
Pre-Market17th JulyAbbot Laboratories – Q2
After-Market17th JulyIBM – Q2 Earnings
After-Market17th JulyeBay – Q2 Earnings
After-Market18th JulyMicrosoft – Q4 Earnings
Pre-Market18th JulyPhilip Morris Inc – Q2 Earnings
Pre-Market18th JulyMorgan Stanley – Q2 Earnings
07.00 BST18th JulyDanske Bank – Q2 Earnings
Pre-Market19th JulyBlackRock Inc – Q2 Earnings
Pre-Market19th JulyAmerican Express – Q2 Earnings

Don’t miss our expert analysis and insight live-streamed direct to your platform. We’ve got videos throughout the week – tune in live or watch on catch-up.

12.45 GMTLive everyday this weekEarnings Season Daily 
13.00 GMT16th JulyAsset of the Day: Bullion Billions
19.00 GMT16th JulyLIVE: Trader Training
13.00 GMT17th JulyAsset of the Day: Indices Insights

Take a look at the upcoming events for your economic calendar. For a full list, head to our platform.

02.00 GMT15th JulyChina GDP
22.45 GMT15th JulyNew Zealand CPI
08.30 GMT16th JulyUK employment report
09.00 GMT16th JulyGerman ZEW economic sentiment
12.30 GMT16th JulyUS retail sales
08.30 GMT17th JulyUK CPI
01.30 GMT18th JulyAustralia employment report

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