Week ahead: This is the semi-final of earnings season, FOMC meeting minutes in focus

The semi-final of the US earnings season is here with Walmart, Cisco Systems and Deere & Co some of the companies due to report earnings this week. The Reserve Bank of Australia and FOMC are due to release their monetary policy meeting minutes and the UK will post its retail sales data. What else should investors look out for?

Monday

The semi-final of US earnings season 

At the start of the month, Goldman Sachs analysts said that the US earnings season has performed better than expected. By the start of last week, 87% of S&P 500 companies have reported earnings, 75% of those companies reported that their earnings per share (EPS) surpassed estimates. This week is the US earnings semi-final. While Monday is relatively quiet, later in the week investors should anticipate Walmart (WMT), Cisco Systems (CSCO), Applied Materials (AMAT) and Deere & Co (DE) all reporting their financial results.

Tuesday

How is Walmart holding up?

At the end of July, Walmart shares slumped after the retailer cut its profit outlook on inflation concerns. Back then, Walmart said that it anticipates its adjusted earnings per share for the second quarter and full year to fall between 8 and 9% and 11 and 13% respectively. Previously, it expected them to be flat or slightly higher. What will the company’s earnings report show now?

Reserve Bank of Australia (RBA) meeting minutes

The Reserve Bank of Australia decided to hike interest rates by 50 basis points (bps) to 1.75%. Cash rate was raised to 1.87%. Inflation in the country is the highest it has ever been since the 1990’s at 6.1% in June. The RBA’s meeting minutes could suggest to investors what the bank’s stance is on further rate hikes.

Wednesday

Reserve Bank of New Zealand (RBNZ) monetary policy meeting

The Reserve Bank of New Zealand hiked interest rates by 50 basis points in July for the third straight meeting in a row. Then, the central bank said it will continue to tighten its monetary policy “at pace” until inflation settles down. Inflation in June in New Zealand surged past 7% – a 32-year high.

FOMC meeting minutes

The Federal Reserve raised interest rates by 75 basis points at its two past meetings. FOMC meeting minutes are due to be released late on Wednesday, what else did officials talk about during the meeting?

Friday

UK retail sales data

Consumer spending in the UK in July was stronger than pre-pandemic levels, however, the sector warned of an “incredibly difficult period”. UK retail sales grew 2.3% in July compared with the same period one year ago. What will the new values suggest?

Earnings calendar 

Economic calendar (BST)