Reporting season in London and US earnings season ramp up to another gear in the coming week, with the first of the UK's big banks, Lloyds and NatWest, turning in numbers, along with other blue-chips including BT, Vodafone, ITV, Rightmove, Compass and Wetherspoons.
Across the pond, we hear from the first of the US tech trillionaires – Google parent Alphabet and Tesla – along with other well known names such as Coca-Cola, Dr Pepper, Intel, IBM and Lockheed Martin.
For Europe, software giant SAP, fashion colossus LVMH, drugmaker Roche and food producer Nestle are the biggest, along with several European banks.
In economic news, there will be a European Central Bank decision and global flash PMI surveys on Thursday, possibly the data highlight as they provide the most up-to-date information on the services and manufacturing sectors.
There is also a EU-China summit taking place on July 24 in Beijing, the day after a similar get-together with Japan.
For the UK, consumer confidence and retail sales on Friday have the most potential to move the market dial.
Monday 21 July
Announcements expected:
Interims: Mony Group, Oxford Nanopore Technologies
Overseas earnings: Verizon, Domino’s Pizza (both premarket), NXP Semiconductors (after close)
Tuesday 22 July
Giant caterer Compass Group PLC (LSE:CPG) is the largest company reporting in London on Tuesday, with its shares down 12% since hitting an all-time high in February.
While long seen as a reliable operator, benefiting from steady contract wins and its scale in procurement, some analysts see more going on under the bonnet that could push profit margins higher than many expect.
However, interim results in May revealed a slight slowing in growth, with organic growth moderating to 8.5% for the half from 9.2% in the first quarter, with the oulook pointing to 7.5% growth over the full year.
Announcements expected:
Trading updates: Compass Group, Evoke, Kier Group, Luceco, Mitie Group, Petershill Partners
Interims: ME Group International
Finals: TheWorks.co.uk
Overseas earnings: Baker Hughes, Coca-Cola, Philip Morris, Lockheed Martin (all premarket), Texas Instruments, SAP (after close)
Economic announcements: Public Sector Net Borrowing (UK), API Crude Oil (US)
Wednesday 23 July
JD Wetherspoon PLC (LSE:JDW) has had a good run but it may not last, one analyst predicted, as the combination of sunny weather and share buybacks has boosted the stock's performance, but neither is sustainable.
Margins are expected to come under pressure, with earnings growth forecast to slow to just 5% next year.
Later in the day, tech earnings are due from Google parent Alphabet, where cloud momentum and YouTube growth are seen as having created a favourable setup for these Q2 numbers.
Tesla will also report earnings after the closing bell in New York, having already revealed a 14% decline in vehicle deliveries for the second quarter, hit by rising competition and boycotts due to CEO Elon Musk’s political dabblings.
Announcements expected:
Trading updates: Hochschild Mining, JD Wetherspoon, PensionBee Group
Interims: Breedon Group, Informa
Finals: Van Elle
Overseas earnings: AT&T, GE Vernova, Boston Scientific, Northrop Grumman (all premarket), Alphabet, Tesla, IBM, T-Mobile (after close)
Economic announcements: MBA Mortgage Applications (US), Existing Home Sales (US), Crude Oil Inventories (US)
Thursday 24 July
Lloyds Banking Group PLC (LSE:LLOY) reports interim results that may be slightly overshadowed for many investors by the looming Supreme Court judgment on motor finance commission, where the lender had around a 14% market share.
The FTSE 100 bank has already taken £1.15 billion in provisions, with analysts expecting another £800 million or so in 2025, some of which could be announced within Thursday’s numbers.
First-quarter results in May included a £309 million impairment charge, which included a £100 million adjustment to “address downside risks” relating to US tariffs, while overall guidance was held steady. Consensus forecasts for Q2 point to improved net interet margins and profits.
There's a utilities theme on the day with telecoms giants BT and Vodafone reporting, as well as British Gas owner Centrica PLC (LSE:CNA), where reports suggest it is poised to take a 15% stake in Sizewell C nuclear plant.
For BT Group PLC (LSE:BT.A), there was an ominous prediction from analysts at Citi, who forecast that it will be revealed in these first-quarter results that network arm Openreach has entered a decline that will last the rest of the decade.
Numbers from Vodafone Group PLC (LSE:VOD), meanwhile, will allow investors to check on the progress of the turnaround in Germany that boss Margherita Della Valle flagged at the FY results.
The Italian CEO said she expected the coming year to see "broad-based momentum" across Europe and Africa, with Germany returning to top-line growth, with a 2% increase in underlying earnings for the full year and a 5% improvement in free cash flow.
ITV PLC (LSE:ITV) had already warned that it expects a substantial worsening of advertising revenues in the Q2, after the start of the year saw growth from its production studio offset a decline in ad sales.
Announcements expected:
Trading updates: AJ Bell, Anglo American, BT Group, CVS Group, Vodafone Group, Wizz Air
Interims: Centrica, Howden Joinery Group, Lloyds Banking Group, Primary Health Properties, Reach, Reckitt Benckiser, RELX
Finals: IG Group, ITV, Metir, Severfield
Overseas earnings: Honeywell International, Blackstone, Keurig Dr Pepper (all pre-market), Intel, Newmont
Economic announcements: GFK Consumer Confidence (GER), Jobless Claims (US), PMI Services (US), New Homes Sales (US)
Friday 25 July
NatWest Group PLC (LSE:NWG) likes to wrap up the week in its usual Friday results spot, with analysts expecting the UK banking sector as a whole to deliver another quarter of solid performance, underpinned by stable net interest margins, robust credit quality and strong underlying capital generation.
At its Q1 results, the lender said it expected return on tangible equity to be "at the upper end" of previous guidance for a range of 15-16%, with underlying income also at the upper end of the £15.2-15.7 billion range.
Fresh from returning to full private ownership, selling its stake in Permanent TSB for €126 million and signing a partnership with Saga, NatWest is forecast to see underlying profits before impairment fall, according to its company compiled consensus.
Announcements expected:
Trading updates: Airtel Africa, Taylor Maritime
Interims: Jupiter Fund Management, NatWest, Rightmove
Overseas earnings: Aon (premarket)
Economic announcements: GFK Consumer Confidence (UK), Retail Sales (UK), IFO Business Climate (GER), M3 Money Supply (EU), Durable Goods Orders (US)