Economic Events and Corporate Reports: Wednesday, July 29, 2026 — Federal Reserve's Rate Decision, Reports from Microsoft, Meta, and Airbus
Wednesday, July 29, 2026, will mark a pivotal day in the week for global financial markets. The investor economic calendar merges two factors of maximum volatility: the outcome of the two-day Federal Reserve meeting with Jerome Powell's press conference and the busiest day of the quarterly earnings season. After the U.S. market closes, Microsoft and Meta Platforms—two heavyweight components of the S&P 500—will report their results, while in Europe, half-year reports will be released by Airbus, AstraZeneca, and UBS. The Asian session will kick off with the SK Hynix report and inflation data from Australia, while the Russian market continues to digest the half-year earnings season on the MOEX. Below is a detailed overview of the economic events and corporate reports for July 29, 2026, for investors from the CIS and around the globe.
Key Events of the Day: A Brief Overview
- U.S. Federal Reserve's interest rate decision — 21:00 MSK, Jerome Powell's press conference — 21:30 MSK.
- Australia's Consumer Price Index (CPI) for Q2 2026.
- Data on U.S. pending home sales and weekly oil inventories from the EIA.
- Earnings reports from Microsoft, Meta Platforms, Qualcomm, Lam Research, Arm, Starbucks — after the U.S. market close.
- Procter & Gamble, GE HealthCare, General Dynamics, Humana — before the New York market opens.
- Half-year reports from Airbus, results from AstraZeneca and UBS in Europe, and SK Hynix in Asia.
Federal Reserve's Interest Rate Decision — The Central Event of the Day
The FOMC meeting on July 28-29 is the primary macroeconomic indicator of the week. The Federal Reserve's base rate has been held within the range of 3.50-3.75% since December 2025. The regulator has maintained this rate unchanged at four consecutive meetings, citing inflation consistently above the 2% target for the PCE index. The market consensus anticipates a hold on the rate this time as well, so all eyes will be on the wording of the final statement, the voting distribution within the committee, and Powell's rhetoric.
It is important to note that the July meeting takes place without updated macro forecasts and the "dot plot" — the next publication of forecasts is scheduled for September. This heightens the significance of each word from the Chair of the Federal Reserve. Some market participants do not rule out that the regulator may signal a willingness to raise the rate by 25 basis points in September if inflationary pressures do not ease. Any hint at tightening could trigger a rise in Treasury yields, strengthen the dollar, and put pressure on growth stocks.
Macroeconomic Statistics: Inflation in Australia and Data from the U.S.
The Asian session will begin with the release of Australia's Consumer Price Index for Q2—a key indicator for the Reserve Bank of Australia and the Australian dollar. In the U.S., data on pending home sales for June will be released during the day, reflecting the state of the housing market amidst high mortgage rates, along with the EIA's weekly report on oil and oil product inventories—a significant factor for Brent and WTI prices. Canada will publish a summary of discussions held by the Bank of Canada following its last meeting.
U.S. Company Reports: Microsoft and Meta in the Spotlight
The earnings season for Q2 2026 is reaching its peak, with over 170 companies in the S&P 500 scheduled to report results this week, and the index's combined profit is expected to have risen approximately 24.7% year-over-year, according to FactSet. However, the backdrop for the "Magnificent Seven" remains tense: following Alphabet’s report, which raised its capital expenditure outlook to $205 billion amid negative free cash flow, investors are closely reassessing big-tech spending on artificial intelligence.
Microsoft: Azure and CapEx Under Scrutiny
Microsoft will report its fiscal Q4 results after market close. Wall Street expects earnings of around $4.24 per share (+16% year-over-year) on revenue of approximately $87.6 billion (+15%). Key metrics include the growth rate of the Azure cloud segment (consensus 40-42%) and guidance for capital expenditures for the fiscal 2027 year: in the prior quarter, capex surged 84% year-over-year, and disappointing results in this area have previously led to stock declines of nearly 10% in a single day.
Meta Platforms: Advertising vs. AI Spending
Meta will present its Q2 results: the market is expecting earnings of around $7.14–$7.19 per share and revenue of approximately $60.2 billion (+27% year-over-year). Investors will evaluate advertising price trends (with a forecasted growth of 9-12%), audience engagement, and crucially, commentary on artificial intelligence spending. Both stocks approach their earnings reports following notable corrections since April, increasing the stakes for market reactions.
Other Reports in the U.S.: From Procter & Gamble to Starbucks
In addition to the tech giants, dozens of issuers from the S&P 500 will report on July 29:
- Before market open: Procter & Gamble (expected EPS $1.41), GE HealthCare, General Dynamics, L3Harris, Humana, Biogen, Teva, Garmin, Johnson Controls, Vertiv, Old Dominion, Bunge.
- After market close: Qualcomm, Lam Research, Arm Holdings, Starbucks, Chipotle Mexican Grill, Robinhood, Equinix, Fortinet, O'Reilly Automotive, Public Storage, MGM Resorts, Canadian Pacific Kansas City.
Reports from Qualcomm, Lam Research, and Arm will provide insight into the state of the semiconductor cycle and demand for AI infrastructure, while Starbucks and Chipotle's results will indicate consumer spending resilience in the U.S.
European Reports: Airbus, AstraZeneca, and UBS
The European earnings season is also in full swing, with Wednesday bringing results from several components of the Euro Stoxx 50 and major indices in the region:
- Airbus will publish its half-year report for 2026; an analyst conference call is scheduled for the evening. Key focus areas will include aircraft delivery rates, the state of engine supply chains, and confirmation of annual guidance.
- AstraZeneca will present quarterly results (consensus around $2.49 per share): investors will assess the dynamics of the oncology portfolio and comments on the U.S. pricing policies.
- UBS will report for Q2 (expected around $0.88 per share)—a key report for the European banking sector amidst discussions about capital requirements in Switzerland.
Asian Markets: SK Hynix and Anticipation of the Bank of Japan
In Asia, the main corporate event will be the report from South Korea’s SK Hynix—one of the key global producers of HBM memory for AI accelerators. Strong figures could support the entire semiconductor sector from Taiwan to Japan. The Nikkei 225 index will be trading cautiously, as the Bank of Japan's meeting is scheduled for July 30-31, following its raise of the rate to 1% in June, with the consensus expecting a pause. Data on inflation in Australia will set the tone for commodity currencies and Asian bonds.
The Russian Market: Half-Year Earnings Season on MOEX
The Russian stock market continues to experience the half-year earnings disclosure season for 2026: in the last days of July, issuers from the Moscow Exchange traditionally publish their RSBU results for the first six months, while the largest banks and companies release interim results according to IFRS. The MOEX index is also responding to the outcomes of the July meeting of the Bank of Russia regarding the key rate: the trajectory of monetary policy easing remains the primary driver for stocks in the banking, real estate, and domestic demand sectors. Investors should monitor disclosures from issuers in the energy and financial sectors, as well as the ruble dynamics following the Federal Reserve's decisions.
What Investors Should Focus on on July 29, 2026
Wednesday presents a rare blend of monetary and corporate risks, requiring discipline and readiness for sharp price movements. Key focus points include:
- Fed rhetoric is more important than the decision itself. A hold on the rate in the range of 3.50-3.75% is priced in; the market will be driven by the tone of the statement and Powell's responses regarding the September outlook.
- Big Tech's capital expenditures. Following the reaction to Alphabet's report, forecasts from Microsoft and Meta regarding AI spending could set the tone for the entire Nasdaq and S&P 500 for the remainder of the week.
- Volatility after the U.S. market close. Major reports are released after hours, coinciding with the digestion of FOMC outcomes—manage position sizes and avoid excess leverage.
- Calendar for the rest of the week. On Thursday — the first estimate of U.S. GDP for Q2, reports from Apple and Amazon, and the Bank of England meeting; on Friday — Bank of Japan and preliminary inflation data for the Eurozone. Decisions made on Wednesday should be considered in the broader context of the week.
- Diversification across regions. Strong reports from SK Hynix and Airbus could support Asian and European indices even with a cautious U.S. market response.
For long-term investors, July 29 serves as a day to test hypotheses: do market leaders demonstrate their ability to convert record investments in AI into profits, and is the Fed prepared to maintain a balance between combating inflation and supporting the economy? Answers to both questions will set the direction for global markets throughout August.
