Investor Calendar July 13–17, 2026: U.S. CPI, China's GDP, and Earnings Season

Economic Calendar for the Week and Corporate Reports: July 13-17, 2026 - US CPI and PPI, China's GDP, OPEC Report, Bank of Canada Decision, Major Bank Reports including ASML, TSMC, Netflix, and Other Public Companies

The week of July 13-17, 2026, will be pivotal for global markets as summer progresses. Investors in the US, Europe, Asia, and Russia will focus on several critical factors: the official start of the US corporate reporting season, June CPI and PPI inflation data in the US, China's GDP for the second quarter, retail sales, industrial data, housing market metrics, the Bank of Canada's interest rate decision, OPEC's monthly oil market report, and the potential advancement of the EU’s 21st sanctions package against Russia.

The main intrigue of the week will revolve around whether the market can sustain its risk appetite following a strong first half of the year, and whether the corporate reports from major public companies will confirm profit resilience. The reporting season will kick off with US banks: JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, Citigroup, and Morgan Stanley will set the tone for the S&P 500. In Europe, investors will monitor ASML, BP, Ericsson, Rio Tinto, Nordea, ABB, Atlas Copco, Volvo, Sandvik, and Assa Abloy. In Asia, TSMC, Wipro, Tech Mahindra, along with macroeconomic data from China, will be key indicators. For the Russian market, important operational results from Aeroflot, X5, and Henderson, as well as dividend events from Sberbank and other issuers, are anticipated.

Key Themes for Investors This Week

The economic events of the week will provide a dense network of signals for assessing monetary policy, corporate profits, and global demand. Investors should focus on several areas:

• US Inflation: CPI on Tuesday and PPI on Wednesday will reveal the sustainability of price pressures following volatility in commodity markets.
• Fed and Warsh's Rhetoric: Testimonies in the House and Senate may impact rate expectations, Treasury yields, and the dollar.
• Corporate Reports: US banks, tech companies, equipment manufacturers, pharmaceuticals, and the consumer sector will illustrate the current state of profitability.
• Oil Market: The OPEC report, along with API and EIA inventory data, will guide Brent, WTI, Urals, oil and gas companies, and currencies of commodity-exporting countries.
• China and Asia: Trade and GDP data from China will be significant for Nikkei 225, industrial metals, semiconductors, and European exporters.
• Europe and Sanctions: The potential adoption of the 21st sanctions package from the EU against Russia could heighten geopolitical premiums in energy, logistics, and the financial sector.

Economic Events Monday, July 13: EU Sanctions, OPEC Report, and US Federal Budget

Monday will kick off the week not necessarily with macroeconomic statistics, but rather with geopolitical and commodity signals. Discussions about and possible advancements on the EU's 21st sanctions package against Russia are expected, along with a coalition meeting on Ukraine. For investors, this factor is pivotal for assessing risk premiums on Russian assets, energy, logistics, the banking sector, and European industrial firms.

At 14:00 Moscow time, the monthly OPEC report on the oil market will be released. This document is vital for assessing the demand-supply balance, OPEC+ quotas, world oil consumption forecasts, and extraction dynamics outside the cartel. For the oil and gas sector, this is a key monthly document: reactions in Brent and WTI could impact oil companies' stock prices, currencies of commodity economies, and inflation expectations.

At 21:00 Moscow time, the US will publish budget data for June. The budget deficit, tax revenue dynamics, and expenditures will be crucial for the US bond market, especially amidst discussions regarding the trajectory of national debt and Treasury yields.

Corporate Reports for Monday: Among notable companies, PrairieSky Royalty in Canada, Thermador Groupe in France, and operational results from Aeroflot for June are expected in the Russian market. Dividend events for certain issuers, including the closure of registries and final days for buying dividend stocks, are also significant for MOEX.

What Investors Should Watch: The tone of the EU sanctions package, OPEC's demand forecast for oil, the reaction of the ruble and oil and gas stocks, as well as US yield dynamics following the budget data.

Economic Events Tuesday, July 14: US CPI, China's Trade Data, and Major US Bank Earnings Reports

Tuesday will be the first truly significant day of the week. At 06:00 Moscow time, China will release its trade data for June. Exports and imports from China are critical for assessing external demand, the state of the industrial cycle, commodity prices, and the prospects for Asian markets. Weak data could intensify pressure on cyclical sectors, while strong data may support metallurgical, logistics, industrial companies, and the Nikkei 225.

At 09:00 Moscow time, Switzerland will present its industrial PPI for June. Although this figure is not a primary global driver, it provides insight into pricing pressures in Europe. The central event of the day will be the US CPI at 15:30 Moscow time. Investors will not only focus on the overall consumer price index but also on core inflation excluding food and energy. The US CPI could significantly alter expectations regarding Fed interest rates, the dollar, gold, the S&P 500, and Nasdaq.

At 17:00 Moscow time, Warsh is expected to speak before the House Financial Services Committee. The market will be seeking signals regarding the permissibility of further tightening or a pause in Fed policy. Later in the evening, at 00:30 Moscow time, API data on US oil inventories will be released.

Corporate Reports for Tuesday: The crucial part of the US reporting season begins. Earnings reports will be released by JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup. Also in focus will be Fastenal, BP, DNB Bank, Ericsson, and Rio Tinto. For US banks, investors will evaluate net interest margins, reserves for credit losses, deposit dynamics, trading income, and investment banking fees.

What Investors Should Watch: US CPI against expectations, the reaction of two-year Treasuries, earnings reports from US banks, the dynamics of the financial sector in the S&P 500, and China's signals concerning exports and imports.

Economic Events Wednesday, July 15: China's GDP, US PPI, Bank of Canada Rate Decision, and Fed Beige Book

Wednesday will encompass several key blocks: China, the US, Canada, Russia, and corporate reporting from global leaders. At 05:00 Moscow time, China will release its GDP for the second quarter of 2026. This is one of the week's most significant macro indicators for global investors, as it influences expectations for demand for oil, gas, metals, semiconductors, consumer goods, and transportation.

At 12:00 Moscow time, industrial production data for the Eurozone for May will be released. For the Euro Stoxx 50, this indicator matters as a gauge of the industrial core's state in Europe. At 15:30 Moscow time, the US will publish the NY Empire State Manufacturing Index for July and PPI for June. If PPI shows speeding producer prices, the market may price in a stricter Fed rhetoric.

At 16:45 Moscow time, the Bank of Canada will announce its rate decision, followed by a press conference at 17:30 Moscow time. The EIA will also release US oil inventory data at this time. At 19:00 Moscow time, Russia will publish its CPI, which is vital for expectations regarding the Bank of Russia's rate, the ruble, and Russian bonds. At 21:00 Moscow time, the Fed will provide the Beige Book—a qualitative overview of the economic state across US regions.

Corporate Reports for Wednesday: ASML, Johnson & Johnson, Morgan Stanley, BlackRock, Progressive, Bank of New York Mellon, PNC Financial, Elevance Health, Cintas, United Airlines, M&T Bank, Conagra Brands. In Europe, focus will be on Richemont, Antofagasta, SEB, SEB S.A., and other issuers. ASML will serve as a crucial indicator of demand for semiconductor and AI infrastructure equipment.

What Investors Should Watch: China's GDP, US PPI, the Bank of Canada’s decision, the tone of the Fed's Beige Book, ASML's report, and the dynamics of US second-tier banks.

Economic Events Thursday, July 16: UK GDP, US Retail Sales, and Reports from TSMC, Netflix, UnitedHealth, and GE Aerospace

Thursday will be the busiest day of the week regarding corporate reports. At 09:00 Moscow time, the UK will release its GDP for May, important for the pound, FTSE 100, and European cyclical assets. At 12:00 Moscow time, the Eurozone will present its trade balance for May, which will help assess the competitiveness of European exports amid currency volatility and weak industrial demand.

At 15:30 Moscow time, the US will present three critical indicators: Initial Jobless Claims, Philadelphia Fed Manufacturing Index, and retail sales for June. This strong data set will be essential for assessing consumer demand, labor market conditions, and industrial activity. At 17:00 Moscow time, Pending Home Sales will be released, followed by EIA natural gas inventory data at 17:30 Moscow time.

Corporate Reports for Thursday: TSMC, UnitedHealth Group, Netflix, GE Aerospace, Abbott Laboratories, Prologis, U.S. Bancorp, State Street, Citizens Financial, Intuitive Surgical, Nordea, Telenor. In Europe, reports from Vinci, Publicis Groupe, Aéroports de Paris, ABB, Investor AB, Atlas Copco, SSE, and Experian are expected. In Asia, attention will be given to TSMC, Wipro, and Tech Mahindra. In the Russian market, investors will be looking at X5's operational results for the second quarter and six months of 2026, as well as operational data from Henderson.

TSMC will serve as a key indicator of demand for chips and AI computing. Netflix will test the resilience of its subscription model and advertising monetization. UnitedHealth and Abbott will provide guidance on healthcare, GE Aerospace on the aviation cycle, and Prologis on warehousing and global logistics.

What Investors Should Watch: US retail sales, TSMC and Netflix earnings, UnitedHealth forecasts, GE Aerospace orders, X5's operational results, and sector reactions in technology, healthcare, and real estate.

Economic Events Friday, July 17: Eurozone CPI, US Industrial Production, Michigan Sentiment, and Hearings on the CLARITY Act

Friday will conclude the week with significant macroeconomic data from Europe and the US. At 12:00 Moscow time, the Eurozone will release its CPI for June. For the Euro Stoxx 50 and European bonds, this is the main inflation indicator of the week: it influences expectations regarding ECB policy, the banking sector, consumer stocks, and the euro/dollar currency pair.

At 15:30 Moscow time, the US will present Housing Starts for June. At 16:15 Moscow time, the industrial production data will be released, followed by the preliminary Michigan Consumer Sentiment Index for July and consumer inflation expectations at 17:00 Moscow time. This block of data is crucial for assessing the resilience of the American consumer, production dynamics, and the Fed's further policy.

Special attention from digital asset investors will focus on the anticipated hearing on the CLARITY Act regarding the cryptocurrency market structure in the US Congress. Regulations on cryptocurrencies, token statuses, the division of powers among regulators, and rules for trading platforms may affect the Bitcoin, Ethereum, public crypto companies, and fintech sectors.

Corporate Reports for Friday: Travelers, Regions Financial, Truist Financial, Fifth Third Bancorp, Volvo, Autoliv, SKF, Husqvarna, Sandvik, Assa Abloy, Danske Bank, Swedbank, EQT, Saab, and Epiroc. For US regional banks, the quality of the loan portfolio, funding costs, and deposit dynamics are vital. For European industrial companies, orders, margins, currency effects, and demand forecasts for the second half of the year are crucial.

Russian Market: Friday will also be significant for MOEX investors due to the last day for purchasing Sberbank shares with dividends. Dividend events may impact trading volumes, short-term volatility, and demand structure for Russian blue chips.

Indices and Risk Geography: S&P 500, Euro Stoxx 50, Nikkei 225, and MOEX

For global investors, the week of July 13-17 will serve as a test for several investment hypotheses. In the US, the S&P 500 and Nasdaq will be influenced by inflation, bond yields, and the quality of corporate reports. Banks will reveal the state of the credit cycle, tech companies will show AI capex resilience, and consumer data will reflect the strength of domestic demand.

In Europe, the Euro Stoxx 50 will react to Eurozone CPI, trade balance, industrial production, and reports from ASML, ABB, Nordea, Volvo, Sandvik, and Assa Abloy. For the Nikkei 225, critical factors will include China, TSMC, the semiconductor cycle, and the yen exchange rate. For MOEX, key drivers will remain oil, the ruble, the sanctions agenda, inflation in Russia, dividends, and operational results from major issuers.

• S&P 500: banks, US inflation, retail sales, reports from Netflix, UnitedHealth, GE Aerospace, and TSMC through the global tech supply chain.
• Euro Stoxx 50: ASML, European inflation, industry, banks, and exporters.
• Nikkei 225: China, semiconductors, yen exchange rate, and global demand for electronics.
• MOEX: oil, EU sanctions, Russia’s CPI, dividend calendar, and operational data from companies.

What Investors Should Focus on at the Week's End

The week of July 13-17, 2026, may prove to be pivotal for evaluating the second half of the year. If the US CPI and PPI confirm a slowdown in inflation, and the reports from banks and tech companies outperform expectations, the market will have strong arguments in favor of continued risk-on sentiment. Conversely, if inflation accelerates again, and companies adopt a more cautious tone regarding demand and margins, investors may shift to profit-taking in overheated sectors.

1. US Inflation: CPI and PPI will set the trajectory for rates, the dollar, and bond yields.
2. Bank Earnings: JPMorgan, Bank of America, Goldman Sachs, Wells Fargo, Citigroup, and Morgan Stanley will demonstrate the health of the US financial system.
3. China: Trade and GDP will serve as indicators of global industrial demand.
4. Oil and Gas: The OPEC report, API/EIA inventories, and geopolitics will influence Brent, WTI, Urals, and oil and gas stocks.
5. Technology: ASML and TSMC will provide crucial signals regarding AI infrastructure and semiconductors.
6. Europe and Russia: EU sanctions, Eurozone CPI, and Russian CPI are important for currencies, bonds, energy, and MOEX.
7. Crypto Regulation: Hearings on the CLARITY Act may increase volatility in digital assets and fintech.

Investors should approach this week as a period of high event concentration. The optimal strategy is to avoid evaluating individual releases in isolation, but rather to consider the aggregate signals: inflation, rates, reports, oil, China, and geopolitics. It is the intersection of these factors that will determine the dynamics of the S&P 500, Euro Stoxx 50, Nikkei 225, MOEX, commodity assets, and emerging market currencies in the second half of July.