In the final trading week of July, markets will face multiple high-impact catalysts. The Federal Reserve and the Bank of Japan will announce their policy decisions in quick succession, offering clues on future interest rate trajectories. On the earnings front, tech titans Microsoft, Apple, Amazon, and Meta Platforms will report alongside major memory chipmakers SK Hynix, Samsung Electronics, and Kioxia. Additionally, key economic data releases from the U.S. and China will jointly test global economic resilience and inflation trends.
Key Events for the Upcoming Week
U.S. and Japanese Central Bank Rate Decisions: 'Super Central Bank Week' Faces a Hawkish Test
Despite expectations that the Federal Reserve, the Bank of England, and the Bank of Japan will hold rates steady during next week’s 'super central bank week,' shifting inflation dynamics have already reversed market expectations. The Fed will announce its latest policy decision early Thursday Beijing time. Market focus centers on whether the accompanying statement hints at a potential 25-basis-point rate hike in September. According to LSEG data, U.S. money markets have fully priced in a rate increase at the next meeting.
Chair Waller will hold a press conference following the meeting. With persistent inflationary pressures and tariff-related uncertainties, markets will closely scrutinize his commentary on the future policy path to assess the likelihood of a rate hike resumption in September.
Tech Giants Face Earnings 'Crucible': MAG7 and Memory Leaders Report Together
Next week marks the true peak of Q2 earnings season. Major tech firms, memory leaders, core semiconductor companies, oil and gas giants, and consumer staples will all release results, officially kicking off the year’s most information-dense and opportunity-rich 'super earnings week.'
Investors will closely monitor tech earnings to assess how long the current dynamic—where aggressive AI spenders are penalized while semiconductor manufacturers are rewarded—can persist. On the surface, Alphabet delivered solid results this week, but its spending plans and negative free cash flow unsettled investors.
Several memory leaders that have seen strong stock performance this year—including South Korea’s SK Hynix and Samsung Electronics, and Japan’s Kioxia—will report next week. These firms have benefited from massive cloud infrastructure spending, and markets will watch for trends in AI-driven high-bandwidth memory (HBM) shipments and pricing for mainstream memory products.
Dense U.S.–China Economic Data Releases: U.S. GDP and Core PCE Take Center Stage
China’s official Manufacturing Purchasing Managers’ Index (PMI) will be released on July 31, along with data on profits of industrial enterprises above designated size for June, scheduled for release on July 27. Previously, the Manufacturing PMI rose to 50.3 in June, returning to expansionary territory, while the Non-Manufacturing Business Activity Index continued to expand.
On Thursday, July 30, investors and policymakers will receive updates on U.S. economic activity, the Federal Reserve’s preferred inflation gauge, and consumer spending. Government data are expected to show that U.S. GDP grew at an annualized rate of 2.1% in the second quarter, driven by consumer and business investment. Escalating tensions in the Middle East have pushed oil prices back above $100 per barrel, posing upside risks to inflation. Market bets on the likelihood of a Federal Reserve rate hike are currently rising.
The Political Bureau of the Central Committee may convene a meeting in late July, potentially signaling a shift toward a more proactive policy stance.
By convention, the Political Bureau of the Central Committee holds a meeting each July to analyze and assess the current economic situation and to lay out economic priorities for the second half of the year.
Analysts widely agree that while the economy has not lost momentum, weak domestic demand, subdued credit growth, and structural imbalances have once again heightened pressure to stabilize growth. At this meeting, policy thinking could undergo a significant pivot—from the cautious cross-cycle adjustments seen in the first half of the year toward active counter-cyclical intervention—manifested through accelerated implementation of existing policies and forward-looking deployment of new measures.
Zhongji Xuchuang, a global leader in optical modules, is set to debut on the Hong Kong Stock Exchange next week, potentially becoming the largest IPO in Hong Kong this year.
On July 22, optical communications leader $InnoLight Technology (03308.HK)$ officially launched its Hong Kong IPO subscription, with the offering period running through July 27 and listing expected on July 30. The company plans to globally offer 54.5 million H-shares, with 10% allocated to the Hong Kong public offering and 90% to the international offering, plus a 15% over-allotment option. The maximum offer price is HK$1,010 per share, with a board lot size of 50 shares and an estimated minimum subscription cost of approximately HK$51,009. At the maximum offer price, total proceeds would amount to approximately HK$55.045 billion, with net proceeds of about HK$54.513 billion.
In comparison, Zhongji Xuchuang’s fundraising size is the largest and could surpass the previous CATL (03750.HK) fundraising scale, making it the largest technology-sector IPO in Hong Kong since the 2019 $Alibaba-W (09988.HK)$ secondary listing in Hong Kong. A prestigious lineup of cornerstone investors has also drawn market attention. From Singapore’s sovereign wealth fund Temasek to global asset management giants BlackRock and JPMorgan, as well as Alibaba and Tencent, 33 top-tier institutions have collectively committed to approximately HK$27 billion—nearly half of the offered shares—approaching the Hong Kong Stock Exchange’s 50% cap.
Key earnings calendar for the new week.
Monday (July 27)
Keywords: AstraZeneca earnings; ChangXin Memory Technologies A-share listing
On the economic data front, China’s year-over-year industrial enterprise profits for June, the U.S. durable goods orders month-over-month for June, and the Dallas Fed’s business activity index for July will be released.
09:30 China’s year-over-year industrial enterprise profits for June
20:30 U.S. durable goods orders month-over-month for June
22:30 Dallas Fed’s business activity index for July
On the earnings front, pharmaceutical giant$AstraZeneca (AZN.US)$ will release its latest results before the U.S. market opens, $Cadence Design Systems (CDNS.US)$ 、 $Celestica (CLS.US)$ 、 $Nucor Corporation (NUE.US)$ will release earnings after the U.S. stock market closes.
In terms of new listings, the leading Chinese DRAM memory chip company, which is undertaking the largest A-share IPO of the year, $Changxin Technology (688825.SH)$ will list on the STAR Market of the Shanghai Stock Exchange.
Tuesday (July 28)
Keywords: Corning, Coca-Cola, Seagate Technology earnings; ADP
On the economic data front, the U.S. ADP employment change for the week ending July 11, the Richmond Fed Manufacturing Index for July, and The Conference Board’s Consumer Confidence Index for July will be released.
20:15 U.S. Weekly ADP Employment Change (in ten thousands) for the Week Ending July 11
22:00 U.S. Richmond Fed Manufacturing Index for July
22:00 U.S. The Conference Board Consumer Confidence Index for July
Earnings reports: $Boeing (BA.US)$ 、 Corning (GLW.US) 、 $Coca-Cola (KO.US)$ 、 $Unilever (UK) (UL.US)$ will release its latest results before the U.S. market opens, $Bloom Energy (BE.US)$、 $Ford Motor(F.US)$、 $KLA Corp (KLAC.US)$ 、$Seagate Technology (STX.US)$ 、 Visa (V.US), will release earnings after the U.S. stock market closes.
Wednesday, July 29
Keywords: Microsoft, Meta Platforms, SK Hynix earnings
On the economic data front, the U.S. EIA crude oil inventories and U.S. EIA Strategic Petroleum Reserve inventories for the week ending July 24 will be released.
22:30 U.S. EIA crude oil inventories for the week ending July 24 (in 10,000 barrels)
22:30 U.S. EIA Strategic Petroleum Reserve inventories for the week ending July 24 (in 10,000 barrels)
On the earnings front, Hong Kong-listed stocks $ASMPT (00522.HK)$ 、 $Standard Chartered Group (02888.HK)$ and $New Oriental-S (09901.HK)$ will release earnings reports.
$Amphenol (APH.US)$ 、 Procter & Gamble (PG.US) 、 $UBS Group (UBS.US)$ 、 $Vertiv Holdings(VRT.US)$ released its earnings report before the US stock market opened, $Arm Holdings(ARM.US)$ 、 $Robinhood(HOOD.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ 、 Qualcomm (QCOM.US) will release earnings after the U.S. stock market closes.
Meanwhile, $SK Hynix (SKHY.US)$ Will release second-quarter financial results on July 29 at 7:00.
Regarding IPOs, $InnoLight Technology (03308.HK)$ Will open for grey market trading.
Thursday (July 30)
Keywords: Apple, Amazon, Samsung Electronics earnings; Federal Reserve interest rate decision; PCE
On the economic data front, the following releases are scheduled: the U.S. Federal Reserve interest rate decision as of July 29, the year-over-year core PCE price index for June, initial jobless claims for the week ending July 25, the advance estimate of Q2 real GDP annualized growth rate, and the advance estimate of Q2 core PCE price index annualized growth rate.
02:00 U.S. Federal Reserve interest rate decision (upper bound) as of July 29
19:00 Bank of England interest rate decision as of July 30
20:30 U.S. June year-over-year core PCE price index
20:30 U.S. initial jobless claims for the week ending July 25 (in ten thousands)
20:30 U.S. advance estimate of Q2 real GDP annualized growth rate
On the major events front, at 02:30 Beijing time, Federal Reserve Chair Waller will hold a monetary policy press conference.
On the earnings front, Hong Kong-listed stocks $Budweiser Asia Pacific (01876.HK)$ 、 $Dongpeng Beverage (09980.HK)$ and $Yum China Holdings (09987.HK)$Will release financial results.
$Shell (SHEL.US)$ 、 $MasterCard (MA.US)$ released its earnings report before the US stock market opened, $Apple (AAPL.US)$、 $Amazon (AMZN.US)$、 $Coinbase(COIN.US)$、 $Strategy(MSTR.US)$ will release earnings after the U.S. stock market closes.
Meanwhile, Samsung Electronics (005930.KR) Will release the full second-quarter financial report on July 30 at 8:00.
Regarding IPOs, $InnoLight Technology (03308.HK)$ Officially listed on the Hong Kong Stock Exchange.
Friday (July 31)
Keyword: PMI
On the economic data front, China's official Manufacturing PMI for July, the U.S. Chicago PMI for July, and the final reading of the University of Michigan's Consumer Sentiment Index for July in the U.S. will be released.
09:30 China's official Manufacturing PMI for July
21:45 U.S. Chicago PMI for July
22:00 Final reading of the University of Michigan's Consumer Sentiment Index for July in the U.S.
Regarding major events, Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference at 14:30 Beijing time.
On the earnings front, Hong Kong-listed stocks $Hushang Ayi (02589.HK)$ 、 Xinyi Solar (00968.HK) will release earnings reports.
AbbVie Inc. (ABBV.US) 、 $Chevron (CVX.US)$ 、 Moderna(MRNA.US) 、 $Exxon Mobil (XOM.US)$ will release earnings before the U.S. market opens.
Additionally, Japanese storage giant $Kioxia (285A.JP)$ will release its latest earnings report on July 31 at 14:30.
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