Economic Calendar: Time for Tesla and Google Earnings (22.07.2026)

The US earnings season is in full swing. General Motors published surprisingly good data yesterday.

• The company's revenue reached 48 billion USD against expectations of 47 billion, and EPS rose to 3.57 USD against the expected 3.2 USD.
• Furthermore, the company raised its fiscal year-end forecasts for key operating metrics by a few percent.

Today it is time for even bigger players. Long-awaited quarterly reports from Tesla and Google are ahead.

The day does not look equally intense on the macroeconomic front. The publication of the day's most important data is already behind us. UK inflation, although it surprised on the downside in terms of the headline measure, did not give investors reasons to withdraw bets on BoE rate hikes.

🌏 Key Macroeconomic Publications

Tuesday

Germany

• The ZEW economic sentiment index for Germany rose by 15.8 points in July, clearly strengthening in positive territory and signaling a further improvement in expectations for the German economy. The assessment of the current economic situation also improved, although much less so. The indicator rose by 3.4 points to -77.6 points, which means that current conditions are still assessed very negatively. ZEW President Achim Wambach indicated that reforms are starting to bring results, and the improvement covers both export sectors and domestic demand. The automotive sector remains one of the worst-performing segments of the economy.

Hungary

• Our attention focused yesterday, however, on Hungary, which might be somewhat non-obvious. The MNB, or the Hungarian National Bank, made its second interest rate cut since the outbreak of the war in Iran. This cut is a consequence of inflation (1.7%) falling below the bank's inflation target (3% ± 1pp.). Even despite the cuts, the reference rate in Hungary remains 2 pp. higher than in Poland. There is therefore significant room for further easing. If the still quite dynamic wage growth (7% in real terms, i.e., after accounting for inflation) does not stand in the way, we expect continued cuts at upcoming meetings.

Wednesday

United Kingdom

• Today, the British Isles are in the foreground, from where June inflation data reached us. The headline measure fell more than expected (to 2.6%), which was, of course, largely a consequence of lower fuel prices at petrol stations. However, for investors, the lack of change in the core measure, which remained at 2.6%, and the very small decline in services inflation (3.6%), which remains the main factor troubling the Bank of England, may be more important. Looking at market valuations, investors still expect two interest rate hikes from the BoE before the end of the year. The first may take place as early as September. It is difficult to expect an upward move at the upcoming meeting (30 July).

📆 Macroeconomic Calendar

Wednesday

• Poland: Retail Sales (June)
  • Time: 8:30 AM
  • Previous: 3%
  • Consensus: 5.3%
• Poland: Consumer Confidence (June)
  • Time: 8:30 AM
  • Previous: -9.9
  • Consensus: -10.2
• South Africa: CPI Inflation (June)
  • Time: 9:00 AM
  • Previous: 4.5%
  • Consensus: 4.7%
• DOE Crude Oil Inventories
  • Time: 3:30 PM
  • Previous: -1692k
  • Consensus: -1950k

Thursday

• Australia: Unemployment Rate (June)
  • Time: 2:30 AM
  • Previous: 4.4%
  • Consensus: 4.4%
• Poland: Unemployment Rate (June)
  • Time: 8:30 AM
  • Previous: 5.9%
  • Consensus: 5.8%

🗂️ Company Results Publications

• AT&T ($T.US) – before market open (BMO)
• Philip Morris ($PM.US) – before market open (BMO)
• GE Vernova ($GEV.US) – before market open (BMO)
• Tesla ($TSLA.US) – after market close (AMC)
• Alphabet ($GOOGL.US) – after market close (AMC)
• IBM ($IBM.US) – after market close (AMC)
• ServiceNow ($NOW.US) – after market close (AMC)
• Southwest Airlines ($LUV.US) – after market close (AMC)

3 Markets to Watch

• US500: We are undoubtedly facing the most intense day of this week regarding the publication of results from the largest US companies. Market attention will naturally focus on the giants – Tesla, Google, AT&T, and IBM. Their quotations may significantly influence the indices they are in and broader market sentiment.
• OIL: Tensions between the USA and Iran have increased drastically after the death of at least 3 American soldiers who died as a result of Iranian attacks in Jordan and Iraq last weekend. We have had 11 nights of bombings in a row. Mediators (Qatar, Egypt, and Pakistan) were supposed to present both sides with a proposal for a 10-day ceasefire yesterday, which gives a glimmer of hope for returning to the situation after signing the 60-day memorandum. Both the authorities in Tehran and President Trump's administration have signaled readiness to return to talks.
• USDJPY: The pair reached its highest level in nearly 40 years yesterday, breaking the 163 barrier for the first time since 1986. In the long term, this is obviously primarily a consequence of the return to favor of the carry trade strategy. In recent days, however, the dominant factor determining the weakening is the issue of further escalation of tensions between the USA and Iran and the resulting rise in energy commodity prices. Nearly 90% of Japan's energy demand comes from imports, and in standard conditions, its main suppliers are Middle Eastern countries.