Economic Calendar: Big Tech, Tensions Over Iran, and the ECB’s Decision ⏰

Today, the market is being driven by three key issues: Big Tech’s results, tensions surrounding Iran and the ECB’s decision.

What drives the market?

Big Tech’s spending is spooking investors – Alphabet and Tesla reported solid revenues, but the market punished both companies for their massive capital expenditure (Alphabet up to $205 billion by 2026, Tesla +142% year-on-year), triggering a fall in their share prices. In the coming days, Meta, Microsoft, Amazon and Apple will report their results – the market will be looking just as closely at their AI investment plans as at their profits themselves.
Oil prices rise on Trump’s threats against Iran – the US president has announced a strike on Iranian nuclear infrastructure (Pickaxe Mountain), and there has also been another attack on a tanker off the coast of Saudi Arabia. Goldman Sachs warns that Brent could exceed $120 per barrel in the fourth quarter if disruptions in the Strait of Hormuz persist.
The ECB is due to announce its interest rate decision at 14:15 – the market expects rates to remain unchanged (refinancing rate 2.40%, deposit rate 2.25%), but the “extremely volatile” situation surrounding the war in Iran could influence the tone of the press conference at 14:45.
UniCredit beats forecasts – €2.9 billion net profit in Q2, with CEO Andrea Orcel describing progress on the Commerzbank deal as "the best possible".

Today’s macroeconomic calendar

The Australian labour market delivered a positive surprise – employment rose by 76,300 against a forecast of 15,100, which is a hawkish signal for the RBA. The rest of the day in the US and Canada will focus on retail sales and labour market data, but it is the ECB and the geopolitical situation surrounding Iran that will remain the main drivers of volatility in the oil market and share indices.

Before the European trading session, Nestlé, UniCredit, TotalEnergies, Thermo Fisher, RTX and Lockheed Martin are due to report their results today, whilst SAP and Intel are due to report after the US trading session.

23 July 2026, 8:29 AM

Oil rises over 3% 🛢️

23 July 2026, 6:35 AM

Morning Wrap: A New Threat of Conflict in the Middle East 🚨 (23.07.2026)

22 July 2026, 7:15 PM

Daily Summary: Wall Street Stabilizes Despite Higher Oil Prices

22 July 2026, 4:45 PM

Cocoa loses 5% amid rising inventories on ICE

Economic reports

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days