Economic calendar: Wednesday brings big Q2 earnings and PPI inflation (15.07.2026)

Earnings season in the United States is gathering pace. Yesterday's data published by IBM led to the company's largest share price drop since 1986 (we haven't seen such a sharp decline even during the bursting of the Dot Com bubble).

We have also seen perhaps the most important macroeconomic release of the month – June CPI inflation from the US. However, this is not the end of market-relevant data releases, as we have the producer inflation reading (1:30 PM) ahead, which will complete the picture outlined by yesterday's data.

Key macroeconomic releases

Tuesday

United States

• Faced with lower energy prices, many expected a decline in US inflation in June. Its scale, however, is a significant surprise for the markets. On a monthly basis, prices fell for the first time since COVID-era 2020 – by as much as 0.4%. Perhaps even more importantly, core inflation (2.6%), which is a measure excluding the most volatile energy and food prices, turned out to be far lower than expected.
• The Fed Chair appeared before Congress as part of a standard semi-annual hearing. He stated that "inflation is, in a way, a choice," taking full responsibility for price stability on behalf of the Fed. Asked about potential pressure from President Donald Trump (e.g., regarding interest rate cuts), he responded firmly that he intends to "simply do his job" and there is "no room for politics" within the central bank.

Wednesday

China

• GDP growth slowed to its lowest level since 2022. The Chinese economy grew in Q2 by 4.3% year-on-year. This is burdened by the property market crisis, weak domestic demand, and a decline in investments (down 5.7% YoY in the first half of the year). Exports, however, remain strong, especially in the technology sector.
• Data on retail sales (+1% YoY) and retail sales (+5.3%) looked slightly better.

Macroeconomic calendar

Wednesday

• Eurozone: Industrial production (May)
  • Time: 10:00 AM
  • Previous: 0.3%
  • Consensus: -0.4%
• United States: PPI inflation (June)
  • Time: 1:30 PM
  • Previous: 6.5%
  • Consensus: 6.2%
• Canada: Interest rate decision
  • Time: 2:45 PM
  • Previous: 2.25%
  • Consensus: 2.25%
• South Korea: Interest rate decision
  • Time: 11:30 PM
  • Previous: 2.5%
  • Consensus: 2.75%

Thursday

• United Kingdom: Industrial production (May)
  • Time: 7:00 AM
  • Previous: -0.2%
  • Consensus: 1.3%

Earnings releases

• Johnson & Johnson (JNJ.US) – Before Market Open (BMO)
• Morgan Stanley (MS.US) – Before Market Open (BMO)
• Blackrock (BLK.US) – Before Market Open (BMO)
• United Airlines (UAL.US) – After Market Close (AMC)
• BitMine Immersion (BTCM.US) – After Market Close (AMC)
• Kinder Morgan (KMI.US) – After Market Close (AMC)

3 markets to watch

• Oil: Investors seem not to pay much attention to the statements coming from the American president, who withdrew from the proposal to introduce a 20 percent charge on cargo flowing through the strait. Oil prices, however, remain elevated, as traffic in the strait remains very heavily restricted compared to the state from the first days of July.
• US500: The start of the earnings season brought a few very significant surprises (led by IBM). Today, further important publications follow. Moreover, the market will be digesting yesterday's inflation data and the statements coming from Fed Chair Kevin Warsh.

• EURNOK: Since the beginning of the month, the krone has already strengthened by over 1.5% against the dollar. Key driver is, of course, the rise in energy commodity prices. In the background remains the August meeting of Norges Bank, which may bring an interest rate hike.