{"id":34196,"date":"2025-07-14T02:07:04","date_gmt":"2025-07-14T02:07:04","guid":{"rendered":"https:\/\/financialrush.com\/?p=34196"},"modified":"2025-07-14T02:07:04","modified_gmt":"2025-07-14T02:07:04","slug":"wall-street-expects-glittering-earnings-despite-trade-war","status":"publish","type":"post","link":"https:\/\/financialrush.com\/?p=34196","title":{"rendered":"Wall Street expects glittering earnings despite trade war"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"article-body\">\n<div class=\"n-content-layout\" data-layout-name=\"card\" data-layout-width=\"full-width\">\n<div class=\"n-content-layout__container\">\n<div class=\"n-content-layout__slot\">\n<p>This article is an on-site version of our The Week Ahead newsletter. Subscribers can sign up <a href=\"https:\/\/ep.ft.com\/newsletters\/subscribe?newsletterIds=56b1f9c27b2ee603009fd0fe\" data-trackable=\"link\">here<\/a> to get the newsletter delivered every Sunday. Explore all of our newsletters <a href=\"https:\/\/www.ft.com\/newsletters\" data-trackable=\"link\">here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Hello and welcome to the working week.<\/p>\n<p>Wall Street takes centre stage, as a string of US financial institutions post second-quarter earnings. Bank of New York Mellon, Wells Fargo, Citigroup, BlackRock and JPMorgan are up on Tuesday, followed by Bank of America, Morgan Stanley and Goldman Sachs on Wednesday. Analysts expect a glittering set of reports, buoyed by the weak dollar and broad sanguinity about the likelihood of a global trade war.<\/p>\n<p>US economic fundamentals are wobblier. The Federal Reserve is still in wait-and-see mode, as heightened uncertainty around tariffs looms over its forecasts. Economists will be anticipating the central bank\u2019s Beige Book, publishing on Wednesday, for a clearer picture. US inflation data for June and the next reading in the Michigan consumer sentiment index will help enrich the picture of the state of play on the ground.<\/p>\n<p>China is expected to deliver a second-quarter GDP year-on-year growth figure of more than 5 per cent on increased exports, despite the wave of protectionism washing over the world. Policy stimulus and the truce between Beijing and Washington have helped shield its economy from the worst effects of tariffs. <\/p>\n<p>In Britain, whose economy contracted in May, skies are undoubtedly gloomier. (Although not literally, as the country swelters through its third heatwave of the year.) Chancellor Rachel Reeves will be giving her Mansion House speech on Tuesday, under a cloud of embarrassing fiscal U-turns. <\/p>\n<p>Readers shouldn\u2019t expect her to confront <a href=\"https:\/\/www.ft.com\/content\/3357384d-a04f-4f38-ac49-9770ce882a48\" data-trackable=\"link\">investor anxieties about a wealth tax<\/a>. Instead, expect some <a href=\"https:\/\/www.ft.com\/content\/996d0fff-893f-4865-a4e9-48b7191ba10c\" data-trackable=\"link\">chipper words on shoring up a culture of investing<\/a>. Inflation data publishing on Thursday, which economists expect to have ticked up to 3.5 per cent, just might burst her bubble.<\/p>\n<p>Whither Donald Trump? I\u2019ve buried mention of the US president in this newsletter because \u2014 to quote our trade guru Alan Beattie \u2014 <a href=\"https:\/\/www.ft.com\/content\/d7509e0a-3348-4150-9633-3e996d836d7c\" data-trackable=\"link\">nobody knows anything<\/a>. The White House will continue to pressure US trading partners into inking trade deals. But after extending the \u201cliberation day\u201d tariff deadline until August 1, <a href=\"https:\/\/www.ft.com\/content\/d09c9b3e-2ccc-473d-8c3e-feb933e231b7\" data-trackable=\"link\">its threats are losing credibility<\/a>. Retaliation from the countries hit with new levies and hand-wringing from international bodies is probably on the menu. I\u2019ll have a <a href=\"https:\/\/www.ft.com\/content\/91e80f01-7f27-4d1c-b310-547f1813e262\" data-trackable=\"link\">taco<\/a> to go, please.<\/p>\n<p>Aside from the banks, company reports are thin on the ground as we crawl into the dog days. One theme though is pharmaceuticals, with <strong>Johnson &amp;<\/strong> <strong>Johnson<\/strong> and <strong>Novartis<\/strong> posting earnings. Another is the semiconductor industry, with reports from <strong>TSMC<\/strong> and <strong>ASML<\/strong>.<\/p>\n<h2 id=\"one-more-thing\" class=\"n-content-heading-2 o3-editorial-typography-chapter\">One more thing\u2009.\u2009.\u2009.\u2009<\/h2>\n<p>The World Aquatics Championships is under way in Singapore. Stretching through July to conclude on August 3, it showcases some of the world\u2019s most impressive athletes in the water.<\/p>\n<p>I used to quite enjoy swimming until a near-fatal accident in the Mediterranean in the summer after my 16th birthday. I haven\u2019t really done it since then, but <a href=\"https:\/\/www.ft.com\/content\/d38b15e2-6a91-477b-9fc4-13fdb27a987a\" data-trackable=\"link\">this heartening piece about a London club teaching adults swimming skills<\/a> might just encourage me to test the waters again.<\/p>\n<p>What sports are you doing this summer? Let me know at <a href=\"https:\/\/www.ft.com\/content\/mailto:harvey.nriapia@ft.com\" data-trackable=\"link\">harvey.nriapia@ft.com<\/a>. Or, if you are reading this from your inbox, just hit reply. Have a great week.<\/p>\n<h2 id=\"key-economic-and-company-reports\" class=\"n-content-heading-2 o3-editorial-typography-chapter\">Key economic and company reports<\/h2>\n<p>Here is a more complete list of what to expect in terms of company reports and economic data this week.<\/p>\n<h3 id=\"monday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Monday<\/h3>\n<h3 id=\"tuesday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Tuesday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>China: Q2 GDP<\/p>\n<\/li>\n<li>\n<p>Canada: June CPI<\/p>\n<\/li>\n<li>\n<p>US: June CPI<\/p>\n<\/li>\n<li>\n<p>Results: <strong>Aker<\/strong> <strong>BP<\/strong> Q2, <strong>Ericsson<\/strong> Q2, <strong>Tomtom<\/strong> Q2, <strong>Bank<\/strong> <strong>of New York Mellon<\/strong> Q2, <strong>Wells<\/strong> <strong>Fargo<\/strong> Q2, <strong>Citigroup<\/strong> Q2, <strong>JPMorgan<\/strong> <strong>Chase<\/strong> Q2, <strong>Experian<\/strong> Q1 2026, <strong>Barratt Redrow<\/strong> FY trading statement, <strong>B&amp;M<\/strong> Q1 trading statement<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"wednesday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Wednesday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>US: Fed issues the Beige Book<\/p>\n<\/li>\n<li>\n<p>UK: June CPI<\/p>\n<\/li>\n<li>\n<p>Results: <strong>Morgan<\/strong> <strong>Stanley<\/strong> Q2, <strong>Bank<\/strong> <strong>of<\/strong> <strong>America<\/strong> Q2, <strong>Goldman<\/strong> <strong>Sachs<\/strong> Q2, <strong>Johnson<\/strong> <strong>&amp;<\/strong> <strong>Johnson<\/strong> Q2, <strong>Morgan<\/strong> <strong>Stanley<\/strong> Q2, <strong>ASML<\/strong> Q2, <strong>Richemont<\/strong> Q1, <strong>Finnair<\/strong> H1<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"thursday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Thursday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>South Africa hosts two-day G20 meeting of finance ministers and central bank governors<\/p>\n<\/li>\n<li>\n<p>Japan: June monthly trade data, June CPI<\/p>\n<\/li>\n<li>\n<p>Results: <strong>TSMC<\/strong> Q2, <strong>Volvo Cars<\/strong> Q2, <strong>PepsiCo<\/strong> Q2, <strong>Marsh McLennan<\/strong> Q2, <strong>easyJet<\/strong> Q3, <strong>Novartis<\/strong> Q2, <strong>GE Aerospace<\/strong> Q2, <strong>US<\/strong> <strong>Bancorp<\/strong> Q2, <strong>Frasers<\/strong> <strong>Group<\/strong> FY, <strong>Dunelm<\/strong> Q4 and FY<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"friday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Friday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>US: Michigan Consumer Sentiment index July<\/p>\n<\/li>\n<li>\n<p>Results: <strong>Telenor<\/strong> Q2, <strong>Burberry<\/strong> Q1, <strong>Danske Bank<\/strong> Q2, <strong>Charles Schwab<\/strong> Q2<\/p>\n<\/li>\n<\/ul>\n<h2 id=\"world-events\" class=\"n-content-heading-2 o3-editorial-typography-chapter\">World events<\/h2>\n<p>Finally, here is a rundown of other events and milestones this week. <\/p>\n<h3 id=\"monday-2\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Monday<\/h3>\n<h3 id=\"tuesday-2\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Tuesday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>UK: Bank of England governor Andrew Bailey and Rachel Reeves to speak at Mansion House; environment committee questions Thames Water executives; parliamentary committee questions OBR chair on fiscal risks<\/p>\n<\/li>\n<li>\n<p>US: Arizona holds primary to fill vacant US House seat; Trump expected to speak at Pennsylvania energy summit<\/p>\n<\/li>\n<li>\n<p>Nominations announced for the Emmy awards<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"wednesday-2\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Wednesday<\/h3>\n<h3 id=\"thursday-2\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Thursday<\/h3>\n<ul class=\"o3-editorial-typography-list-unordered\">\n<li>\n<p>South Korea: Supreme Court to deliver final verdict on Samsung Electronics chair Jay Y Lee<\/p>\n<\/li>\n<li>\n<p>Federal Reserve: Board governor Adriana Kugler to speak in Washington on housing and the economy; board governor Christopher Waller to speak in New York on the economic outlook <\/p>\n<\/li>\n<\/ul>\n<h3 id=\"friday-2\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Friday<\/h3>\n<h3 id=\"saturday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Saturday<\/h3>\n<h3 id=\"sunday\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Sunday<\/h3>\n<div class=\"n-content-layout\" data-layout-name=\"card\" data-layout-width=\"full-width\">\n<div class=\"n-content-layout__container\">\n<h3 id=\"recommended-newsletters-for-you\" class=\"n-content-heading-3 o3-editorial-typography-subheading\">Recommended newsletters for you<\/h3>\n<div class=\"n-content-layout__slot\">\n<p><strong>Inside Politics<\/strong> \u2014 What you need to know in UK politics. Sign up <a href=\"https:\/\/ep.ft.com\/newsletters\/subscribe?newsletterIds=56b0ba3c51eb850300eb5d43\" data-trackable=\"link\">here<\/a><\/p>\n<p><strong>White House Watch<\/strong> \u2014 What Trump\u2019s second term means for Washington, business and the world. Sign up <a href=\"https:\/\/ep.ft.com\/newsletters\/subscribe?newsletterIds=65b8fec772badb00166eafc6\" data-trackable=\"link\">here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/22ce8113-9ce4-40c4-a42a-8585a2d90d7d\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"This article is an on-site version of our The Week Ahead newsletter. Subscribers can sign up here to&hellip;\n","protected":false},"author":6,"featured_media":34197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-34196","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/34196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34196"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/34196\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/34197"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}