Economic Events and Corporate Reports: Sunday, 2 August 2026 — OPEC+ Oil Production Meeting, Berkshire Hathaway Report and the Start of a New Trading Week
On Sunday, 2 August 2026, there is a rare weekend opportunity for global markets to receive a comprehensive price-setting signal. While exchanges are closed, today, seven key OPEC+ countries will hold a virtual meeting to discuss oil production quotas for September—an event that will determine the dynamics of Brent prices and the oil and gas sector stocks at the market's opening on Monday. Concurrently, investors are analysing the quarterly report from Berkshire Hathaway, traditionally released on the first weekend of August, and preparing for a busy week ahead: upcoming ISM indices, the US labour market report, and dozens of corporate releases from companies in the S&P 500, Euro Stoxx 50, Nikkei 225, and the Moscow Exchange. We will examine the key economic events and corporate reports of today and the forthcoming week.
OPEC+ Meeting: The Main Economic Event of the Day
The central event of Sunday is the online meeting of the seven major OPEC+ producers: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The ministers will evaluate the state of the global oil market and make decisions regarding production levels for September.
Basic Scenarios for the Oil Market
- Base Scenario: An increase in quotas by approximately 188,000 barrels per day—marking the fifth consecutive step in reversing voluntary cuts of 1.65 million barrels implemented in 2023.
- Signal for a Pause: There is discussion around freezing quotas from October 2026 to January 2027, which would maintain around 2 million barrels per day in restrictions and provide support for prices.
- Strict Scenario: Any hints towards further increases in production after September would heighten pressure on Brent prices and oil company stocks.
The outcomes of the meeting will directly impact shares of ExxonMobil, Chevron, Shell, TotalEnergies, as well as Rosneft, Lukoil, and Gazprom Neft on the Moscow Exchange. For the rouble and the budgets of exporting countries, the cartel's decisions are a key factor for August.
Oil and Geopolitics: Background for the Cartel’s Decision
The decision by OPEC+ is being made under unusual circumstances. Exports through the Strait of Hormuz are gradually recovering following the conflicts surrounding Iran, leading to the actual production of several Middle Eastern producers remaining below permitted quotas—paper increases in targets do not always translate into actual barrels. An additional structural shift is the UAE’s exit from OPEC after nearly six decades of membership, altering the balance of power within the alliance. In such a configuration, even a formal increase in quotas may accompany shortages of physical supplies on certain routes.
Berkshire Hathaway: Insights from the Q2 Report
The second storyline of the weekend is Berkshire Hathaway's Q2 2026 results, which the holding company traditionally discloses in the early days of August, allowing the market time for analysis before the stock exchanges open. Consensus estimates suggested revenues of around $95.3 billion and earnings per Class B share of about $5.24. Investor focus includes:
- The size of the cash cushion and the pace of share buybacks as indicators of management's view on market valuations;
- The margin for the insurance business GEICO amid rising payout costs and customer acquisition expenses;
- First quarters under Greg Abel’s leadership and the integration of the deal for the acquisition of homebuilder Taylor Morrison for $8.5 billion;
- The dynamics of the insurance float, which exceeded $176 billion.
Berkshire's shares have lagged behind the S&P 500 this year due to a contraction of the "Buffett Premium" and minimal exposure to the tech sector, thus reactions to the numbers on Monday could be pronounced.
Asia: Signals from South Korea and China's PMI Expectations
The trading statistics for South Korea released yesterday remains a key gauge of the state of global trade: the export dynamics of semiconductors from Samsung and SK Hynix set the tone for semiconductor stocks from TSMC to Nvidia and influence sentiments in the Nikkei 225 index. On Monday, 3 August, the Caixin manufacturing PMI for China will be released—a private assessment of the small and medium-sized enterprises in China, sensitive to US tariff policies. Weak data will heighten expectations for new stimulus from Beijing.
US Tariff Policy: An August Risk Factor
The trade agenda continues to be a source of volatility for global markets. Investors are closely monitoring the approach of 19 August—the date when 50% tariffs on a wide range of Canadian goods will take effect, as well as the ongoing 25% tariff on imports from Brazil. The escalation of restrictions supports inflationary expectations in the US and creates pressure on exporters in the Euro Stoxx 50, automotive manufacturers, and North American commodity chains.
Context from Last Week: The Fed, Inflation, and Tech Giants’ Reports
The new week kicks off with strong indicators. American indices finished July predominantly higher: support came from confident reports from Microsoft and Alphabet, which compensated for disappointing results from Apple and Meta, as well as softer inflation data and the Fed's decision to maintain the interest rate in the range of 3.50%–3.75%. Falling oil prices further supported risk appetite in the tech sector. In Russia, on 1 August, a package of changes came into effect—from recalculating pensions for working pensioners to electronic tax notifications—moderately positive for the consumer sector on the Moscow Exchange.
Corporate Reports for the Week: From Palantir to Disney
The second quarter earnings season in the US is reaching a new peak. Key releases for the week include:
- Monday, 3 August: Palantir, Marriott International, Snap; in Russia—TGK-1 report under IFRS for the first half of the year.
- Tuesday, 4 August: Caterpillar, McDonald's, Merck, Pfizer, Spotify—before the market opens; AMD and Amgen—after the market closes.
- Wednesday, 5 August: Walt Disney, Eli Lilly, Uber, Shopify, eBay; in Russia—Rostelecom’s IFRS report.
- Thursday, 6 August: ConocoPhillips, Airbnb, Warner Bros. Discovery, DraftKings; in Russia—Unipro report.
- Friday, 7 August: Take-Two Interactive, Under Armour, Wendy's.
Particular attention will be given to the semiconductor sector: AMD's results and guidance will serve as a litmus test for demand resilience for artificial intelligence infrastructure.
Macro Calendar for the Week: ISM and US Employment Report
- 3 August — July ISM index in the US manufacturing sector, China’s PMI for manufacturing.
- 4 August — JOLTS job openings and trade balance for the US in June.
- 5 August — ADP employment report and ISM Services index.
- 6 August — Weekly jobless claims and Challenger job cut data.
- 7 August — July US labour market report (Non-Farm Payrolls), the main release for expectations regarding the Fed's rate policy.
What to Watch for Investors
Sunday, 2 August 2026, is a day for positioning ahead of the market's opening. Firstly, the outcomes of the OPEC+ meeting—decisions on September quotas and any signals for a pause from October—will define the dynamics of oil, commodity currencies, and oil and gas sector stocks on Monday. Secondly, the Berkshire Hathaway report—the holding's cash position and Greg Abel's comments are traditionally read as a barometer of conservative capital's view on current S&P 500 valuations. Thirdly, the macroeconomic statistics for the upcoming week—from China's PMI to Friday's US employment report, which could shift expectations for the Fed's rate trajectory following July's decision. A balanced approach to managing commodity asset exposure, readiness for volatility in semiconductor stocks around AMD's report, and attentiveness to tariff news from Washington remain foundational strategies for the early days of August.
