Economic Events and Corporate Reports: Wednesday, 29th July 2026 — Fed’s Rate Decision, Reports from Microsoft, Meta, and Airbus
Wednesday, 29th July 2026, will be a pivotal day for global financial markets. The economic calendar combines two factors that could lead to maximum volatility: the conclusion of the two-day meeting of the US Federal Reserve, accompanied by a press conference featuring Jerome Powell, and the busiest day of the earnings season. Following the closure of trading in the US, Microsoft and Meta Platforms will unveil their results — two heavyweight components of the S&P 500 index — while Europe's report season will feature half-year results from Airbus, AstraZeneca, and UBS. The Asian session will kick off with SK Hynix's report and inflation data from Australia, while the Russian market continues to process the half-year reporting season on the MOEX. Below is a detailed overview of the economic events and corporate reports scheduled for 29th July 2026, intended for investors from the CIS and around the world.
Key Events of the Day: A Brief Overview
- US Fed's interest rate decision — 21:00 Moscow time; press conference by Jerome Powell — 21:30 Moscow time.
- Consumer Price Index (CPI) for Australia for Q2 2026.
- Data on pending home sales in the US and weekly oil inventories from the EIA.
- Reports from Microsoft, Meta Platforms, Qualcomm, Lam Research, Arm, Starbucks — after US market close.
- Procter & Gamble, GE HealthCare, General Dynamics, Humana — before the New York market opens.
- Half-year reports from Airbus, results from AstraZeneca and UBS in Europe, and SK Hynix in Asia.
Fed's Interest Rate Decision — Central Event of the Day
The FOMC meeting on 28-29th July serves as the main macroeconomic benchmark for the week. The Fed's base rate has been maintained in the range of 3.50% to 3.75% since December 2025, with the regulator having kept it unchanged at four consecutive meetings, citing inflation consistently exceeding the 2% target according to the PCE index. Market consensus suggests that the rate will remain unchanged this time as well, placing significant focus on the wording of the concluding statement, the voting distribution within the committee, and Powell's rhetoric.
It's crucial to note that the July meeting takes place without updates to the macroeconomic forecasts and the "dot plot" — the next publication of forecasts is scheduled for September. This increases the weight of each word from the Fed Chair. Some market participants do not rule out that the regulator might signal a readiness to raise rates by 25 basis points in September if inflationary pressures do not subside. Any hint at tightening could lead to rising yields on Treasury bonds, a stronger dollar, and pressure on growth stocks.
Macroeconomic Statistics: Inflation in Australia and Data from the US
The Asian session will commence with the publication of the Consumer Price Index for Australia for Q2 — a key indicator for the Reserve Bank of Australia and the value of the Australian dollar. In the US, data on pending home sales for June will be released, providing insight into the property market amid high mortgage rates, as well as the weekly EIA report on oil and petroleum product inventories — significant factors for Brent and WTI prices. Additionally, Canada's summary of discussions from the Bank of Canada's last meeting will be published.
American Companies' Reports: Focus on Microsoft and Meta
The earnings season for Q2 2026 is reaching its peak: this week over 170 companies from the S&P 500 index will report, with the combined earnings of the index projected to increase by approximately 24.7% year-on-year, according to FactSet. However, the backdrop for the "Magnificent Seven" is tense: following Alphabet's report, which raised its capital expenditure plan to $205 billion while presenting a negative free cash flow, investors are scrutinising big tech's spending on artificial intelligence more closely.
Microsoft: Azure and Capital Expenditure Under the Microscope
Microsoft will report its results for the fourth financial quarter after trading closes. Wall Street projects earnings of approximately $4.24 per share (+16% year-on-year) with revenue around $87.6 billion (+15%). Key metrics to watch will be the growth rate of the Azure cloud segment (consensus 40-42%) and the guidance for capital expenditures for the 2027 financial year: in the previous quarter, capex surged 84% year-on-year, and any disappointment in this area has previously led to a nearly 10% drop in stock prices in a single day.
Meta Platforms: Advertising vs AI Spending
Meta will present its Q2 results, with the market estimating earnings of around $7.14–$7.19 per share and revenue of approximately $60.2 billion (+27% year-on-year). Investors will assess advertising pricing trends (an expected increase of 9-12%), audience engagement, and, crucially, commentary on AI spending. Both stocks approach their reports following a notable correction since April, heightening the stakes for market reaction.
Other Reports in the US: From Procter & Gamble to Starbucks
In addition to tech giants, dozens of S&P 500 constituents will report on 29th July:
- Before market open: Procter & Gamble (expected EPS $1.41), GE HealthCare, General Dynamics, L3Harris, Humana, Biogen, Teva, Garmin, Johnson Controls, Vertiv, Old Dominion, Bunge.
- After close: Qualcomm, Lam Research, Arm Holdings, Starbucks, Chipotle Mexican Grill, Robinhood, Equinix, Fortinet, O'Reilly Automotive, Public Storage, MGM Resorts, Canadian Pacific Kansas City.
Reports from Qualcomm, Lam Research, and Arm will provide insights into the state of the semiconductor cycle and demand for AI infrastructure, while the results from Starbucks and Chipotle will serve as indicators of consumer spending resilience in the US.
European Reports: Airbus, AstraZeneca, and UBS
The European earnings season is also in full swing, with Wednesday bringing results from several components of the Euro Stoxx 50 and major indices in the region:
- Airbus will publish its half-year results for 2026; an analyst conference call is scheduled for the evening. Key focuses include aircraft delivery rates, the state of engine supply chains, and confirmation of the annual forecast.
- AstraZeneca will report quarterly results (consensus — approximately $2.49 per share): investors will evaluate trends within its oncology portfolio and comments on its pricing strategy in the US.
- UBS will report for Q2 (expected around $0.88 per share) — a pivotal report for the European banking sector amid discussions regarding capital requirements in Switzerland.
Asian Markets: SK Hynix and Anticipation of the Bank of Japan
In Asia, the main corporate event will be the report from South Korea's SK Hynix — one of the key global manufacturers of HBM memory for AI accelerators. Strong figures could support the entire semiconductor sector from Taiwan to Japan. Meanwhile, the Nikkei 225 index will trade with anticipation as the Bank of Japan holds its meeting on 30-31 July, having raised its rate to 1% in June and expected to take a pause. The inflation data from Australia will set the tone for commodity currencies and Asian bonds.
Russian Market: Half-Year Reporting Season on MOEX
The Russian stock market continues to engage in the disclosure of results for the first half of 2026; in the final days of July, issuers on the Moscow Exchange traditionally report under RAS for six months, while the largest banks and companies release interim results under IFRS. The MOEX index is also responding to the results of the July meeting of the Bank of Russia regarding the key rate, with the trajectory of monetary policy easing remaining a key driver for shares of banks, developers, and companies focused on domestic demand. Investors should watch for publications from energy and financial sector issuers as well as the dynamics of the rouble in light of the Fed’s decisions.
What Investors Should Focus on on 29th July 2026
Wednesday presents a rare combination of monetary and corporate risks, necessitating discipline and readiness for sharp movements in prices. Key focal points include:
- Fed rhetoric more crucial than the decision itself. While maintaining the rate in the 3.50-3.75% range is priced in, the market will react to the statement's tone and Powell's responses concerning September’s outlook.
- Big tech capital expenditures. Following the reaction to Alphabet’s report, forecasts from Microsoft and Meta regarding their AI spending could determine the dynamic of the entire Nasdaq and S&P 500 through the end of the week.
- Volatility post-US market close. Major reports released after hours will coincide with digestions of FOMC outcomes — manage position sizes and avoid excessive leverage.
- Calendar for the end of the week. On Thursday — the first estimate of US GDP for Q2, reports from Apple and Amazon, and the Bank of England meeting; on Friday — the Bank of Japan and preliminary inflation data from the Eurozone. Decisions made on Wednesday should be viewed in the context of the entire week.
- Diversification between regions. Strong reports from SK Hynix and Airbus could support Asian and European indices even amid cautious reactions from the US market.
For long-term investors, 29th July serves as a day for hypothesis testing: do market leaders confirm their ability to convert record investments in AI into profits, and is the Fed prepared to maintain a balance between combating inflation and supporting the economy? Answers to both questions will set the direction for global markets throughout August.
