Economic Events and Corporate Reports: Sunday, 2nd August 2026 - OPEC+ Meeting on Oil Production, Berkshire Hathaway Report, and Start of a New Trading Week
Sunday, 2nd August 2026, is an unusual trading day where global markets receive a significant price-setting signal. Although stock exchanges are closed, today, seven key OPEC+ countries are conducting a virtual meeting to discuss oil production quotas for September—an event that will shape the dynamics of Brent prices and the performance of the oil and gas sector when trading resumes on Monday. Simultaneously, investors are analysing Berkshire Hathaway's quarterly report, traditionally released in the first weekend of August, as they prepare for a busy week ahead: including ISM indices, the US labour market report, and numerous corporate releases from companies within the S&P 500, Euro Stoxx 50, Nikkei 225, and the Moscow Exchange. Let us dissect the key economic events and corporate reports of the day and the upcoming week.
OPEC+ Meeting: The Main Economic Event of the Day
The focal point of Sunday is the online meeting of 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 decide on production levels for September.
Base Scenarios for the Oil Market
- Base Scenario: An increase in quotas by approximately 188,000 barrels per day—marking the fifth consecutive step that concludes the reversal of voluntary cuts of 1.65 million barrels initiated in 2023.
- Signal of a Pause: There is a discussion regarding freezing quotas from October 2026 to January 2027, which would maintain around 2 million barrels per day in restrictions, providing support for prices.
- Strict Scenario: A hint at further production increases post-September could intensify pressure on Brent and the shares of oil companies.
The outcomes of the meeting will directly affect 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 decision is a key factor for August.
Oil and Geopolitics: The Context for the Cartel's Decision
The OPEC+ decision is made under uncommon conditions. Exports through the Strait of Hormuz are gradually recovering from the conflict surrounding Iran, causing actual production for several Middle Eastern producers to stay below permitted quotas—paper increases in targets do not always translate into real barrels. A further structural shift has occurred with the UAE's exit from OPEC after nearly six decades of membership, altering the balance of power within the alliance. Under these circumstances, even a formal increase in quotas may be accompanied by shortages in physical deliveries in specific areas.
Berkshire Hathaway: What the Q2 Report Reveals
A second storyline of the weekend is the report from Berkshire Hathaway for the second quarter of 2026, which the holding company traditionally publishes in the early days of August, allowing the market time for analysis before the exchanges open. The consensus anticipated revenue of around $95.3 billion and earnings per Class B share of approximately $5.24. Investor focus includes:
- Size of the cash cushion and the pace of share buybacks as an indicator of the management’s attitude towards market valuations;
- Profitability of the insurance business GEICO amid rising claims and costs to acquire customers;
- The initial quarters under Greg Abel’s leadership and the integration of the acquisition of builder Taylor Morrison Home for $8.5 billion;
- Trends in insurance float, which have exceeded $176 billion.
Berkshire shares have underperformed the S&P 500 this year due to a contraction in the "Buffett premium" and minimal exposure to the technology sector. Therefore, reactions to the figures on Monday could be pronounced.
Asia: Signals from South Korea and Anticipation of China's PMI
The recently published trade statistics from South Korea for July remain a primary benchmark regarding the state of global trade: the performance of semiconductor exports from Samsung and SK Hynix sets the tone for chipmakers from TSMC to Nvidia and influences sentiments in the Nikkei 225 index. On Monday, 3rd August, the PMI for the manufacturing sector in China from RatingDog (formerly Caixin)—a private measure of the state of small to medium-sized businesses in China sensitive to US tariff policies—will be released. Weak data may amplify expectations of new stimulus from Beijing.
US Tariff Policy: A Risk Factor for August
The trade agenda continues to be a source of volatility for global markets. Investors are monitoring the approach of 19th August—the date when 50% tariffs on a wide range of Canadian goods will come into effect, alongside a 25% tariff on imports from Brazil. The escalation of restrictions bolsters inflation expectations in the US, exerting pressure on Euro Stoxx 50 exporters, automotive manufacturers, and North American supply chains.
Context of Last Week: Fed, Inflation, and Big Tech Reports
The new week starts with strong fundamentals. American indices concluded July predominantly on a high note: bolstered by strong reports from Microsoft and Alphabet, compensating for disappointing results from Apple and Meta, as well as softer inflation data and the Federal Reserve's decision to maintain rates in the 3.50%–3.75% range. Declining oil prices additionally nurtured risk appetite in the technology sector. In Russia, on 1st August, a package of changes came into force—from recalculating pensions for working retirees to electronic tax notifications—moderately positive for the consumer sector on the Moscow Exchange.
Corporate Reports of the Week: From Palantir to Disney
The earnings season for Q2 in the US is reaching a new peak. Key releases of the week include:
- Monday, 3rd August: Palantir, Marriott International, Snap; in Russia, TGC-1's IFRS report for the half-year.
- Tuesday, 4th August: Caterpillar, McDonald's, Merck, Pfizer, Spotify—before the open; AMD and Amgen—after market close.
- Wednesday, 5th August: Walt Disney, Eli Lilly, Uber, Shopify, eBay; in Russia, the IFRS report from Rostelecom.
- Thursday, 6th August: ConocoPhillips, Airbnb, Warner Bros. Discovery, DraftKings; in Russia, the report from Unipro.
- Friday, 7th August: Take-Two Interactive, Under Armour, Wendy's.
Special attention should be paid to the semiconductor sector: AMD's results and forecast will serve as a litmus test for demand resilience concerning artificial intelligence infrastructure.
Macro Calendar for the Week: ISM and US Employment Report
- 3rd August: July ISM index in the US manufacturing sector, PMI for China's industry.
- 4th August: JOLTS vacancies and US trade balance for June.
- 5th August: ADP employment report and ISM index for services.
- 6th August: Weekly jobless claims and Challenger data on layoffs.
- 7th August: July US labour market report (Non-Farm Payrolls), a key release for expectations regarding the Fed rate.
What Investors Should Pay Attention To
Sunday, 2nd August 2026, is a day for position formation ahead of market openings. Firstly, the outcomes of the OPEC+ meeting—the decision on September quotas and any signals regarding a pause from October—will determine the dynamics of oil, commodity currencies, and oil and gas sector stocks on Monday. Secondly, Berkshire Hathaway’s report—the holding company's cash position and the tone of Greg Abel's comments are traditionally read as a barometer of conservative capital’s attitude towards current S&P 500 valuations. Thirdly, the macroeconomic statistics for the upcoming week—from China's PMI to the Friday employment report in the US, which could shift expectations regarding the Fed's rate trajectory after July's decision. A balanced control of commodity asset holdings, readiness for volatility in semiconductor stocks surrounding the AMD report, and attention to tariff news from Washington remain foundational strategies for the early days of August.
