Economic Events and Corporate Reports: Wednesday, July 29, 2026 - Fed Interest Rate Decision, Reports from Microsoft, Meta, and Airbus
Wednesday, July 29, 2026, will be a pivotal day for global financial markets. The economic calendar for investors combines two high-volatility factors: the conclusions of the two-day Federal Reserve (Fed) meeting, accompanied by a press conference featuring Jerome Powell, and the busiest day of the quarterly earnings season. After the US trading session closes, results will be announced by Microsoft and Meta Platforms—two heavyweights of the S&P 500 index—while in Europe, half-year reports from Airbus, AstraZeneca, and UBS will be released. The Asian session will be influenced by the report from SK Hynix and inflation data from Australia, with the Russian market continuing to process the half-year reporting season on MOEX. Below is a detailed overview of the economic events and corporate reports scheduled for July 29, 2026, for investors from the CIS and around the globe.
Key Events of the Day: Brief Overview
- US Fed interest rate decision - 21:00 Moscow time; Jerome Powell press conference - 21:30 Moscow time.
- Australia's Consumer Price Index (CPI) 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 the US market closes.
- 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, SK Hynix in Asia.
Fed Interest Rate Decision - Central Event of the Day
The FOMC meeting on July 28–29 will serve as the main macroeconomic benchmark for the week. The Fed’s base rate has been held in a range of 3.50–3.75% since December 2025: the regulator has kept it unchanged during four consecutive meetings, citing inflation consistently exceeding the 2% target based on the PCE index. Market consensus suggests that the rate will remain unchanged this time, so all eyes will be on the wording of the final statement, the voting breakdown within the committee, and Powell's rhetoric.
It is important to note that the July meeting takes place without updated macroeconomic forecasts and a “dot plot”—the next publication of forecasts is scheduled for September. This increases the weight of every word from the Fed Chair. Some market participants do not rule out that the regulator might signal readiness to raise rates by 25 basis points in September if inflationary pressures do not ease. Any hint at tightening could lead to increases in Treasury yields, dollar strength, and pressure on growth stocks.
Macroeconomic Statistics: Inflation in Australia and US Data
The Asian session will begin with the release of Australia's Consumer Price Index for Q2—a key indicator for the Reserve Bank of Australia and the Australian dollar. In the US, data on pending home sales for June will be released, showing the state of the real estate market amid high mortgage rates, along with the EIA's weekly report on oil and petroleum product inventories—a significant factor for Brent and WTI prices. In Canada, the Bank of Canada will publish a summary of discussions from its last meeting.
US Company Reports: Microsoft and Meta in the Spotlight
The earnings season for Q2 2026 is reaching its peak: this week more than 170 companies from the S&P 500 index will report, and the combined profits of the index are projected to increase by approximately 24.7% year-on-year, according to FactSet. However, the backdrop for the 'Magnificent Seven' remains tense: following Alphabet's report, which raised its capital expenditure forecast to $205 billion amid negative free cash flow, investors are scrutinizing big tech's AI spending more closely.
Microsoft: Azure and Capex Under Scrutiny
Microsoft will report its Q4 financial results after the market closes. Wall Street expects earnings of around $4.24 per share (+16% year-on-year) with revenue of approximately $87.6 billion (+15%). Key metrics will include growth rates for the Azure cloud segment (consensus 40–42%) and the capex forecast for the fiscal year 2027: last quarter, capex rose by 84% year-on-year, and any disappointment on this front previously led to a nearly 10% drop in stock price in a single day.
Meta Platforms: Advertising vs. AI Spending
Meta will release its Q2 results, with the market anticipating earnings of around $7.14–$7.19 per share and revenue of approximately $60.2 billion (+27% year-on-year). Investors will evaluate advertising price trends (a 9-12% increase is expected), audience engagement, and crucially, comments regarding AI spending. Both stocks approach the earnings reports after a significant correction since April, raising the stakes for market reactions.
Other Reports in the US: From Procter & Gamble to Starbucks
In addition to tech giants, many issuers from the S&P 500 will report on July 29:
- 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 Market 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 semiconductor cycle and demand for AI infrastructure, while results from Starbucks and Chipotle will indicate the resilience of consumer spending in the US.
European Reports: Airbus, AstraZeneca, and UBS
The European earnings season is also in full swing, and Wednesday will bring results from several components of the Euro Stoxx 50 and major indices in the region:
- Airbus will publish its half-year report for 2026; a conference call for analysts is scheduled for the evening. Key points of focus will include aircraft delivery rates, the status of engine supply chains, and confirmation of the annual forecast.
- AstraZeneca will release quarterly results (consensus around $2.49 per share): investors will assess the performance of the oncology portfolio and comments on US pricing policies.
- UBS will report for Q2 (expected around $0.88 per share)—a key report for the European banking sector amid discussions about capital requirements in Switzerland.
Asian Markets: SK Hynix and BOJ Expectations
In Asia, the main corporate event will be the report from South Korea's SK Hynix—a key global producer 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 in anticipation of the Bank of Japan's meeting to be held on July 30-31, which raised rates to 1% in June and is expected to pause, according to consensus. 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 navigate the half-year reporting season for 2026: in the final days of July, issuers on the Moscow Exchange traditionally publish financial reports for the first six months, while major banks and companies release interim results under IFRS. The MOEX index is also responding to the outcomes of the July meeting of the Bank of Russia regarding the key rate: the trajectory of easing monetary policy remains the main driver for bank stocks, developers, and domestic demand companies. Investors should keep an eye on releases from energy and financial sector issuers, as well as the dynamics of the ruble amid the Fed's decisions.
What Investors Should Focus on July 29, 2026
Wednesday presents a rare combination of monetary and corporate risks, hence the day requires discipline and readiness for sharp price movements. Key focus areas include:
- Fed rhetoric is more important than the decision itself. Maintaining the rate in the 3.50–3.75% range is priced in; the market will be driven by the tone of the statement and Powell’s responses regarding September’s prospects.
- Big tech capital expenditures. Following the reaction to Alphabet’s report, Microsoft and Meta's forecasts for AI spending could determine the dynamics of the entire Nasdaq and S&P 500 for the remainder of the week.
- Volatility after the US market close. Key reports will be released post-market, coinciding with the digestion of FOMC results—manage position sizes and avoid excessive leverage.
- Calendar through the end of the week. Thursday will feature the first estimate of US GDP for Q2, reports from Apple and Amazon, and a Bank of England meeting; Friday will have the Bank of Japan and preliminary inflation data for the Eurozone. Wednesday's decisions should be viewed in the context of the entire week.
- Diversification across regions. Strong reports from SK Hynix and Airbus may support Asian and European indices even if US markets respond cautiously.
For long-term investors, July 29 will be a day to test hypotheses: will market leaders prove capable of converting record investments in AI into profits, and is the Fed ready to maintain a balance between combating inflation and supporting the economy? Answers to both questions will set the direction for global markets throughout August.
