Super Central Bank Week and Earnings Week Kick Off: The three major central banks of the US, UK and Japan will announce their interest rate decisions, while earnings reports from Meta, Amazon, SK Hynix and others are coming thick and fast.

Surging energy prices, new U.S. tariffs, and a sharp rise in AI capital expenditures have reignited global investor concerns about inflation. Brent crude topped $100 for the first time in two months, retreating to $98.38 on Friday, but still notching a nearly 12% weekly gain. Markets expect the Federal Reserve, Bank of England (BOE), and Bank of Japan (BOJ) to hold interest rates steady next week, though federal funds futures show a 35% probability of a 25-basis-point Fed hike next week, with a September increase already fully priced in. On the macro front, next week will bring consecutive rate decisions from the Fed, BOE, and BOJ, plus key data including U.S. second-quarter GDP, June core PCE, Eurozone second-quarter GDP, and July CPI. Key scheduled events are as follows: Tuesday at 20:15 ET, U.S. weekly ADP employment change for the week ended July 11. Thursday at 02:00 ET, Fed FOMC rate decision; 02:30 ET, Fed Chair Jerome Powell holds a monetary policy press conference; 19:00 ET, BOE announces its rate decision, meeting minutes, and monetary policy report; 20:30 ET, U.S. initial jobless claims, June core PCE, personal spending, and second-quarter GDP data. Friday, the BOJ will release its rate decision and economic outlook report (time to be determined); 14:30 ET, BOJ Governor Kazuo Ueda holds a press conference; 22:00 ET, U.S. July final University of Michigan consumer sentiment index and 1-year inflation expectation. Separately, SK Hynix will release its second-quarter earnings on July 29 at 8:00 ET. Meta, Microsoft, Robinhood, Qualcomm, and Arm will report after U.S. market close on Wednesday, while Apple, Amazon, Coinbase, Reddit, and Roblox will do so after Thursday’s close. Investors will closely monitor the tech giants’ AI-related capital expenditures and returns on investment. Alphabet had earlier raised its 2024 capital expenditure forecast to $205 billion, with its spending plans and negative free cash flow already sparking market concerns.