Key events next week in India and around the world

Axis Bank, Canara Bank, Central Bank of India, Glaxo, Tata Steel (July 25), Asian Paints, Bajaj Auto, Shoppers Stop, Tata Power, Union Bank of India (July 26), Bajaj Finance, Biocon, Blue Dart, CG Power, Coromandel, Maruti, Tata Motors, UBL (July 27), Ajanta Pharma, Bajaj Fin Serv, Dr. Reddy's, Nestle India, Orient Cement, PNB, SBI Card, SBI Life, Shree Cement, TTK Prestige, TVS Motor, (July 28), Ashok Leyland, Cipla, GMR Infra, Godrej Agro, HDFC, IOC (July 29).

Droupadi Murmu to take oath as 15th President on July 25

President-elect Droupadi Murmu will be sworn in as India’s 15th President on July 25 in the Central Hall of Parliament. Chief Justice of India NV Ramana will administer her oath of office.

Federal Reserve rate meeting (Wednesday, July 27)

In the coming week, in the US, there will be an interest rate decision of the US Federal Reserve and several noteworthy earnings reports of companies.

The US Federal Reserve decision is likely to be the biggest spotlight next week. Fed will conduct its two-day policy meeting on July 26-27.  The FOMC decision will be announced on July 27. An estimate says it would be a 75 basis point increase. If this hike is considered by the Fed, rates are expected to rise to 2.5% from 1.75%.

But, others also think an aggressive 100 basis point hike is also on the table. Fed may be tempted to follow the Bank of Canada.

Increase in headline CPI raised concerns that the FOMC might go for another big interest-rate hike this week.

Fed Chairperson Jerome Powell's speech at the press conference will be keenly watched for his commentary on inflation and potential recession since the last time he said the central bank was committed to wrestling rapid price increases under control.

Earnings from overseas corporates

Among the international companies, Alphabet, Microsoft, Coca-Cola, Apple, Intel, Amazon, and others are scheduled to report their earnings results. These companies' earnings will demonstrate how successful American business is handling the rising inflation.

Results will also be announced by major automakers, consumer goods companies, and oil companies. The list includes Ford, McDonald's, General Electric, Pfizer, Exxon Mobil, Chevron, and payments firms Visa, and Mastercard.

Key overseas companies' earnings to watch out for:

Monday (July 25): Vodafone Q1

Tuesday (July 26): Microsoft Q4, Visa Q3, Alphabet Q2, General Motors Q2, Unilever H1, Coca-Cola Q2, McDonald's Q2

Wednesday (July 27): Meta Q2, Boeing Q2, Airbus H1, Ford Q2, Lloyds H1, Qualcomm Q3, GlaxoSmithKline Q2

Thursday (July 28): Apple Q3, Amazon Q2, Shell Q2, Intel Q2, Pfizer Q2, Mastercard Q2, Barclays H1, Nestle H1, Volkswagen H1

Friday (July 29): Exxon Mobil Q2, Chevron Q2, AstraZeneca H1, Proctor & Gamble Q4

Macroeconomic Data/Month-end data

The end of the month data will be released in the US on Consumer Confidence, New Home Sales (July 26), GDP growth rate QoQ Advance (July 28), and the Core PCE Price Index (July 29). There will be fresh inflation data from Australia’s Q2 CPI (July 27), the Eurozone CPI and GDP (July 29)

The response to the numbers on consumer confidence, new home sales, and second-quarter GDP may have an impact on the global markets.

US GDP growth rate (July 28)

JPMorgan Chase & Co economists cut their US mid-year economic growth forecasts. The Wall Street bank reduced its estimate for annualized gross domestic product growth to 1 percent for the second quarter, down from 2.5 percent previously.

Eurozone CPI and GDP (July 29):

Ahead of the Eurozone’s inflation figures for July, in June we saw that the annual consumer price inflation in the 19 countries that use the euro soared to 8.6 percent in June, up from the prior record of 8.1 percent in May. The European Central Bank (ECB) this week has already raised interest rates by 50 basis points, more than expected.

Japan unemployment, CPI, retail sales (July 29)

The inflation data for Japan will be out on July 29 as also the latest jobs report and retail sales. Bank of Japan will release minutes from its June meeting on July 26.

IMF's World Economic Outlook Update (July 26)

The International Monetary Fund (IMF) releases its world economic outlook update on July 26. It has already warned it will again cut the forecast for global economic growth as impacts reverberate from Russia’s invasion of Ukraine, pandemic-related shutdowns in China and higher inflation. The outlook for this year and next will be downgraded this month when the IMF releases its World Economic Outlook Update, Managing Director Kristalina Georgieva wrote in a blog post published Wednesday, without providing specific figures.

UK - Leadership race for PM

Rishi Sunak and Liz Truss, the final two candidates for the leadership of the UK's Conservative Party, will square off in a debate on July 25. Sunak and Truss will go head-to-head in another broadcast debate on July 26.