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 major volatility factors: the outcome of the two-day Federal Reserve meeting with Jerome Powell's press conference and the busiest day of earnings season. After the US markets close, results will be presented by Microsoft and Meta Platforms — two heavyweights in the S&P 500 index — while in Europe, half-year reports from Airbus, AstraZeneca, and UBS will be released. The Asian session will kick off with the SK Hynix report and inflation data from Australia, while the Russian market will continue to digest its half-year earnings season on the MOEX. Below is a detailed overview of economic events and corporate reports on July 29, 2026, for investors from the CIS and around the world.
Key Events of the Day: Brief Overview
- Fed Interest Rate Decision — 21:00 Moscow Time, Jerome Powell's Press Conference — 21:30 Moscow Time.
- Australia's Consumer Price Index (CPI) for Q2 2026.
- US Pending Home Sales Data and Weekly Oil Inventories from EIA.
- Reports from Microsoft, Meta Platforms, Qualcomm, Lam Research, Arm, Starbucks — after US market closure.
- Procter & Gamble, GE HealthCare, General Dynamics, Humana — before New York trading begins.
- 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 be the primary macroeconomic focus of the week. The Fed's key interest rate has been maintained in the range of 3.50-3.75% since December 2025, as the regulator has kept it unchanged at four consecutive meetings, citing inflation consistently exceeding the target of 2% as measured by the PCE index. The market consensus suggests the rate will remain unchanged this time, so all attention will be on the wording of the final statement, the vote breakdown within the committee, and Powell's rhetoric.
It is important to note that the July meeting takes place without updated 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 the possibility that the regulator could signal a willingness to raise the rate by 25 basis points in September if inflationary pressures do not ease. Any hint of tightening could lead to an increase in Treasury yields, a strengthening of the dollar, and pressure on growth stocks.
Macroeconomic Statistics: Inflation in Australia and Data from the US
The Asian session will begin with the publication of the Consumer Price Index for Australia for Q2 — a crucial indicator for the Reserve Bank of Australia and the Australian dollar's exchange rate. In the US, data on pending home sales for June will be released throughout the day, shedding light on the housing 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, a summary of discussions from the Bank of Canada’s recent meeting will be published.
Corporate Reports from US Companies: Microsoft and Meta in Focus
The Q2 2026 earnings season reaches its peak this week, with over 170 companies in the S&P 500 scheduled to report results. According to FactSet, the aggregate profit for the index is expected to increase by approximately 24.7% year-over-year. However, the backdrop for the "Fabulous Seven" remains tense: following Alphabet's report, which raised its capital expenditure plan to $205 billion while reporting a negative free cash flow, investors are tightening their evaluations of big tech's AI spending.
Microsoft: Azure and Capital Expenditures Under the Microscope
Microsoft will report its fourth fiscal quarter results after the market closes. Wall Street anticipates earnings of around $4.24 per share (+16% year-over-year) with revenue of approximately $87.6 billion (+15%). Key metrics include the growth rate of the Azure cloud segment (consensus 40-42%) and the forecast for capital expenditures in the 2027 fiscal year: in the last quarter, capex rose by 84% year-over-year, and disappointment on this front has previously led to a drop in shares of nearly 10% in a single day.
Meta Platforms: Advertising versus AI Spending
Meta will present its Q2 results, with the market expecting earnings of around $7.14-7.19 per share and revenue of about $60.2 billion (+27% year-over-year). Investors will assess the dynamics of advertising prices (expected increase of 9-12%), audience engagement, and, importantly, comments on spending for artificial intelligence. Both stocks approach the reports after significant corrections since April, which raises the stakes for market reactions.
Other US Reports: From Procter & Gamble to Starbucks
In addition to the tech giants, dozens of issuers from the S&P 500 will report on July 29:
- Before market opens: Procter & Gamble (expected EPS $1.41), GE HealthCare, General Dynamics, L3Harris, Humana, Biogen, Teva, Garmin, Johnson Controls, Vertiv, Old Dominion, Bunge.
- After market closes: Qualcomm, Lam Research, Arm Holdings, Starbucks, Chipotle Mexican Grill, Robinhood, Equinix, Fortinet, O'Reilly Automotive, Public Storage, MGM Resorts, Canadian Pacific Kansas City.
The reports from Qualcomm, Lam Research, and Arm will provide insight into the state of the semiconductor cycle and demand for AI infrastructure, while results from Starbucks and Chipotle will be indicators of consumer spending resilience 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 the region's largest indices:
- Airbus will publish its half-year report for 2026; an analyst conference call is scheduled for the evening. Key focuses will include aircraft delivery rates, the state of engine supply chains, and confirmation of the annual forecast.
- AstraZeneca will present quarterly results (consensus around $2.49 per share): investors will evaluate the dynamics of its oncology portfolio and comments on US pricing policy.
- UBS will report for Q2 (expected around $0.88 per share) — a key report for the European banking sector amidst discussions on capital requirements in Switzerland.
Asian Markets: SK Hynix and Bank of Japan Expectations
In Asia, the main corporate event will be the report from South Korea's SK Hynix, one of the key global producers of HBM memory for AI accelerators. Strong numbers could support the entire semiconductor sector from Taiwan to Japan. Meanwhile, the Nikkei 225 index will trade in cautious anticipation: a Bank of Japan meeting will take place on July 30-31, following the June rate hike to 1%, with the consensus indicating a pause. The inflation data from Australia will drive the dynamics of commodity currencies and Asian bonds.
Russian Market: Half-Year Earnings Season on MOEX
The Russian stock market continues its half-year reporting season for 2026: in the last days of July, issuers on the Moscow Exchange traditionally publish results according to RAS for six months, while the largest banks and companies present interim results according to IFRS. The MOEX index will also react to the outcomes of the Bank of Russia's July meeting on the key rate: the trajectory of monetary policy easing remains a primary driver for bank stocks, developers, and domestic demand companies. Investors should monitor publications from issuers in the energy and financial sectors, as well as the dynamics of the ruble in light of the Fed's decision.
What Investors Should Focus on July 29, 2026
Wednesday creates a rare combination of monetary and corporate risks, necessitating discipline and readiness for sharp price movements. Key benchmarks include:
- The Fed’s rhetoric is more important than the decision itself. The maintenance of the rate in the 3.50-3.75% range is priced in; the market will be influenced by the tone of the statement and Powell's responses regarding September's outlook.
- Big tech capital expenditures. Following reactions to Alphabet's report, forecasts from Microsoft and Meta regarding AI spending could determine the dynamics of the Nasdaq and S&P 500 for the remainder of the week.
- Volatility after the US market closes. Major reports will be released post-market, coinciding with the digestion of the FOMC outcomes — manage position sizes and avoid excessive leverage.
- Calendar for the rest of the week. Thursday will see the first estimate of US GDP for Q2, reports from Apple and Amazon, and a meeting from the Bank of England; Friday will feature 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 across regions. Strong reports from SK Hynix and Airbus could support Asian and European indices even with cautious reactions from the US market.
For long-term investors, July 29 serves as a hypothesis testing day: 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.
