The earnings season is picking up speed in Europe as well
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After a hot fall, a spring tornado could wreak havoc in France
Barely half a year after this year’s French budget was passed, the wrangling over the 2027 budget is about to begin, but that’s not all, because France will also hold a presidential election next spring. During the first public presidential debate, some of the radical candidates put forward ideas that were, at times, unconventional. Although the presidential election in late April still seems far off, based on the latest polls, if no candidate secures enough votes and a runoff is held, it cannot be ruled out that two radical presidential candidates will face off against each other. Market participants may have begun to price in this growing uncertainty, as the yield spread between French and German 10-year government bonds has started to widen again in recent weeks. The period ahead promises to be full of twists and turns, so it will be worth keeping a close eye on developments in French domestic politics.
Commodities - Technical Analysis
Gold and silver prices have retested their uptrend lines, so the long-term trend may continue. Oil prices have broken out of a contracting pattern, which may signal the start of another upward wave. Natural gas prices have also begun to rise, signaling a buy. In the case of copper, the main uptrend remains in effect, and there are currently no signs indicating a change in the trend’s structure. Following significant gains, wheat and corn have become heavily overbought, increasing the likelihood of a correction.
Next week, the second quarter earnings season will continue in full swing: In the US, market participants will likely focus primarily on the latest figures from major technology companies, while in Europe, several banks and several automaker companies will also report. As for Hungarian blue-chip companies, Magyar Telekom and OTP will publish their second quarter earnings on August 5, followed by Mol and Richter on August 7.
As of noon on Friday, 26% of the companies in the S&P 500 had already reported their latest results; in terms of revenue, these companies reported results that were, on average, 3.3% above expectations; 72.4% of the companies that have already released their earnings reports delivered a positive surprise, while 12.6% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were, on average, 43.2% above expectations; 87.4% of the companies that have reported so far delivered a positive surprise, while 10.2% delivered a negative surprise.
Of the companies in the Stoxx 600 index, 25.6% have reported so far; In terms of revenue, these companies reported results that were, on average, 0.7% above expectations; among the companies that have published their earnings reports so far, 58.1% delivered a positive surprise, while 16.3% delivered a negative surprise. In terms of EPS, companies that have published their earnings reports so far reported results that were, on average, 0.5% below expectations; 49.5% of the companies that have reported so far delivered a positive surprise, while 43.9% delivered a negative surprise.
During the week of July 27, companies from the US—including Boeing, Coca-Cola, Ford, Microsoft, Meta, Amazon, and Apple—will release their earnings reports. Meanwhile, in Europe, Mercedes-Benz, Porsche, Adidas, and Ferrari, among others, will publish their latest figures. Among Hungarian blue-chip companies, Magyar Telekom and OTP will release their second quarter earnings reports on August 5, followed by Mol and Richter on August 7.
Second quarter earnings dates – 2026.07.27. – 07.31.
Second quarter earnings dates - 2026.08.03. – 08.07.
S&P500 second quarter earnings dates - 2026.07.27. – 08.07.
Stoxx 600 second quarter earnings dates - 2026.07.27. – 08.07.
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