The earnings season is picking up speed in Europe as well
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The third-quarter earnings season in the US has picked up pace following the release of the latest figures from US banks. Based on preliminary expectations, the third quarter is likely to have closed with strong earnings growth for S&P 500 companies, led by the energy and technology sectors. The major US banks have still achieved solid growth on an annual basis, indicating that their operations remain strong, but the pace has clearly slowed in many cases, which has tended to result in negative share price reactions.
Commodities - Technical Analysis
Gold and silver continued their downward trend, bouncing off key levels. Until their downward trends are broken, they will not be able to produce a significant rise. The fall in oil prices reversed from the $87.5 level and began a slight upward movement. Natural gas remained in an uptrend; a significant rise could even occur if it breaks out upwards. The price of copper has become stuck in a wider range, so the oversold and overbought zones may offer more favourable trading opportunities. The falling prices of wheat and corn have reached key support levels; a buying reaction from these levels could present favourable long opportunities with limited risk.
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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