The second quarter earnings season is kicking off
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The government crisis is over – what lies ahead for Romania?
Romania has experienced five turbulent months on the domestic political front. Nevertheless, after several prime ministerial candidates failed to secure parliamentary support, a new government was finally formed in late October. The Romanian equity market, which had performed strongly during the first half of the year, lost momentum towards the end of August and entered a downward correction in September. It then rebounded in October, partly reflecting the reduced risks of a snap election and a sovereign rating downgrade to below investment grade. While domestic political tensions have subsided, the BET index has yet to recover to the vicinity of its August peak. At the same time, Romanian equities no longer appear particularly inexpensive from a valuation perspective.
Commodities - Technical Analysis
Signs of a turnaround have emerged for gold and silver, and a strong upward move could trigger the next upward wave. A breakout above the key downtrend lines could also be on the horizon, which would further reinforce the positive turnaround. The price of oil has broken below the 100-day moving average, weakening the bullish outlook, and with the uptrend broken, it has entered a correction phase. Natural gas is showing a correction following a sharp decline, but has not yet managed to break through its downtrend line. Copper continues to trade within a wide range and is approaching the lower end of that range. Following a significant decline, wheat and corn prices have reached key support levels from which an upward correction—or even a new uptrend—is likely to begin.
This week, the earnings season kicks off in the US with the latest figures from Pepsi and Delta Air Lines, followed next week by the second-quarter earnings figures from major US banks. Among Hungarian companies, AutoWallis will publish its latest sales report on July 15, and PannErgy will release its production report on the same day. For European companies, the earnings season will pick up speed during the week of July 20.
The second-quarter earnings season is kicking off in the US; according to FactSet, the estimated earnings growth rate for the S&P 500 in the second quarter could be 23.3% (year-over-year). However, among the index components, 48 companies have issued negative EPS guidance for the second quarter, while 63 have issued positive guidance.
As of noon on Wednesday, 3% of the companies in the S&P 500 had already released their latest figures; In terms of revenue, these companies reported results that were, on average, 4.7% above expectations; 60% of the companies that have released their earnings reports so far delivered a positive surprise on revenue, while 6.7% delivered a negative surprise. In terms of EPS, companies that have released their earnings reports so far have, on average, reported earnings 16.1% above expectations; 93.3% of the companies that have reported so far delivered positive surprises, while none have delivered negative surprises so far. Among the components of the Stoxx 600 index, only four companies have released their earnings reports so far.
This week, Pepsi and Delta Air Lines will report their latest figures, and in the week of July 13, earnings season will continue with the latest results from large US banks. In Europe, the earnings season will pick up speed in the second half of the week of July 20, while among Hungarian companies, AutoWallis will publish its latest sales report and PannErgy will release its production report on July 15.
Second quarter earnings dates – 2026.07.13. – 07.17.
Second quarter earnings dates – 2026.07.20. – 07.24.
S&P500 second quarter earnings dates - 2026.07.09. – 07.24.
Stoxx 600 second quarter earnings dates - 2026.07.09. – 07.24.
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