US earnings season kicked off this week
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Hungary: Inflation in July declined to 1.2% YoY much below the expectations; it seems the exchange rate has started to work
Hungary's headline inflation decreased to 1.2% year-on-year in July from 1.7% in June. The published data was lower than the consensus (1.5%) and our forecast (1.6%). The lower-than-expected inflation was widespread among the main inflation categories.
Glencore: excellent performance, higher dividend
Glencore, one of the world’s largest diversified mining companies, released its H1 earnings report yesterday, which showed strong results. The company exceeded analysts’ expectations across all key financial lines, and a significant improvement is also evident on an annual basis. Higher commodity prices greatly contributed to this performance, and Glencore also took advantage of the trading opportunities created by the war in Iran. In light of this, management has increased the dividend and announced a share buyback program. For now, we are keeping the stock on our Equity Top Pick List.
This week, the first-quarter earnings season kicked off in the US with Delta Air Lines’ results, and in the first half of next week, investors will be focusing on the latest figures from major US banks. On April 13, Goldman Sachs will report, followed a day later by Citigroup, JPMorgan, and Wells Fargo. There will be few earnings reports from Europe next week; ASML will publish its latest figures on April 15, while among Hungarian companies, PannErgy’s first-quarter production report and AutoWallis’s latest sales report are expected next week.
The first-quarter earnings season has kicked off in the US this week; according to FactSet, the estimated earnings growth rate for the S&P 500 in the first quarter could be 13.2% (year-over-year), among the index components, 51 companies have issued negative EPS forecasts for the first quarter, while 59 have issued positive ones.
As of Thursday morning, approximately 3% of the companies comprising the S&P 500 had already released their latest figures; In terms of revenue, these companies reported an average of 3.9% above expectations; 70.6% of the companies that have released their earnings reports so far delivered a positive surprise, while 5.9% delivered a negative surprise. In terms of EPS, companies that have released their earnings reports so far have, on average, reported earnings 17.5% above expectations; 70.6% of the companies that have reported so far delivered a positive surprise, while 17.7% delivered a negative one. Among the components of the Stoxx 600 index, only two companies have published their latest earnings reports so far.
Next week, major US banks will release their earnings reports in the first half of the week: Goldman Sachs on Monday, followed by Citigroup, JPMorgan, and Wells Fargo on Tuesday. There are few earnings reports coming out of Europe for now, but ASML will publish its report next week, while among Hungarian companies, PannErgy’s first-quarter production report and AutoWallis’s latest sales report are expected next week.
First quarter earnings dates – 2026.04.06. – 04.10.
First quarter earnings dates - 2026.04.13. – 04.17.
First quarter earnings dates - 2026.04.20. – 04.24.
S&P500 first quarter earnings dates – 2026. 04.08. – 04.24.
Stoxx600 first quarter earnings dates – 2026. 04.08. – 04.24.
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