Economic Events and Corporate Reports: Wednesday, July 29, 2026 – Fed 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 factors of maximum volatility: the results of the two-day Federal Reserve meeting, accompanied by a press conference from Jerome Powell, and the busiest day of the quarterly earnings season. After the US markets close, Microsoft and Meta Platforms—two heavyweights of the S&P 500 index—will present their results, while in Europe, the mid-year reports from Airbus, AstraZeneca, and UBS will be released. The Asian session will be set by the SK Hynix report and inflation data from Australia, while the Russian market will continue to play out the mid-year reporting season on MOEX. Below is a detailed overview of the economic events and corporate reports for July 29, 2026, for investors from the CIS and around the world.
Key Events of the Day: Brief Overview
- Federal Reserve’s interest rate decision – 21:00 MSK, Jerome Powell’s press conference – 21:30 MSK.
- Consumer Price Index (CPI) of Australia for Q2 2026.
- Data on pending home sales in the US and weekly oil inventory from EIA.
- Reports from Microsoft, Meta Platforms, Qualcomm, Lam Research, Arm, Starbucks – after US market close.
- Procter & Gamble, GE HealthCare, General Dynamics, Humana – before the New York trading opens.
- Mid-year reports from Airbus, AstraZeneca, and UBS in Europe, SK Hynix in Asia.
Federal Reserve Rate Decision – Central Event of the Day
The FOMC meeting on July 28-29 is the main macroeconomic marker of the week. The Federal Reserve's base rate has been maintained in the range of 3.50-3.75% since December 2025: the regulator has kept it unchanged at four consecutive meetings, citing inflation consistently exceeding the targeted 2% according to the PCE index. Market consensus predicts that the rate will remain unchanged this time as well, thus all attention is focused on the wording of the final statement, the voting layout within the committee, and Powell's rhetoric.
It is important to note that the July meeting is taking place without updated macroeconomic forecasts and a “dot plot”; the next publication of forecasts is scheduled for September. This elevates the significance of every word from the Fed Chairman. Some market participants do not rule out that the regulator may signal readiness to raise rates by 25 basis points in September if inflationary pressure does not ease. Any hint at tightening could provoke a rise in Treasury yields, a strengthening of the dollar, and pressure on growth stocks.
Macroeconomic Statistics: Inflation in Australia and Data from the US
The publication of the Australian Consumer Price Index for Q2 will mark the opening of the Asian session—a key indicator for the Reserve Bank of Australia and the Australian dollar exchange rate. In the US, data on pending home sales for June will be released during the day, reflecting the state of the housing market in the context of high mortgage rates, as well as the weekly EIA report on oil and petroleum product inventories—a significant factor for Brent and WTI quotes. Canada will publish a summary of the Bank of Canada’s discussions following its last meeting.
US Company Reports: Microsoft and Meta in the Spotlight
The Q2 2026 earnings season reaches its peak: over 170 companies from the S&P 500 are scheduled to report this week, and the total profit of the index is projected by FactSet to have grown by approximately 24.7% year-on-year. However, the backdrop for the “Magnificent Seven” remains tense: following the report from Alphabet, which raised capital expenditures plans to $205 billion amid negative free cash flow, investors are reassessing big tech's spending on artificial intelligence.
Microsoft: Azure and Capital Expenditures Under Scrutiny
Microsoft will report for its IV fiscal quarter after the market close. Wall Street expects earnings of about $4.24 per share (+16% year-on-year) on revenues of approximately $87.6 billion (+15%). Key metrics to watch are the growth rates of the Azure cloud segment (consensus 40-42%) and the forecast for capital expenditures for the 2027 fiscal year: in the last quarter, capex grew by 84% year-on-year, and disappointment in this area has already led to a nearly 10% drop in shares in a single day.
Meta Platforms: Advertising versus AI Expenditure
Meta will present its Q2 results: the market is estimating earnings around $7.14-$7.19 per share and revenues of approximately $60.2 billion (+27% year-on-year). Investors will evaluate advertising price dynamics (expected to grow by 9-12%), audience engagement, and importantly, comments on artificial intelligence expenditures. Both stocks approach their reports following notable corrections since April, raising the stakes for market reaction.
Other Reports in the US: From Procter & Gamble to Starbucks
In addition to tech giants, dozens of S&P 500 constituents are scheduled to release their reports on July 29:
- Before market open: Procter & Gamble (expected EPS $1.41), GE HealthCare, General Dynamics, L3Harris, Humana, Biogen, Teva, Garmin, Johnson Controls, Vertiv, Old Dominion, Bunge.
- After market close: Qualcomm, Lam Research, Arm Holdings, Starbucks, Chipotle Mexican Grill, Robinhood, Equinix, Fortinet, O'Reilly Automotive, Public Storage, MGM Resorts, Canadian Pacific Kansas City.
Reports from Qualcomm, Lam Research, and Arm will reflect the state of the semiconductor cycle and demand for AI infrastructure, while results from Starbucks and Chipotle will indicate the resilience of consumer spending 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 leading indices in the region:
- Airbus will publish its report for the first half of 2026; a conference call for analysts is scheduled for the evening. Focus will be on aircraft delivery rates, the status of engine supply chains, and confirmation of the annual forecast.
- AstraZeneca will present quarterly results (consensus around $2.49 per share): investors will assess the dynamics of the 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 amid discussions on capital requirements in Switzerland.
Asian Markets: SK Hynix and Expectations from the Bank of Japan
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 figures could support the entire semiconductor sector from Taiwan to Japan. Meanwhile, the Nikkei 225 index will be trading in anticipation: the Bank of Japan will hold a meeting on July 30-31, having raised the rate to 1% in June, and consensus expects it will take a pause. Inflation data from Australia will dictate the dynamics of commodity currencies and Asian bonds.
Russian Market: Mid-Year Reporting Season on MOEX
The Russian stock market continues to navigate through the mid-year reporting season for H1 2026 results: in the last days of July, issuers on the Moscow Exchange traditionally unveil reports under RAS for six months, while the largest banks and companies provide interim results under IFRS. The MOEX index is also reflecting the outcomes of the July meeting of the Bank of Russia regarding the key rate: the trajectory of easing monetary policy remains the main driver for bank stocks, developers, and companies focused on domestic demand. Investors should keep an eye on publications from energy and financial sector issuers, as well as the dynamics of the ruble amid the Fed’s decisions.
What Investors Should Focus on July 29, 2026
Wednesday presents a rare combination of monetary and corporate risks, necessitating discipline and readiness for sharp moves in quotes. Key points to consider:
- Fed rhetoric is more important than the decision itself. Maintaining the rate in the range of 3.50-3.75% is already priced in; the market will hinge on the tone of the statement and Powell's responses about September prospects.
- Big Tech capital expenditures. Following the reaction to Alphabet’s report, Microsoft and Meta’s forecasts for AI spending may determine the dynamics of the Nasdaq and S&P 500 for the remainder of the week.
- Volatility after the US market close. 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. On Thursday—first estimate of US GDP for Q2, reports from Apple and Amazon, and a meeting of the Bank of England; on Friday—Bank of Japan and preliminary Eurozone inflation. Decisions made on Wednesday should be viewed in the context of the entire week.
- Diversification across regions. Strong reports from SK Hynix and Airbus may support Asian and European indices even with cautious reactions from the US market.
For long-term investors, July 29 presents a day of hypothesis testing: do market leaders demonstrate their ability to convert record investments in AI into profit, 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 for the entirety of August.
