By Ketki Saxena
Investing.com -- It’s set to be a definitive week in global markets, and one likely to set the tone for the remainder of the year.
As recessionary concerns mount, all eyes will be on the world’s most powerful central bank as the U.S. Federal Reserve meets for its 2-day policy meeting, with a 75 bps hike widely expected on Wednesday. The week will also include U.S. Q2 GDP data, which investors hope will eke out on a positive note, indicating by the oft-cited two-quarters rule that the world’s largest economy has managed to avoid a recession.
Canadian GDP is also expected this week, for the month of May. Other major Canadian economic data this week will include data on payroll employment, earnings, and job vacancies. Investors will be watching both readings closely for indicators of a slowdown in the Canadian economy, in the context of rapid policy tightening by the Canadian central bank in recent months.
On the international front, investors will be awaiting the IMF’s World Economic Outlook update on Tuesday.
It’s also set to be a big week on the corporate side, with earnings season in full swing on both sides of the border. In the U.S., investor sentiment will be dominated by results from the FAAMG mega caps - Meta, Apple (NASDAQ:AAPL), Amazon, Microsoft (NASDAQ:MSFT), and Alphabet (NASDAQ:GOOGL), all of which are all set to report earnings this week.
Major Canadian earnings will cover some of the country’s largest energy companies - including Enbridge (TSX:ENB), Tourmaline Oil Corp . (TSX:TOU), Crescent Point Energy (TSX:CPG), Baytex Energy (TSX:BTE), ARC Resources Ltd . (TSX:ARX), MEG Energy Corp (TSX:MEG), and Imperial Oil Ltd (TSX:IMO)
Other major earnings will include Canadian Pacific Railway Ltd (TSX:CP) and Canadian National Railway (TSX:CNR), e-commerce giant Shopify (TSX:SHOP), recently under-pressure Rogers Communication, Cargojet, and Tilray (TSX:TLRY).
Monday, July 25
In Canada:
- Economics: Business Closures, April
- TSX Earnings: Celestica
In the U.S.: No major earnings or economic data expected
Tuesday, July 26
In Canada:
- Economics: Wholesale trade (June early indicator)
- TSX Earnings: Canadian National Railway, First National Financial Corp (TSX:FN)
In the U.S.:
- Economics: Federal Reserve begins 2 day policy meeting; New home sales, Conference Board consumer confidence index
- Earnings: Alphabet, Microsoft, General Motors (NYSE:GM), General Electric (NYSE:GE), Visa (NYSE:V), McDonald's (NYSE:MCD), Coca-Cola (NYSE:KO)
Wednesday, July 27
In Canada:
- Economics: No major economic data expected
- TSX Earnings: Shopify, Rogers Communications (TSX:RCIa), Loblaw Companies Limited (TSX:L), West Fraser Timber (TSX:WFG), Tourmaline Oil, Crescent Point Energy, Baytex Energy, Teck Resources (TSX:TECKa), Precision Drilling, Cargojet Inc (TSX:CJT)
In the U.S.:
- Economics: U.S. Federal Reserve releases interest rate decision; U.S. durable goods orders
- Earnings: Meta Platforms, Boeing (NYSE:BA), Ford, Qualcomm (NASDAQ:QCOM)
Thursday, July 28
In Canada:
- Economics: Canadian payroll employment, earnings and hours, and job vacancies
- Earnings: Canadian Pacific Railway, TMX Group Limited (TSX:X), Intact Financial (TSX:IFC), TC Energy (TSX:TRP), Arc Resources, Meg Energy, Whitecap Resources (TSX:WCP), Fortis (TSX:FTS), Yamana Gold (TSX:YRI), Canfor (TSX:CFP), Tilray.
In the U.S.:
Economics: GDP (Q2) and initial jobless claims;
Earnings: Shell (LON:RDSa), Apple, Amazon.com Inc (NASDAQ:AMZN)., Intel (NASDAQ:INTC), Pfizer (NYSE:PFE), Mastercard (NYSE:MA)
Friday, July 29
In Canada:
- Economics: Canadian GDP (May)
- TSX Earnings: Enbridge, Imperial Oil, George Weston Limited (TSX:WN)
In the U.S: