“Trading is a journey of self-discovery. The market will show you who you really are.”
Mark Douglas, Trading in the Zone
EQUITY MARKETS – INDICES
Hyperscalers are leaning on debt and equity issuance to fund the AI race. The money keeps changing hands and flowing into semis, and lately into memory stocks and the rest of the datacenter buildout chain. They’re swimming in cash, no doubt about it.
So why are they selling now? Is it war, is it leverage? Probably both, and more.
Markets are funny this way. They often move regardless of cash flows, future prospects, or any fundamentals. Sometimes it’s just about positioning. It’s really difficult to go higher when most are already long, with options stacked on top.
And these are cyclicals, and cyclicals always look cheapest right at the top. We let the tape talk and respect the trends.
The more structural question is whether the massive passive flows can absorb all that debt and share issuance. If they can’t, that’s when we enter a real problem.
As to taking a new big position, well, nothing looks particularly cheap yet and at the start of a move / turning to uptrend, and that’s the setup where the real money is made.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• S&P 500 – UNITED STATES: uptrend ➝ sideways
• S&P 500 VIX – UNITED STATES: downtrend ➝ sideways
• NASDAQ 100 – UNITED STATES: sideways ➝ downtrend
• DOW JONES – UNITED STATES: uptrend ➝ sideways
• RUSSELL 2000 – UNITED STATES: uptrend ➝ sideways
• NIKKEI YEN – JAPAN: sideways ➝ downtrend
• HSI HANG SENG – CHINA: sideways ➝ uptrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• S&P 500 VIX – UNITED STATES: downtrend ➝ sideways
• MSCI EM – EMERGING MARKETS: uptrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• NASDAQ 100 – UNITED STATES: neutral ➝ negative
• RUSSELL 2000 – UNITED STATES: positive ➝ neutral
• NIKKEI YEN – JAPAN: neutral ➝ negative
$SPY $QQQ $IWM $EWC $EWG $EWU $EWQ $EWL $EWY $EWJ $FXI $KWEB $EWZ $INDA
Highlight for the week, shown below. 👇
FOREX
The dollar’s breakout test drags on.
The inflation data killed the momentum, but the structure is still intact, so we keep treating this as a pause and consolidation, not reversal, until the trend says otherwise that is.
The picture underneath is mixed. The Euro is still weak, but the British Pound has been very strong lately, and now we’re seeing sharp bounces in the Canadian, Australian and New Zealand dollars, with the same move showing up across the crypto space. Let’s see if it turns into continuation.
Gold keeps shadowing the dollar, almost tick for tick. There’ll be a moment to press it long, and we’re not quite there yet.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• DXY – US DOLLAR INDEX: uptrend ➝ sideways
• CAD/USD – CANADIAN DOLLAR: downtrend ➝ uptrend
• BRL/USD – BRAZILIAN REAL: sideways ➝ uptrend
• AUD/USD – AUSTRALIAN DOLLAR: downtrend ➝ sideways
• NZD/USD – NEW ZEALAND DOLLAR: sideways ➝ uptrend
• CNH/USD – CHINESE YUAN: sideways ➝ uptrend
• NOK/USD – NORWEGIAN KRONE: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• MXN/USD – MEXICAN PESO: uptrend ➝ sideways
• BRL/USD – BRAZILIAN REAL: sideways ➝ uptrend
• NZD/USD – NEW ZEALAND DOLLAR: downtrend ➝ sideways
• ZAR/USD – SOUTH AFRICAN RAND: uptrend ➝ sideways
• KRW/USD – SOUTH KOREAN WON: downtrend ➝ sideways
COT CHANGES SINCE LAST WEEK
• CAD/USD – CANADIAN DOLLAR: neutral ➝ positive
• NZD/USD – NEW ZEALAND DOLLAR: neutral ➝ positive
$USD $DXY $EUR $GBP $CHF $JPY $CAD $MXN $BRL $AUD $NZD $ZAR $AU $BTC $ETH $CNH $INR $SGD $KRW $RUB $PLN $NOK $SEK
Highlight for the week, shown below. 👇
INDUSTRIAL METALS
The stabilization keeps broadening.
Copper is still the anchor, staying very strong, and now tin is back in an uptrend; aluminum, zinc, uranium, platinum and palladium are holding their ground, and the nickel selloff looks exhausted as well.
This could turn into something we can act on. Still a supply story more than a demand one, but we’ll take what we can get; and a weaker dollar would certainly help.
Moving from watching to looking where to go long again.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• ALUMINUM – UNITED STATES: downtrend ➝ sideways
• TIN – LME, UNITED KINGDOM: sideways ➝ uptrend
• ZINC – LME, UNITED KINGDOM: uptrend ➝ sideways
• NICKEL – LME, UNITED KINGDOM: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
COT CHANGES SINCE LAST WEEK
• TIN – LME, UNITED KINGDOM: neutral ➝ positive
$SI / $SLV / $PSLV $PL / $PPLT $PA / $PALL $HG
Highlight for the week, shown below. 👇
ENERGIES
Still the same movie.
Never ending headlines, on and off strikes, escalations, deescalations, on and on. It’s Sunday, so let’s see, perhaps some positive news that absolutely nobody expected crosses the wire before futures open.
In any case, we don’t get to sit in the rooms where those calls are made, so let’s lean on the charts, trends, and positioning, which keep telling a cleaner story than the noise anyway.
So, where are we? Oil surged nearly 10% on the week, gasoline pushed into an uptrend, and coal reclaimed a medium-term uptrend too. Energy was the best sector in the market, again.
Will it continue? Maybe. It depends on political decisions now, and even if I could get into their heads to see, I’m not sure I’d want to.
What we know is that the physical market isn’t loose. The headline flows were, for a short while, and global reserves still have to be refilled at some point. Producers still aren’t hedging, smart, makes no sense with future prices this low.
Our long-term energy equity positions stay on, and we’re comfortable with that.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• CRUDE OIL – UNITED STATES: downtrend ➝ sideways
• GASOLINE – UNITED STATES: sideways ➝ uptrend
• NATURAL GAS – UNITED STATES: sideways ➝ downtrend
• COAL – NEWCASTLE, AUSTRALIA: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• CRUDE OIL – UNITED STATES: downtrend ➝ sideways
• NATURAL GAS – UNITED STATES: sideways ➝ downtrend
• COAL – NEWCASTLE, AUSTRALIA: sideways ➝ uptrend
COT CHANGES SINCE LAST WEEK
• NONE
$CL $USO $NG $XLE $COAL
Highlight for the week, shown below. 👇
TREASURIES
We got softer jobs, then “cooler” CPI, and yields barely moved. Now what?
Bonds simply can’t hold a rally, even when the data says they should. I think the market keeps pricing the inevitable global easing reaction to any serious crisis, plus the war escalation and what that does to oil.
The structural issues mean more deficits, more issuance, more supply hitting the market.
And now the private sector has joined the debt party, and it went straight for the tequila shots.
Let’s see how it all ends.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• 2-YEAR T-NOTE – UNITED STATES: downtrend ➝ sideways
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• NONE
COT CHANGES SINCE LAST WEEK
• NONE
$SHY $IEF $TLT
Highlight for the week, shown below. 👇
AGRICULTURE
Round two in the ags continues.
And it keeps broadening. The softs were leading, and now the grains have started to wake up and move higher.
Oh, and oil is surging again, even peace tomorrow would not undo the damage already done. Not to mention that El Niño is still in play.
We remain long, started mostly with the softs, and now we’ve spread out into wheat and wherever else trends have gotten established. That’s the system. We’ll see where it takes us.
SHORT-TERM TREND CHANGES SINCE LAST WEEK
• COTTON NO. 2 – UNITED STATES: uptrend ➝ sideways
• SOYBEAN OIL – UNITED STATES: downtrend ➝ uptrend
MEDIUM-TERM TREND CHANGES SINCE LAST WEEK
• COFFEE C – UNITED STATES: sideways ➝ uptrend
• SOYBEAN OIL – UNITED STATES: sideways ➝ uptrend
• CATTLE – UNITED STATES: sideways ➝ downtrend
COT CHANGES SINCE LAST WEEK
• COCOA – UNITED STATES: positive ➝ neutral
• WHEAT – UNITED STATES: positive ➝ neutral
• SOYBEAN OIL – UNITED STATES: negative ➝ neutral
$CT $OJ $KC $SB $CC $LBR $ZW $ZC $ZR $ZS $ZL $ZM $RS $LE $GF $HE
Highlight for the week, shown below. 👇
That’s it for now. As always, you can find the summary of upcoming economic events and earnings.
Stay safe out there!
Kacper Piotr Kaminski, Cerlogic Markets Research –
This publication is for informational and educational purposes only and does not constitute investment advice. Markets involve risk, and every participant is responsible for their own decisions.
Economic Events & Earnings Calendar – July 20–24, 2026
All times New York (EDT, GMT−4). Overnight Asian prints show the prior-evening ET time, tagged with the day.
Monday, July 20
Economic Events
• 🇧🇼 🇨🇴 🇯🇵 Holidays – Presidents’ Day (Botswana), Independence Day (Colombia), Marine Day (Japan)
• 18:45 (Sun) 🇳🇿 New Zealand – Trade Balance, Exports & Imports (Jun)
• 21:00 (Sun) 🇨🇳 China – PBoC Loan Prime Rate (1-Year & 5-Year) (Jul)
• 00:00 🇲🇾 Malaysia – Trade Balance, Exports & Imports (Jun)
• 02:00 🇩🇪 Germany – PPI (MoM/YoY) (Jun)
• 03:30 🇵🇱 Poland – PPI, Industrial Output & Wages (Jun)
• 07:25 🇧🇷 Brazil – BCB Focus Market Readout
• 07:30 🇮🇳 India – Infrastructure Output (YoY) (Jun)
• 08:30 🇨🇦 Canada – CPI, Core CPI & Trimmed/Median CPI (Jun)
• 10:00 🇺🇸 US – Leading Index (MoM) (Jun)
Earnings – Energy
• $RELIANCE (NSE) Reliance Industries – Energy / Oil-to-Chemicals & Retail (India) 🇮🇳
Earnings – Metals & Mining
• $PKX (NYSE) POSCO Holdings – Materials / Steel (South Korea) 🇰🇷
• $003670 (KRX) POSCO Future M – Materials / Battery Cathode Materials 🇰🇷
• $STLD (NASDAQ) Steel Dynamics – Materials / Steel (US) 🇺🇸
• $TSTH (SET) Tata Steel Thailand – Materials / Steel 🇹🇭
• $ULTRACEMCO (NSE) UltraTech Cement – Materials / Cement (India) 🇮🇳
Earnings – Chemicals
• $1301 (TWSE) Formosa Plastics – Materials / Petrochemicals 🇹🇼
• $007690 (KRX) Kukdo Chemical – Materials / Epoxy Resins 🇰🇷
• $1773 (TWSE) Shiny Chemical – Materials / Electronic & Specialty Chemicals 🇹🇼
• $KEMIRA (Helsinki) Kemira – Materials / Pulp & Water Chemicals 🇫🇮
Earnings – Mining Equipment
• $EPI A (Stockholm) Epiroc – Industrials / Mining & Rock Equipment 🇸🇪
Tuesday, July 21
Economic Events
• 🇧🇼 Holiday – Presidents’ Day (Botswana)
• 18:45 (Mon) 🇳🇿 New Zealand – CPI (QoQ/YoY) (Q2)
• 02:00 🇬🇧 UK – Employment Change, Unemployment Rate & Average Earnings (May)
• 02:00 🇨🇭 Switzerland – Trade Balance (Jun)
• 04:00 🇪🇺 Euro Area – ECB Bank Lending Survey
• 04:00 🇹🇼 Taiwan – Export Orders (YoY) (Jun)
• 05:00 🇩🇪 🇪🇺 Germany / Euro Area – ZEW Economic Sentiment (Jul)
• 07:30 🇩🇪 Germany – Buba President Nagel speaks
• 08:00 🇭🇺 Hungary – Interest Rate Decision (Jul)
• 08:00 🇲🇽 Mexico – Retail Sales (MoM/YoY) (May)
• 08:00 🇳🇿 New Zealand – GlobalDairyTrade Price Index
• 08:15 🇺🇸 US – ADP Employment Change (Weekly)
• 11:00 🇳🇬 Nigeria – Interest Rate Decision
• 12:00 🇨🇴 Colombia – GDP (QoQ/YoY) (Q2)
• 16:30 🇺🇸 US – API Weekly Crude Oil Stock
Earnings – Energy & Utilities
• $EQT (NYSE) EQT Corp – Energy / Natural Gas (US) 🇺🇸
• $HAL (NYSE) Halliburton – Energy / Oilfield Services (US) 🇺🇸
• $ATGL (NSE) Adani Total Gas – Energy / Gas Distribution (India) 🇮🇳
• $ADANIENSOL (NSE) Adani Energy Solutions – Utilities / Power Transmission (India) 🇮🇳
• $QGTS (QSE) Qatar Gas Transport (Nakilat) – Energy / LNG Shipping 🇶🇦
• $FORTUM (Helsinki) Fortum – Utilities / Power Generation (nuclear/hydro) 🇫🇮
Earnings – Metals & Mining
• $BOL (Stockholm) Boliden – Materials / Base & Precious Metals Mining 🇸🇪
Earnings – Forestry
• $ENC (BME) ENCE – Materials / Pulp & Forestry (Spain) 🇪🇸
Earnings – Industrials & Equipment
• $ALFA (Stockholm) Alfa Laval – Industrials / Heat Transfer & Separation 🇸🇪
• $WRT1V (Helsinki) Wärtsilä – Industrials / Marine & Energy Systems 🇫🇮
• $TLGO (BME) Talgo – Industrials / Rail Manufacturing (Spain) 🇪🇸
• $MMM (NYSE) 3M – Industrials / Diversified 🇺🇸
• $NOC (NYSE) Northrop Grumman – Industrials / Aerospace & Defense 🇺🇸
Earnings – Agriculture & Food
• $KIMBERA (BMV) Kimberly-Clark de México – Consumer Staples / Tissue (pulp-linked) 🇲🇽
Earnings – Major US / Global
• $SCHW (NYSE) Charles Schwab – Financials / Brokerage 🇺🇸
• $DHR (NYSE) Danaher – Healthcare / Life Sciences & Diagnostics 🇺🇸
• $GM (NYSE) General Motors – Consumer Discretionary / Autos 🇺🇸
Wednesday, July 22
Economic Events
• 🇧🇼 Holiday – Market Holiday (Botswana)
• 19:50 (Tue) 🇯🇵 Japan – Trade Balance, Exports & Imports (Jun)
• 02:00 🇬🇧 UK – CPI, Core CPI, RPI & PPI (Jun)
• 03:30 🇮🇩 Indonesia – Interest Rate Decision (Jul)
• 04:00 🇿🇦 South Africa – CPI & Core CPI (Jun)
• 10:30 🇺🇸 US – EIA Crude Oil, Gasoline & Distillate Inventories
• 12:00 🇷🇺 Russia – Industrial Production & PPI (Jun)
• 13:00 🇺🇸 US – 20-Year Bond Auction
Earnings – Agriculture & Food
• $NESTLEIND (NSE) Nestlé India – Consumer Staples / Packaged Foods 🇮🇳
• $UNITDSPR (NSE) United Spirits – Consumer Staples / Beverages & Grain Spirits (India) 🇮🇳
• $GRUMAB (BMV) Gruma – Consumer Staples / Corn Flour & Tortillas (Mexico) 🇲🇽
• $CHDRAUIB (BMV) Grupo Chedraui – Consumer Staples / Food Retail (Mexico) 🇲🇽
• $KESKOB (Helsinki) Kesko – Consumer Staples / Food & Trade Retail (Finland) 🇫🇮
Earnings – Energy
• $EQNR (NYSE / Oslo) Equinor – Energy / Integrated Oil & Gas 🇳🇴
• $KMI (NYSE) Kinder Morgan – Energy / Midstream & Pipelines (US) 🇺🇸
• $NTGY (BME) Naturgy – Energy / Gas & Utilities (Spain) 🇪🇸
• $ENG (BME) Enagás – Energy / Gas Transmission Infrastructure (Spain) 🇪🇸
• $QFLS (QSE) Qatar Fuel (WOQOD) – Energy / Fuel Distribution 🇶🇦
Earnings – Renewables, Power & Grid
• $ADANIPOWER (NSE) Adani Power – Utilities / Thermal Power (India) 🇮🇳
• $ADANIGREEN (NSE) Adani Green Energy – Renewables / Solar & Wind (India) 🇮🇳
• $IBE (BME) Iberdrola – Utilities / Renewables & Networks (Spain) 🇪🇸
• $GEV (NYSE) GE Vernova – Renewables / Power & Grid Equipment (US) 🇺🇸
Earnings – Metals & Mining
• $NHY (Oslo) Norsk Hydro – Materials / Aluminum 🇳🇴
• $SSAB B (Stockholm) SSAB – Materials / Steel 🇸🇪
Earnings – Chemicals
• $AKZA (Euronext) Akzo Nobel – Materials / Paints & Coatings 🇳🇱
• $ORBIA (BMV) Orbia – Materials / Polymers & Fluorine Chemicals (Mexico) 🇲🇽
Earnings – Forestry & Packaging
• $SCA B (Stockholm) SCA – Materials / Forest Products & Pulp 🇸🇪
• $PKG (NYSE) Packaging Corp of America – Materials / Containerboard (US) 🇺🇸
Earnings – Industrials, Rail & Logistics
• $CSX (NASDAQ) CSX – Industrials / Rail Freight (US) 🇺🇸
• $WAB (NYSE) Wabtec – Industrials / Rail Equipment (US) 🇺🇸
• $ALO (Euronext) Alstom – Industrials / Rail Equipment 🇫🇷
• $WEGE3 (B3) WEG – Industrials / Electric Motors & Renewables (Brazil) 🇧🇷
• $HIAB (Helsinki) Hiab – Industrials / Load Handling & Cranes 🇫🇮
• $DSV (Copenhagen) DSV – Industrials / Freight & Logistics 🇩🇰
Earnings – Homebuilders (lumber demand)
• $DHI (NYSE) D.R. Horton – Consumer Discretionary / Homebuilding (US) 🇺🇸
• $PHM (NYSE) PulteGroup – Consumer Discretionary / Homebuilding (US) 🇺🇸
Earnings – Major US / Global
• $000660 (KRX) SK Hynix – Technology / Memory Semiconductors 🇰🇷
• $GOOGL (NASDAQ) Alphabet – Technology / Internet & Cloud 🇺🇸
• $TSLA (NASDAQ) Tesla – Consumer Discretionary / EVs & Energy 🇺🇸
• $TXN (NASDAQ) Texas Instruments – Technology / Analog Semiconductors 🇺🇸
• $NOW (NYSE) ServiceNow – Technology / Enterprise Software 🇺🇸
• $T (NYSE) AT&T – Communications / Telecom 🇺🇸
• $SAN (BME) Santander – Financials / Banking (Spain) 🇪🇸
• $UCG (Borsa Italiana) UniCredit – Financials / Banking (Italy) 🇮🇹
• $MCO (NYSE) Moody’s – Financials / Ratings & Analytics 🇺🇸
• $CME (NASDAQ) CME Group – Financials / Exchanges 🇺🇸
Thursday, July 23
Economic Events
• 🇪🇬 🇮🇱 🇵🇪 Holidays – Revolution Day (Egypt), Fast Day (Israel), National Day (Peru)
• 19:00 (Wed) 🇰🇷 South Korea – GDP (QoQ/YoY) (Q2)
• 21:30 (Wed) 🇦🇺 Australia – Employment Change & Unemployment Rate (Jun)
• 01:00 🇸🇬 Singapore – CPI & Core CPI (Jun)
• 07:00 🇹🇷 Turkey – Interest Rate Decision (One-Week Repo) (Jul)
• 08:00 🇲🇽 Mexico – 1st-Half CPI & Core CPI (Jul)
• 08:15 🇪🇺 Euro Area – ECB Interest Rate Decision & Deposit Facility Rate (Jul)
• 08:30 🇺🇸 US – Initial & Continuing Jobless Claims
• 08:30 🇨🇦 Canada – Retail Sales & Core Retail Sales (May)
• 08:45 🇪🇺 Euro Area – ECB Press Conference
• 09:00 🇿🇦 South Africa – Interest Rate Decision (Jul)
• 10:00 🇪🇺 Euro Area – Consumer Confidence (Jul, flash)
• 10:30 🇺🇸 US – Natural Gas Storage
• 11:00 🇺🇸 US – Kansas City Fed Manufacturing Index (Jul)
Earnings – Agriculture & Food
• $NESN (SIX) Nestlé – Consumer Staples / Packaged Foods (Switzerland) 🇨🇭
• $CA (Euronext) Carrefour – Consumer Staples / Food Retail (France) 🇫🇷
• $AC (BMV) Arca Continental – Consumer Staples / Beverage Bottling (Mexico) 🇲🇽
• $BIMBOA (BMV) Grupo Bimbo – Consumer Staples / Baked Goods (Mexico) 🇲🇽
• $CUERVO (BMV) Becle (José Cuervo) – Consumer Staples / Spirits (Mexico) 🇲🇽
• $NSSS (IDX) Nusantara Sawit Sejahtera – Agriculture / Palm Oil (Indonesia) 🇮🇩
Earnings – Energy
• $TTE (Euronext / NYSE) TotalEnergies – Energy / Integrated Oil & Gas 🇫🇷
• $CVE (TSX / NYSE) Cenovus Energy – Energy / Oil Sands & Refining (Canada) 🇨🇦
• $REP (BME) Repsol – Energy / Integrated Oil & Gas (Spain) 🇪🇸
• $TGS (Oslo) TGS – Energy / Seismic & Subsurface Data 🇳🇴
• $AAV (TSX) Advantage Energy – Energy / Natural Gas (Canada) 🇨🇦
• $MTL (TSX) Mullen Group – Energy / Logistics & Oilfield Services (Canada) 🇨🇦
• $CNA (LSE) Centrica – Energy / Supply & Generation (UK) 🇬🇧
Earnings – Metals & Mining
• $FCX (NYSE) Freeport-McMoRan – Materials / Copper & Gold (US) 🇺🇸
• $NEM (NYSE) Newmont – Materials / Gold 🇺🇸
• $TECK.B (TSX) Teck Resources – Materials / Copper, Zinc & Coal (Canada) 🇨🇦
• $INCO (IDX) Vale Indonesia – Materials / Nickel (Indonesia) 🇮🇩
Earnings – Renewables & Materials
• $PGEO (IDX) Pertamina Geothermal – Renewables / Geothermal (Indonesia) 🇮🇩
• $010060 (KRX) OCI Holdings – Materials / Polysilicon & Solar Chemicals 🇰🇷
• $DOW (NYSE) Dow – Materials / Diversified Chemicals (US) 🇺🇸
Earnings – Forestry & Packaging
• $STERV (Helsinki) Stora Enso – Materials / Forestry, Pulp & Paper 🇫🇮
• $UPM (Helsinki) UPM-Kymmene – Materials / Forestry & Biomaterials 🇫🇮
• $ALTR (Euronext) Altri – Materials / Pulp (Portugal) 🇵🇹
• $NVG (Euronext) The Navigator Company – Materials / Paper & Pulp (Portugal) 🇵🇹
• $HUH1V (Helsinki) Huhtamäki – Materials / Fibre & Food Packaging 🇫🇮
Earnings – Cement & Glass
• $CX (NYSE) Cemex – Materials / Cement (Mexico) 🇲🇽
• $VID (BME) Vidrala – Materials / Glass Containers (Spain) 🇪🇸
Earnings – Mining Equipment, Shipbuilding & Rail
• $UNTR (IDX) United Tractors – Industrials / Mining Equipment & Coal Contracting (Indonesia) 🇮🇩
• $241560 (KRX) Doosan Bobcat – Industrials / Compact Equipment 🇰🇷
• $028050 (KRX) Samsung E&A – Industrials / Energy & Plant Engineering 🇰🇷
• $329180 (KRX) HD Hyundai Heavy Industries – Industrials / Shipbuilding 🇰🇷
• $URI (NYSE) United Rentals – Industrials / Equipment Rental (US) 🇺🇸
• $DOV (NYSE) Dover – Industrials / Pumps & Process Equipment (US) 🇺🇸
• $UNP (NYSE) Union Pacific – Industrials / Rail Freight (US) 🇺🇸
• $NSC (NYSE) Norfolk Southern – Industrials / Rail Freight (US) 🇺🇸
• $BOY (LSE) Bodycote – Industrials / Thermal Processing (metals treatment) 🇬🇧
• $VOS (XETRA) Vossloh – Industrials / Rail Infrastructure 🇩🇪
• $KOEI (ZSE) Končar – Industrials / Power & Grid Equipment (Croatia) 🇭🇷
Earnings – Major US / Global
• $INTC (NASDAQ) Intel – Technology / Semiconductors 🇺🇸
• $RTX (NYSE) RTX Corp – Industrials / Aerospace & Defense 🇺🇸
• $LMT (NYSE) Lockheed Martin – Industrials / Defense 🇺🇸
• $HON (NASDAQ) Honeywell – Industrials / Diversified 🇺🇸
• $SAP (XETRA / NYSE) SAP – Technology / Enterprise Software 🇩🇪
• $STM (NYSE / Euronext) STMicroelectronics – Technology / Semiconductors 🇫🇷
• $HO (Euronext) Thales – Industrials / Defense & Aerospace (France) 🇫🇷
• $BNP (Euronext) BNP Paribas – Financials / Banking (France) 🇫🇷
• $TMUS (NASDAQ) T-Mobile US – Communications / Telecom 🇺🇸
• $TMO (NYSE) Thermo Fisher Scientific – Healthcare / Life Sciences 🇺🇸
• $CMCSA (NASDAQ) Comcast – Communications / Media & Broadband 🇺🇸
• $NOKIA (Helsinki) Nokia – Technology / Telecom Equipment 🇫🇮
Friday, July 24
Economic Events
• 🇻🇪 Holiday – Simón Bolívar’s Birthday (Venezuela)
• 19:00 (Thu) 🇦🇺 Australia – S&P Global Manufacturing & Services PMI (Jul, flash)
• 19:30 (Thu) 🇯🇵 Japan – National Core CPI (YoY) (Jun)
• 20:30 (Thu) 🇯🇵 Japan – Manufacturing & Services PMI (Jul, flash)
• 01:00 🇮🇳 India – HSBC Manufacturing & Services PMI (Jul, flash)
• 02:00 🇬🇧 UK – Retail Sales (MoM/YoY) (Jun)
• 03:00 🇩🇪 Germany – GfK Consumer Climate (Aug)
• 03:15 🇫🇷 France – HCOB Manufacturing & Services PMI (Jul, flash)
• 03:30 🇩🇪 Germany – HCOB Manufacturing & Services PMI (Jul, flash)
• 04:00 🇪🇺 Euro Area – HCOB Manufacturing & Services PMI (Jul, flash)
• 04:30 🇬🇧 UK – S&P Global Manufacturing & Services PMI (Jul, flash)
• 06:30 🇷🇺 Russia – Interest Rate Decision (Jul)
• 08:00 🇺🇸 US – Building Permits (Jun)
• 08:30 🇨🇦 Canada – Raw Materials & Industrial Product Price Index (Jun)
• 09:45 🇺🇸 US – S&P Global Manufacturing & Services PMI (Jul, flash)
• 10:00 🇺🇸 US – New Home Sales (Jun)
• 13:00 🇺🇸 US – Baker Hughes Oil & Total Rig Count
• 15:30 🇺🇸 US – CFTC speculative net positions – Gold, Crude, Copper, Silver, Nat Gas, Wheat, Corn, Soybeans, Aluminium, S&P 500, Nasdaq, EUR, GBP, JPY, AUD, CAD, CHF, MXN, NZD, BRL
Earnings – Agriculture & Food
• $MYOR (IDX) Mayora Indah – Consumer Staples / Food & Confectionery (Indonesia) 🇮🇩
• $SGRO (IDX) Sampoerna Agro – Agriculture / Palm Oil (Indonesia) 🇮🇩
• $BWPT (IDX) Eagle High Plantations – Agriculture / Palm Oil (Indonesia) 🇮🇩
• $LW (NYSE) Lamb Weston – Consumer Staples / Frozen Potato Products (US) 🇺🇸
Earnings – Energy
• $XOM (NYSE) Exxon Mobil – Energy / Integrated Oil & Gas (US) 🇺🇸
• $SLB (NYSE) SLB (Schlumberger) – Energy / Oilfield Services (US) 🇺🇸
• $096770 (KRX) SK Innovation – Energy / Refining & Batteries (South Korea) 🇰🇷
• $010950 (KRX) S-Oil – Energy / Refining (South Korea) 🇰🇷
• $IOC (NSE) Indian Oil – Energy / Refining (India) 🇮🇳
• $POWR (IDX) Cikarang Listrindo – Utilities / Power Generation (Indonesia) 🇮🇩
• $ESSA (IDX) ESSA Industries – Energy / Ammonia & LPG (Indonesia) 🇮🇩
Earnings – Renewables & Batteries
• $NEE (NYSE) NextEra Energy – Renewables / Utility & Clean Power (US) 🇺🇸
• $3750 (HKEX) CATL – Renewables / Batteries & Lithium Cells (China) 🇨🇳
• $336260 (KRX) Doosan Fuel Cell – Renewables / Fuel Cells 🇰🇷
• $NESTE (Helsinki) Neste – Energy / Renewable Diesel & SAF 🇫🇮
Earnings – Metals & Mining
• $JINDALSTEL (NSE) Jindal Steel & Power – Materials / Steel (India) 🇮🇳
• $ACX (BME) Acerinox – Materials / Stainless Steel (Spain) 🇪🇸
• $PTRO (IDX) Petrosea – Industrials / Mining Services (Indonesia) 🇮🇩
Earnings – Chemicals
• $4063 (TSE) Shin-Etsu Chemical – Materials / Silicon & Specialty Chemicals (Japan) 🇯🇵
• $004430 (KRX) Songwon Industrial – Materials / Polymer Stabilizers 🇰🇷
• $298020 (KRX) Hyosung TNC – Materials / Spandex & Textile Chemicals 🇰🇷
Earnings – Industrials & Equipment
• $METSO (Helsinki) Metso – Industrials / Mining & Aggregates Equipment 🇫🇮
• $KCR (Helsinki) Konecranes – Industrials / Cranes & Lifting 🇫🇮
• $VALMT (Helsinki) Valmet – Industrials / Pulp & Paper Equipment 🇫🇮
• $298040 (KRX) Hyosung Heavy Industries – Industrials / Power & Grid Equipment 🇰🇷
• $CNR (TSX) Canadian National Railway – Industrials / Rail Freight 🇨🇦
Earnings – Major US / Global
• $VOW3 (XETRA) Volkswagen – Consumer Discretionary / Autos 🇩🇪
• $2454 (TWSE) MediaTek – Technology / Semiconductors (Taiwan) 🇹🇼
• $AXP (NYSE) American Express – Financials / Payments 🇺🇸
Sunday, July 26
Earnings – Energy
• $BKR (NASDAQ) Baker Hughes – Energy / Oilfield Services & Equipment (US) 🇺🇸
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