Markets turn to Fed and BOJ decisions as Big Tech earnings line up this week

News Editor

2026-07-26 16:24:04

A weekly macro roundup compiled by WuBlockchain puts the focus on two central bank decisions and a heavy slate of U.S. tech earnings in the days ahead. Last week, selling followed weaker-than-expected results from Tesla and Google, while the European Central Bank kept rates unchanged and Bank of Japan officials signaled openness to an earlier rate hike. The probability of a BOJ hike before October rose to 72%, according to the summary. The recap also highlighted several major earnings and macro data points. Google reported second-quarter revenue of $119.8 billion, up 24% year over year, with Google Cloud revenue rising 82% to $24.77 billion. At the same time, capital expenditures climbed to $44.92 billion, pushing free cash flow to negative $5.9 billion for the first time in decades, and the company raised full-year capex guidance to $205 billion. Tesla posted $28.24 billion in Q2 revenue, up 26%, but operating profit and a 16.8% gross margin missed expectations, while free cash flow fell to negative $1.09 billion after capital spending doubled. For this week, the schedule includes earnings from SK Hynix, Meta, Microsoft, Qualcomm, Arm, Amazon and Apple, along with the Federal Reserve’s FOMC rate decision, U.S. weekly jobless claims, June core PCE inflation data, and the BOJ rate decision with its economic outlook report.

Policy RegulationMacroFederal ReserveBank of JapanTech EarningsCore PCEJobless Claims

WuBlockchain’s weekly macro note puts the market’s attention on the Federal Reserve and the Bank of Japan this week, alongside a packed earnings calendar for major U.S. technology companies. Last week, selling followed earnings from Tesla and Google that fell short of expectations, while the European Central Bank left rates unchanged and BOJ officials signaled openness to an earlier rate increase.

What happened last week

BOJ officials showed openness to an earlier rate hike, and the probability of a hike before October rose to 72%.

Google reported Q2 revenue of $119.8 billion, up 24% year over year. Google Cloud revenue jumped 82% to $24.77 billion. But capital expenditures rose sharply to $44.92 billion, leading to the company’s first negative free cash flow in decades at -$5.9 billion. Google also raised its full-year capital expenditure plan to $205 billion.

Tesla posted Q2 revenue of $28.24 billion, up 26% from a year earlier. Its operating profit and gross margin of 16.8% came in below expectations, and free cash flow was -$1.09 billion after capital expenditures doubled.

Intel reported Q2 revenue of $16.13 billion, up 25% year over year, marking its fastest revenue growth in nearly 15 years. Revenue from its data center and artificial intelligence business climbed 59% to $6.3 billion.

In the United States, initial jobless claims for the week ended July 18 came in at 187,000, the lowest level since the week of Sept. 24, 2022.

In the euro area, the European Central Bank deposit facility rate stood at 2.25% as of July 23, 2026, matching market expectations and unchanged from the previous reading.

Key events and data this week

July 29

SK Hynix Q2 earnings (08:00)
ChangXin Technology A-share listing on the STAR Market (09:20)

July 30

Meta, Microsoft, Qualcomm and Arm to report 2026 Q2 earnings (04:00)
Federal Reserve FOMC rate decision (02:00)
U.S. initial jobless claims for the week ended July 25 (20:30)
U.S. June core PCE price index annual rate (20:30)

July 31

Amazon and Apple earnings (04:00)
Bank of Japan rate decision and economic outlook report

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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