WuBlockchain’s preview for the week of Oct. 19 to Oct. 25 says the market’s main focus will fall on earnings from Meta, Tesla and semiconductor companies, alongside China GDP data, U.S. crude inventory figures, weekly jobless claims and flash PMI readings in Europe and the United States. The report says those releases will update the picture on corporate earnings, AI capital spending, equipment orders, energy prices, labor conditions and inflation, while offering fresh reference points ahead of the Federal Reserve’s rate decision at the end of October.
Oct. 19: China third-quarter GDP and September activity data
At 10:00 Beijing time on Oct. 19, China is scheduled to release third-quarter GDP and September economic data. China’s GDP grew 4.3% year over year in the second quarter, and a Reuters survey expects a slight pickup to 4.4% in the third quarter.
The release will also include industrial production, retail sales and fixed-asset investment. The report says the key question is whether manufacturing and export growth can lift domestic consumption and investment, and whether earlier policy support is starting to show up in the real economy.
Oct. 21: U.S. EIA crude oil inventories
At 22:30 Beijing time on Oct. 21, the United States will release EIA crude inventory data. For the week ended Oct. 9, U.S. commercial crude inventories fell by about 8.6 million barrels to 415.6 million barrels, a larger decline than the market expected.
The preview notes that U.S. CPI for September had already risen to 3.7% year over year, while gasoline prices increased 9.1% month over month. This week’s inventory report will be read together with gasoline and distillate stockpiles, refinery utilization and import-export changes to assess whether energy supply pressure is easing.
Oct. 22: Earnings calls from Meta, Tesla and chip companies
From 04:30 to 05:30 Beijing time on Oct. 22, Meta, Tesla and semiconductor companies are set to hold earnings calls.
Meta reported quarterly capital expenditures of $31.08 billion and free cash flow of only $784 million. Its full-year capital expenditure guidance stands at $130 billion to $145 billion. The report says the market will focus on ad growth, AI investment and changes in profit margins.
Tesla delivered 486,500 vehicles in the third quarter. The main points to watch are automotive gross margin, the energy storage business and progress in autonomous driving.
In semiconductors, Lam Research had previously projected revenue of $8.1 billion for the new quarter, while Texas Instruments forecast revenue of $5.65 billion to $6.15 billion. Both companies are expected to provide updates on semiconductor equipment demand, industrial demand and data center demand. IBM is also due to report in the same window, with attention on growth in software and consulting.
Oct. 22: U.S. initial jobless claims
At 20:30 Beijing time on Oct. 22, the United States will release weekly initial jobless claims. For the week ended Oct. 10, initial claims came in at 199,000, the fifth straight week below 200,000, with the four-week average at 198,500.
The report says markets should read initial claims, continuing claims and the four-week average together to see whether slower hiring is starting to come with more layoffs. If the data stays low, that would indicate layoffs remain limited. A clear rise would increase concern about a weakening labor market.
Oct. 23: Western Digital earnings and flash PMI data
At 04:30 Beijing time on Oct. 23, Western Digital will hold its fiscal first-quarter earnings call. The company’s revenue in the previous quarter rose 44% year over year to $3.75 billion, with GAAP gross margin reaching 54.1%. It expects revenue in the new quarter to grow 42% to 49% year over year.
The report says investors will watch demand from cloud customers for high-capacity hard drives, shipment volume, average selling prices and gross margin. Those figures may help show whether revenue growth is being driven more by larger procurement volumes or by product mix and pricing improvement, and whether future supply can support order demand.
Oct. 23: Eurozone and U.S. PMI releases
Later on Oct. 23, the eurozone will release its flash October PMI at 16:00 Beijing time. The United States will follow with flash October PMI data and the final consumer sentiment reading from 21:45 to 22:00 Beijing time.
Previously, the U.S. flash composite PMI for September rose to 58.4, the highest level in more than five years, though business input costs also accelerated noticeably. The eurozone’s flash composite PMI for September rose to 53.1. In the United States, the preliminary October consumer sentiment reading fell to 46.3, while one-year inflation expectations rose to 4.7%.
The key issue this week is whether new orders, employment and price components in Europe and the United States continue to strengthen at the same time, and whether consumer inflation expectations move higher again. According to the report, that could affect how markets judge the future rate path.
Main points for the week
WuBlockchain said in its summary that Meta’s revenue rose 28% last quarter, while costs and expenses increased 55%. This week’s earnings will need to answer how heavy AI spending is affecting margins and cash flow, and whether the company changes its full-year capital expenditure plan of $130 billion to $145 billion.
The report also says results from Lam Research, Texas Instruments and Western Digital will update the market on chip equipment demand, industrial demand and cloud storage demand. U.S. labor data and PMI price readings may also shift market views on rates and technology stock valuations.