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Week ahead: Nvidia's earnings mark start of post-Huang era, UK inflation could confirm expectations for a December hike
Your guide to the trading calendar over the week of 16-20 November
Note: This is marketing material. This article is not investment advice, capital is at risk.
Nvidia's earnings will be centre stage as investors continue to digest the impact of Jensen Huang's departure from the company he founded. On the economic front the October inflation print for the UK will be closely watched for any sign that the Bank of England will raise rates in December. Anthropic prices its IPO and is set to begin trading on Thursday. Eurozone industrial production, Chinese industrial production and retail sales and the Empire State manufacturing index offer a snapshot of economy activity in the world's three largest economies. Rightmove's house price index is likely to show further signs that rising mortgage rates are hitting demand and pricing in the housing market. Federal Reserve Chairman Kevin Warsh delivers opening remarks at the central bank’s Productivity and Jobs Task Force conference in San Francisco, while New York Fed President John Williams will speak at the bank’s FX Market Structure Conference. It's the deadline for quarterly 13F filings that show how major hedge funds and institutional investors repositioned portfolios through Q3. In the UK, Big Yellow Group publishes interims while Legal & General is out with a trading update. Tuesday, 17 Nov Nvidia earnings will be the litmus test for the strength of the AI ecosystem and therefore presents markets with a significant risk event. While the numbers will be parsed closely the main focus will be on the ongoing fallout from the departure of CEO Jensen Huang. I expect a very interesting earnings call with analysts. The succession is what matters most for this stock now, particularly as the product mix and orders are backed up into the next decade. The whole affair and departure of Huang throws up big questions for Nvidia, and creates overhang for the stock. One is succession risk and the overhang from losing the key man. Two is ongoing regulatory overhang from Congressional and potentially FBI investigations taking place. Three, how does a rudderless Nvidia impact the broader AI trade? And four, chuck in some execution risk for the new CEO and you can see why the stock is down. On the economic front, UK average earnings and unemployment stats are due up a t 7am, while US retail sales figures are served at 13:30 GMT. Wednesday, 18 Nov UK CPI inflation data is going to be super important for Bank of England rate hike expectations, with the case for a second straight hike in December building as economic growth remains more resilient than expected. The inflation rate rose to 3.5% in the 12 months to September 2026, up from 3.1% in August, and is expected to peak near 5% next year. Bank of England governor Andrew Bailey has an opportunity to comment on the numbers when he speaks at the Institute of Economic Development Conference in London. Odds for the BoE to hike again in December have risen to 85%. Minutes from the last Federal Reserve meeting will be pored over for the reasons behind the decision to hold rates steady despite inflation still running too hot and Fed governor Chris Waller signalling that the FOMC should go with a jumbo 50bps rate rise next month. Palo Alto Networks reports earnings, while Anthropic is expected to price its IPO before it starts trading on the Nasdaq the following day under the ticker ANT. In Britain, Jet2, Severn Trent and SSE publish interim results, while ConvaTech and Smiths Group have trading updates out. We highlight Jet2 after a strong summer bookings season despite all of the geopolitical, macro and inflationary pressures. The latest trading statement showed passenger numbers +8.8% higher, well ahead of the +7.1% reported before. Looks to complete switch from AIM to Main Market and FTSE 250 inclusion by December. Thursday, 19 Nov Australian employment figures will nudge expectations for the next move up from the Reserve Bank of Australia. US weekly unemployment claims data, the Conference Board leading index and the Philly Fed manufacturing index are the ones to watch in the afternoon session, whilst there is a slew of Fed speakers to watch out for. Walmart and Alibaba headline the calendar with earnings updates. Babcock, Halma, Investec and Liontrust Asset Management have interim results. We highlight Babcock as a play on defence spending and comes after peer BAE Systems raised its full-year free cash flow guidance to £3bn from £2bn due to customer advances on a £3bn order intake book. Babcock also looks well placed to capitalise on rising defence spending and could argue that the ~35% decline from its highs in Q1 is overdone. Friday, 20 Nov UK Prime Minister Andy Burnham heads to Brussels for the year’s second EU-UK summit, with the Labour leader pushing for closer ties with the bloc. ECB President Christine Lagarde, SpaceX and Tesla boss Elon Musk, OpenAI co-founder Sam Altman and Microsoft CEO Satya Nadella are among the speakers at the DealBook Summit in New York. UK retail sales and November's GfK consumer confidence survey data will show whether some of the positive economic growth is being felt by people on the ground. The sentiment index plunged 11 points to -24 in October 2026, marking its sharpest single-month drop since July 2016. Then we head to the US as the week rounds out with the revised UoM consumer sentiment and inflation expectations survey to show whether Americans are feeling upbeat about the economy
Monday, 16 Nov
Management previously forecast revenue of $108 bn, +/-2%, and gross margins of about 74%. Sales are seen doubling from last year and sequential quarterly revenue growth is expected at 13% to $109.01 billion, while adjusted earnings per share forecast to rise 11% to $2.47 from $1.25 a year before, with EBITDA +12% to $73.08bn. The Blackwell chips will power data centre revenues and there is no worries about that; there are though questions about the outlook for the Vera Rubin architecture.
Also on the tape are earnings from JD.com, The Home Depot and Disney. In the UK, Imperial Brands and Diploma report full-year results.