The Week Ahead: Tesla and Netflix headline earnings and delayed US CPI inflation report due

US earnings season hits full pace this week as market giants Tesla and Netflix report Q3 updates. They headline a busy week on Wall Street as investors grapple with earnings against a backdrop of worries about bad loans at regional banks in the US as well as sky-high valuations and trade war grumblings.

Economic data from the US will be sparse as long as the government remains shuttered. However, we will get a delayed September CPI inflation report, which has been specially put together despite the shutdown in order to provide the Federal Reserve with data ahead of its 28-29 October meeting.

From Monday through Thursday China’s ruling Communist Party will hold its Fourth Plenum to discuss the 15th five-year plan for the economy.

Monday, 20 October

Currency markets will be digesting fresh comments from Bank of England governor Andrew Bailey and European Central Bank president Christine Lagarde over the weekend. The first data point is the New Zealand CPI price, which could help provide some clarity around whether the RBNZ was right to cut by 50bps at its recent meeting.

A swathe of economic data from China, including the latest GDP, industrial production and retail sales figures, will provide the backdrop for risk sentiment in Europe. These could see the needle move on industrials, energy and basic resources stocks. BHP also provides a trading update.

Tuesday, 21 October

Earnings season gets underway with a host of Dow components posting Q3 numbers. From the Dow we hear from 3M, Coca-Cola, and Verizon, while GE Aerospace, General Motors and Philip Morris are also due to report. In London, Bunzl provides a trading update.

The earnings highlight, however, is Netflix, which is poised to report a strong quarter after the market closes. Ad revenue is expected to improve and limit churn among subscribers. “As Netflix continues to enhance its ads business by expanding partnerships, improving targeting, and adding more live content, its aim of doubling ads revenue this year is entirely achievable,” analysts at Wedbush wrote in a note ahead of the earnings report.

Elsewhere, keep watch on the outcome of a UK 30yr gilt auction – signs of stress ahead of the Budget next month could show up here. Canadian CPI inflation data is the main economic data point, whilst we should hear from a number of ECB and Fed speakers.

Wednesday, 22 October

Tesla’s Q3 earnings report is undoubtedly the highlight, due after the close. It comes to the pass with record deliveries but profits underwhelming. Testa posted total deliveries in Q3 2025 of 497,099, 7% higher than a year before. But automotive gross margins are down to 17%, about half they were back in 2021. The bull thesis increasingly rests on robotics, AI and power generation. TSLA stock has rallied about 80% from its April lows.

In the UK, Barclays reports Q3 earnings, with investors hopeful it’s enjoyed some of the investment banking and trading uplift reported by its Wall Street rivals. Aberdeen Group, Reckitt Benckiser, Fresnillo and Hochschild Mining provide trading updates. In the US, AT&T, CME Group, GE Vernova, Themo Fisher Scientific, IBM and QuantumScape are also due to report.

On the economic front, the latest UK CPI inflation report will be closely watched. The BoE’s Bailey has been talking up jobs market weakness, which combined with recent wage data has increased expectations for an earlier rate cut – perhaps December instead of 2026. But at 3.8% in the previous month, inflation remains well above the bank’s target.

Thursday, 23 October

Plenty of action on the FTSE 350 with Dunelm, Hunting, Inchcape, InterContinental Hotels, LSEG, RELX, Rentokil and Unilever providing trading updates. Lloyds provides Q3 results and will be looked over for areas such as loan loss provisions in light of the FCA’s motor finance compensation. US earnings come from Blackstone, Ford, Intel and Newmont.

Friday, 24 October

The delayed US CPI inflation report is released today, giving investors a better sense of whether the September rate cut was a one-off or it marks the start of a sustained easing cycle. Despite the shutdown the Bureau of Labor Statistics has brought staff back specifically to get this report ready in time for the Fed’s meeting of 28-29 October.

NatWest group rounds out the bank earnings reports in the UK. This will be watched alongside fresh UK consumer confidence and retail sales figures ahead of the Budget next month.