The Week Ahead: Tesla, Meta, Apple, Microsoft kick off Mag7 earnings, Fed set to pause rate cuts and Lloyds FY25 results

Geopolitics might take a backseat for a change as focus for investors swings to the busy schedule of earnings releases on Wall Street and in Europe. The Magnificent 7 begin with earnings updates from Microsoft, Apple, Meta and Tesla; Lloyds is the highlight in the UK and luxury stocks are among the European firms reporting. For the macro trader the focus is on the Federal Reserve, which is expected to remain on pause. Geopolitics won’t be far from view after weekend talks between Ukraine, Russia and the US in the United Arab Emirates, while Greenland remains a thorny issue and a US Navy taskforce pitches up in the Persian Gulf.

Here’s the key events to watch over the next week.

Monday, 26 January

The week kicks off with a smattering of data releases – the German Ifo business climate survey and US durable goods orders.

Markets will be paying close attention to any outcome from the trilateral talks in Abu Dhabi over the weekend as the US, Russia and Ukraine discuss how to resolve the conflict. Meanwhile issues around Iran and Greenland continue to cloud the geopolitical view. Q3 FY26 results from Ryanair are due amid the CEO Michael O’Leary’s public with feud with Tesla CEO Elon Musk.

Tuesday, 27January

Earnings season gets into top gear on Wall Street with Boeing, General Motors and UnitedHealth due to release Q4 updates. President Trump is due to speak on the economy in Iowa, whilst the CB Consumer Confidence and Richmond Fed manufacturing surveys are due out. In the UK Paragon Banking Group and Sage Group post trading updates.

Wednesday, 28 January

Fed day arrives with markets anticipating no change to interest rates at this FOMC meeting. Strong growth expectations, inflation above 2% and a decline in the unemployment rate in December combine to suggest that the Fed will leave the federal funds rate in the 3.50%-3.75% range. Unemployment declined to 4.4% last month, while the Atlanta Fed’s GDPNow forecasts 5%+ real GDP growth last quarter. Focus will be on the press conference with Fed chairman Jay Powell, the first since he revealed he is the subject of a criminal investigation by the Department of Justice amid intensifying pressure from the Trump administration. The Bank of Canada is also expected to leave rates on hold.

Mag7 earnings kick off today and they will be key to the wider market, as we look to see if the bulls can reassert control or if the dip is start of a broader correction. Note that the upward revision to 2026 earnings for the S&P 500 since Liberation Day comes solely from the Mag7. Earnings expectations for the S&P 493 have not moved but we are seeing a broadening out in the bull market with the 493 outperforming the Mag7 since November. Meta, Microsoft and Tesla are on deck, while in European chip stock ASML and luxury marque LVMH are also due to report.

Thursday, 29 January

Apple will release its Q4 earnings update with investors focused on iPhone sales and services revenues, while analysts will be on the lookout for AI progress. Caterpillar, Mastercard and Visa are also due to report earnings.

In the UK, Lloyds will release its full-year results with expected revenues +11% to over £19bn, net income rising over 5% to £4.5bn. First half results were strong, and management raised the dividend 15%, signalling confidence in the full-year outlook.

Meanwhile airlines Wizz Air and easyJet provide trading updates. On the continent we get earnings from Roche, Remy Cointreau, H&M, Sanofi and SAP among others.

On the data front, look for US weekly unemployment claims data and later the Tokyo core CPI inflation report.

Elsewhere, EU foreign ministers meet in Brussels to discuss Russia’s war against Ukraine, while UK Prime Minister Keir Starmer is due to visit China.

Friday, 30 January

German CPI and GDP figures will be the driver for European markets, whilst French, Spanish and Italian GDP prints will help complete the wider Eurozone picture. US PPI inflation numbers are due at the top of the North American session. Funding for some parts of the US federal government under the current budget resolution is set to expire.

BT reports Q3 results while on Wall Street we hear earnings updates from American Express, Chevron, Exxon Mobil and Verizon.