Central Banks Hold Firm as Earnings Shine and Commodities Slide (July 27 – 31, 2026, Recap) 

Overview

Global markets delivered a mixed but eventful week as investors weighed steady central-bank policy, slowing US growth, resilient labor markets, and easing inflation in Australia. Stocks posted modest gains, while oil and precious metals moved lower. Corporate earnings were broadly strong, particularly across technology, payments, consumer brands, and energy, though high investment costs, geopolitical risks, and supply constraints continued to shape the outlook.

Major Economic Indicators and Events in Review

Wednesday, July 29

04:30 am – Australia: CPI m/m (AUD)

Australia’s Consumer Price Index (CPI) rose 3.8% in the 12 months to June 2026, easing from 4.0% in May. The largest contributors to annual inflation were Housing, up 6.8%, Food and non-alcoholic beverages, up 3.3%, and Recreation and culture, up 3.3%.

Underlying inflation remained steady, with the trimmed mean increasing 3.6% annually, unchanged from May. On a monthly basis, the CPI fell 0.1% in June in both original and seasonally adjusted terms.

Housing recorded a monthly increase of 0.5%, while food prices rose 0.4%. These increases were offset by falls in transport prices, down 2.7%, furnishings and household services, down 1.2%, and clothing and footwear, down 1.0%.

AUS/USD slipped 0.27% on the day.

15:30 – USA: Crude Oil Inventories (USD)

US refineries increased activity last week, operating at 97.2% of capacity and producing more gasoline and distillate fuel. Crude oil imports declined, while commercial crude inventories fell sharply by 7.2 million barrels and remained about 7% below the five-year average.

Fuel demand was mixed. Overall petroleum consumption was lower than a year earlier, and gasoline demand edged down. However, demand for distillate fuels and jet fuel increased. Gasoline and distillate inventories also remained below their typical levels for this time of year.

USD/JPY edged 0.29% lower on the day.

21:00 – USA: Federal Funds Rate (USD)

The Federal Reserve kept interest rates unchanged at 3.5%–3.75%, saying the US economy continues to grow at a solid pace and the labor market remains stable. However, inflation is still above its 2% target, partly because of higher energy prices and other supply disruptions linked to the Middle East conflict.

The decision passed by a 9–3 vote, with three officials preferring a 0.25 percentage-point rate increase. The Fed also left its other key policy rates and liquidity operations unchanged.

EUR/USD gained 0.69% on the day.

Thursday, July 30

14:00 – UK: Official Bank Rate (GBP)

The Bank of England kept its key interest rate unchanged at 3.75%, with six policymakers supporting the decision and three voting for an increase to 4%.

UK inflation has eased to 2.6%, but it is expected to rise later this year as higher energy prices linked to the Middle East conflict feed through to households and businesses. The Bank said underlying inflation pressures are continuing to weaken, but risks remain tilted to the upside, and it is prepared to act if needed to return inflation sustainably to its 2% target.

GBP/USD advanced 0.73% on the day.

15:30 – USA: Advance GDP q/q (USD)

The US economy grew at an annual rate of 1.5% in the second quarter of 2026, slowing from 2.1% in the first quarter. Consumer spending, investment, and exports supported growth, while lower government spending and higher imports weighed on activity.

Private domestic demand strengthened, but inflation pressures remained elevated, with the PCE price index rising 5.1%. Core PCE inflation eased to 3.4% from 4.4%.

USD/JPY fell 2.36% on the day.

15:30 – USA: Unemployment Claims (USD)

US initial jobless claims rose by 9,000 to 197,000 in the week ending July 25, although the four-week average declined to 202,750. Continuing claims also fell by 7,000 to 1.782 million, while the insured unemployment rate remained unchanged at 1.2%, suggesting the labor market remains relatively stable.

EUR/USD rose 0.54% on the day.

Friday, July 31

Tentative – Japan: BOJ Policy Rate (JPY)

At Friday’s Monetary Policy Meeting, the Bank of Japan’s Policy Board voted 8–1 to keep the uncollateralized overnight call rate at around 1.0% until its next meeting.

USD/JPY fell 1.36% on the day.

15:30 – Canada: GDP m/m (CAD)

Real GDP grew 0.3% in May, marking a second consecutive monthly increase. Growth was broad-based, with 13 of 20 sectors expanding.

Goods-producing industries rose 0.6%, while services-producing industries increased 0.2%, supported mainly by real estate, rental and leasing, and public administration.

USD/CAD edged 0.02% higher on the day.

Commodities

1. Crude Oil
   1. Crude oil prices declined by 4.06% over the past week
2. Brent Oil
   1. Brent was down 7.76% compared to the previous week
3. Gold
   1. The precious metal Gold (XAUUSD) concluded the week on Friday with 0.19% weekly losses
4. Silver
   1. XAGUSD decreased by 0.98% from last week

Stock Market

1. S&P 500 rose 0.97%
2. DJIA was up 0.90%
3. NASDAQ 100 increased by 0.26%

Top Gainers

1. T3 Defense Inc. (DFNS) 536.32%
2. Focus Universal Inc. (FCUV) 406.55%
3. Cycurion, Inc. (CYCU) 177.53%

Top Losers

1. AiRWA Inc. (YYAI) -98.94%
2. Instinct Bio Technical Company Holdings Inc. (BIOT) -96.95%
3. Moleculin Biotech, Inc. (MBRX) -81.13%

Company Earnings (July 27– 31)

Tuesday, July 28: V (Visa Inc.)

Tuesday, July 28: KO (The Coca-Cola Company)

Wednesday, July 29: MSFT (Microsoft Corporation)

Wednesday, July 29: META (Meta Platforms, Inc.)

Wednesday, July 29: SBUX Starbucks Corporation)

Thursday, July 30: AAPL (Apple Inc.)

Thursday, July 30: AMZN (Amazon.com, Inc.)

Thursday, July 30: MA (Mastercard Incorporated)

Friday, July 31: XOM (ExxonMobil Holdings Corporation)

Friday, July 31: CVX (Chevron Corporation)

Visa reported a strong third quarter, with revenue rising 14% to $11.6 billion and earnings per share increasing 11%, both ahead of expectations. Growth was broad-based across payments, commercial services, Visa Direct, and value-added services, while total payments volume exceeded $4 trillion for the first time.

The company also expressed confidence in its near-term outlook and highlighted investments in AI, stablecoins, and new forms of digital commerce. However, Visa recorded $563 million in severance costs as it cut jobs, mainly in technology and product teams, as part of efforts to improve efficiency.

V shares gained 2.92% over the last week.

Coca-Cola raised its 2026 outlook after a strong first half, helped by solid sales, higher volumes, improved margins, and favorable currency movements. Second-quarter organic revenue rose 6%, while earnings per share increased 11% to $0.97.

Growth was supported by strong demand for Coca-Cola, POWERADE, and fairlife. However, the company noted weaker spending among lower-income consumers in some markets, and its tax dispute with the IRS remains unresolved.

KO shares rose 6.49% over the past week.

Microsoft reported record annual revenue of more than $331 billion, driven by strong growth in cloud computing and artificial intelligence. Azure revenue surpassed $100 billion, while demand for AI services continued to exceed available capacity.

The company is investing heavily in data centers and AI infrastructure to support future growth. However, weaker PC, Windows, and Xbox sales weighed on parts of the business, and management expects continued pressure in some legacy product areas.

MSFT shares jumped 21.75% last week.

Meta’s second-quarter revenue rose 28% to $60.8 billion, driven by strong advertising growth and AI-powered improvements in engagement and ad performance. The company is also expanding AI products for businesses, developers, and consumers.

However, heavy spending on data centers and AI infrastructure is weighing on profits and cash flow. Meta also faces significant legal and regulatory risks, while third-quarter revenue growth is expected to slow from the second quarter.

META shares fell 6.47% during the last week.

Starbucks raised its full-year outlook after quarterly earnings and revenue beat expectations. Same-store sales rose 7.9%, supported by more customer visits and higher spending, suggesting its turnaround strategy is winning back loyalty.

The company now expects stronger sales and earnings growth for 2026. Store renovations, menu changes, and improved service are helping performance, although total revenue slipped slightly because of the sale of a controlling stake in its China business.

SBUX shares increased by 1.94% over the past week.

Apple reported record June-quarter revenue of $109.4 billion, driven by strong iPhone, Mac, and Services sales. Its active-device base exceeded 2.5 billion, while paid subscriptions topped 1.5 billion.

However, Apple expects growth to slow next quarter because of currency pressure, chip shortages, and rising memory costs. The company remains optimistic about Apple Intelligence, its upgraded Siri, and future product demand.

AAPL shares fell 7.24% last week.

Amazon reported strong second-quarter results, with revenue rising 20% to $200.6 billion and operating income increasing 43%. Growth was led by AWS, advertising, and faster delivery services.

However, the company raised its 2026 investment budget to about $220 billion as it expands AI and data-center capacity. This spending may pressure cash flow in the near term, while third-quarter growth is expected to slow partly because Prime Day sales occurred earlier this year.

AMZN shares jumped 17.00% over the past week.

Mastercard reported stronger-than-expected second-quarter results, with revenue, profit, and earnings all rising at double-digit rates. Payment activity remained healthy, while the company added more than 230 million cards and expanded several major customer relationships.

Management also raised its full-year outlook. However, geopolitical uncertainty and currency movements could weigh on cross-border spending and third-quarter growth.

MA shares rose 6.20% during the last week.

ExxonMobil reported strong second-quarter results, with earnings of $14.5 billion and free cash flow of $17.2 billion. Performance was supported by record Permian output, the highest upstream production in more than 20 years excluding Middle East disruptions, and continued cost savings.

The company returned $9.4 billion to shareholders through dividends and share buybacks and maintained its plans to invest in new production, including an additional offshore project in Guyana.

XOM shares edged down 0.96% over the past week.

Chevron reported strong quarterly earnings and cash flow, supported by record US production, lower costs, and reduced debt. The integration of Hess is progressing faster than expected, with Guyana expected to support profitable growth for years.

The company also signed a major long-term power agreement with Microsoft for a data-center project. However, its expansion plans in several countries remain exposed to execution and geopolitical risks.

CVX shares edged up 1.05% during the last week.

Conclusion

Overall, the week reflected cautious optimism across global markets. Stocks posted modest gains and corporate earnings were broadly strong, but falling commodity prices, slower US growth, persistent inflation, and geopolitical uncertainty kept investors focused on central-bank policy and future economic risks.