The Market ThesisNext Week Outlook
Asia & Pacific Edition
July 19, 2026 at 9:00 AM ET
By MacroGlide's Analysts
Markets Outlook for the week of July 20 – 26, 2026
Earnings from Key Tech Companies and CPI Data
Is the market ready for the week ahead?
Next week, Asian markets will concentrate on earnings and inflation data. The Consumer Price Index (CPI) is expected to show a rise to 4.0%, up from the prior reading of 3.1%. This uptick comes at the same time as key earnings reports from Shinhan Financial Group (SHG), with an estimated EPS of 2.28, and Alibaba, expected to post 0.21. The combination of higher inflation and earnings results will likely impact market direction significantly. A strong performance in earnings could boost investor confidence, while disappointing results may lead to increased volatility in stocks.
Key Upcoming Events
Consumer Price Index Released
The Consumer Price Index (CPI) is released on July 24. The forecast is 4.0%, up from the prior 3.1%. This data is critical as it provides insights into inflation trends affecting monetary policy decisions across Asia. An increase in CPI in the current economic environment highlights rising cost pressures which could prompt adjustments in interest rates. Market interest rates may react to shifts in inflation expectations based on this indicator.
Shinhan Financial Earnings Released
Shinhan Financial Group (SHG) will report earnings on July 24. The estimate is 2.28, slightly up from the previous 2.21. With the financial sector showing signs of stability, its performance can serve as a barometer for broader market sentiment. Positive earnings from Shinhan may boost confidence in the financial sector, while disappointing results could raise risk aversion among investors. Stock performance in the financial sector is expected to be influenced by this report's outcome.
Earnings Report from PT Bank Mandiri
PT Bank Mandiri (PPERY) is set to report earnings on July 23. The expected EPS is 0.33, which is down from the previous 0.38. This drop could signal growing headwinds in the banking sector, as economic conditions tighten. The report's implications for the banking industry's health could shape investor perspectives on risk in the sector. Bank stock volatility is likely in response to the earnings results.
Alibaba Earnings Report
Alibaba's earnings report will be released on July 23. The estimate stands at 0.21, an increase from the previous 0.17. Improved performance signals ongoing strength in the tech sector, particularly with recent advancements in AI. Market reactions may hinge on the extent to which Alibaba's results reflect broader trends in innovation and growth within technology. Tech stock investor sentiment is expected to react to Alibaba’s performance.
Unemployment Rate Released
The unemployment rate will be disclosed on July 24. Consensus expects it to remain steady at 4.4%, unchanged from the prior period. Maintaining a stable unemployment rate indicates that the labor market is holding firm amid ongoing economic challenges. Any deviation from this expectations could shift perceptions about economic health and future consumer spending potential. Market sensitivity to labor data may manifest in adjusted forecasts for equity performance.
Seasonality
A brief look at the strongest seasonal patterns for the week ahead. These patterns highlight date ranges where this asset has historically shown consistent moves.
Sample period varies by company from 7 to 10 years of historical data.
Key Financial Reports
Several important earnings reports are due next week, starting with Shinhan Financial Group (SHG) on July 24, where the estimate stands at 2.28, up from the previous 2.21. Also on July 23, Alibaba (BABA) is expected to report an EPS of 0.21, slightly higher than the previous 0.17, reflecting growth in AI integration. PT Bank Mandiri (PPERY) will also report on July 23 with an estimate of 0.33, down from the previous 0.38. The performance of these firms could greatly impact market sentiment, especially amid ongoing tech sector volatility.
EPS scheduled for the week of July 20 – 26, 2026 ET.
Key Macroeconomic Reports
Next week, the Consumer Price Index (CPI) will be released, with an expected increase to 4.0% from the prior 3.1%. This release is critical as it may influence future rate decisions by policymakers and enhance inflation expectations. In addition, the unemployment rate is forecasted to remain steady at 4.4%, indicating no significant changes in labor market strength. Lower than expected job growth could raise concerns about economic momentum. The CPI will likely be particularly sensitive for bond yields and could influence the overall market direction.
Macroeconomic data scheduled for the week of July 20 – 26, 2026 ET.
Top Stories
A quick look at the five stories that are set to shape next week's market sentiment. Explained with brief context highlighting why each story matters next week.
Source: Australian Financial Review
ASX on edge as US strikes on Iran and tech wobbles roil markets
The Australian sharemarket faces uncertainty as US-Iran strikes are expected to increase energy prices. This comes just before the August reporting season, disrupting the usual calm. Additionally, a sell-off of chipmaker stocks on Wall Street has raised concerns about a potential investment bubble. Analysts predict further market fallout this week as these geopolitical tensions unfold.
Source: Australian Financial Review
Traders brace for $US100 oil as world races towards supply shock
Oil prices are on the brink of reaching $100 per barrel due to a blockade in the Strait of Hormuz, which is straining global energy supplies. Brent Crude futures have surged nearly 17% in July amid renewed tensions in the Middle East. Analysts warn that these supply issues could reach critical levels within weeks, further impacting energy markets and prices.
Source: Nikkei Asia
South Korean central bank raises rates as economy shows strength
South Korea's central bank raised its key interest rate from 2.50% to 2.75% on July 16, marking the first increase in over three years. This decision aims to address inflationary pressures linked to the country's economic growth, particularly in the chipmaking sector. The move reflects the bank's response to a strengthening economy and rising inflation concerns.
Source: CNBC — Asia Pacific
Alibaba’s U.S.-listed shares rise 4% after Qwen AI set to be integrated in Apple Intelligence
Alibaba's U.S.-listed shares increased by 4% in premarket trading after the company announced its Qwen AI model will be integrated into Apple systems in China. This integration allows users to access advanced AI capabilities across multiple Apple platforms. The development follows a lengthy approval process in China amid rising competition in the AI sector between the U.S. and China.
Source: CNBC — Asia Pacific
Taiwan's second-largest chipmaker starts mass production in Singapore; Citi sees improving outlook
United Microelectronics Corporation (UMC), Taiwan's second-largest chipmaker, has started mass production of silicon photonics wafers in Singapore. This initiative aims to meet the growing demand for high-speed optical interconnects in AI and data centers. UMC reported a 22.85% year-on-year sales increase in June, totaling NT$23.12 billion ($719.21 million), and analysts at Citi forecast a 13% sales jump in the second quarter of 2026.
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Explore all past issues →The Market ThesisNext Week Outlook
Asia & Pacific Edition
July 19, 2026 at 9:00 AM ET
Markets Outlook for the week of July 20 – 26, 2026
Earnings from Key Tech Companies and CPI Data
Is the market ready for the week ahead?
Next week, Asian markets will concentrate on earnings and inflation data. The Consumer Price Index (CPI) is expected to show a rise to 4.0%, up from the prior reading of 3.1%. This uptick comes at the same time as key earnings reports from Shinhan Financial Group (SHG), with an estimated EPS of 2.28, and Alibaba, expected to post 0.21. The combination of higher inflation and earnings results will likely impact market direction significantly. A strong performance in earnings could boost investor confidence, while disappointing results may lead to increased volatility in stocks.
Key Upcoming Events
Consumer Price Index Released
The Consumer Price Index (CPI) is released on July 24. The forecast is 4.0%, up from the prior 3.1%. This data is critical as it provides insights into inflation trends affecting monetary policy decisions across Asia. An increase in CPI in the current economic environment highlights rising cost pressures which could prompt adjustments in interest rates. Market interest rates may react to shifts in inflation expectations based on this indicator.
Shinhan Financial Earnings Released
Shinhan Financial Group (SHG) will report earnings on July 24. The estimate is 2.28, slightly up from the previous 2.21. With the financial sector showing signs of stability, its performance can serve as a barometer for broader market sentiment. Positive earnings from Shinhan may boost confidence in the financial sector, while disappointing results could raise risk aversion among investors. Stock performance in the financial sector is expected to be influenced by this report's outcome.
Earnings Report from PT Bank Mandiri
PT Bank Mandiri (PPERY) is set to report earnings on July 23. The expected EPS is 0.33, which is down from the previous 0.38. This drop could signal growing headwinds in the banking sector, as economic conditions tighten. The report's implications for the banking industry's health could shape investor perspectives on risk in the sector. Bank stock volatility is likely in response to the earnings results.
Alibaba Earnings Report
Alibaba's earnings report will be released on July 23. The estimate stands at 0.21, an increase from the previous 0.17. Improved performance signals ongoing strength in the tech sector, particularly with recent advancements in AI. Market reactions may hinge on the extent to which Alibaba's results reflect broader trends in innovation and growth within technology. Tech stock investor sentiment is expected to react to Alibaba’s performance.
Unemployment Rate Released
The unemployment rate will be disclosed on July 24. Consensus expects it to remain steady at 4.4%, unchanged from the prior period. Maintaining a stable unemployment rate indicates that the labor market is holding firm amid ongoing economic challenges. Any deviation from this expectations could shift perceptions about economic health and future consumer spending potential. Market sensitivity to labor data may manifest in adjusted forecasts for equity performance.
Seasonality
A brief look at the strongest seasonal patterns for the week ahead. These patterns highlight date ranges where this asset has historically shown consistent moves.
Stocks & ETFs
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Sample period varies by company from 7 to 10 years of historical data.
Key Financial Reports
Several important earnings reports are due next week, starting with Shinhan Financial Group (SHG) on July 24, where the estimate stands at 2.28, up from the previous 2.21. Also on July 23, Alibaba (BABA) is expected to report an EPS of 0.21, slightly higher than the previous 0.17, reflecting growth in AI integration. PT Bank Mandiri (PPERY) will also report on July 23 with an estimate of 0.33, down from the previous 0.38. The performance of these firms could greatly impact market sentiment, especially amid ongoing tech sector volatility.
Earnings Per Share (EPS)
Detailed View →Reaction
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EPS scheduled for the week of July 20 – 26, 2026 ET.
Key Macroeconomic Reports
Next week, the Consumer Price Index (CPI) will be released, with an expected increase to 4.0% from the prior 3.1%. This release is critical as it may influence future rate decisions by policymakers and enhance inflation expectations. In addition, the unemployment rate is forecasted to remain steady at 4.4%, indicating no significant changes in labor market strength. Lower than expected job growth could raise concerns about economic momentum. The CPI will likely be particularly sensitive for bond yields and could influence the overall market direction.
Macroeconomic Data
Detailed View →Macroeconomic data scheduled for the week of July 20 – 26, 2026 ET.
Top Stories
A quick look at the five stories that are set to shape next week's market sentiment. Explained with brief context highlighting why each story matters next week.
ASX on edge as US strikes on Iran and tech wobbles roil markets
The Australian sharemarket faces uncertainty as US-Iran strikes are expected to increase energy prices. This comes just before the August reporting season, disrupting the usual calm. Additionally, a sell-off of chipmaker stocks on Wall Street has raised concerns about a potential investment bubble. Analysts predict further market fallout this week as these geopolitical tensions unfold.
Source: Australian Financial Review
Traders brace for $US100 oil as world races towards supply shock
Oil prices are on the brink of reaching $100 per barrel due to a blockade in the Strait of Hormuz, which is straining global energy supplies. Brent Crude futures have surged nearly 17% in July amid renewed tensions in the Middle East. Analysts warn that these supply issues could reach critical levels within weeks, further impacting energy markets and prices.
Source: Australian Financial Review
South Korean central bank raises rates as economy shows strength
South Korea's central bank raised its key interest rate from 2.50% to 2.75% on July 16, marking the first increase in over three years. This decision aims to address inflationary pressures linked to the country's economic growth, particularly in the chipmaking sector. The move reflects the bank's response to a strengthening economy and rising inflation concerns.
Source: Nikkei Asia
Alibaba’s U.S.-listed shares rise 4% after Qwen AI set to be integrated in Apple Intelligence
Alibaba's U.S.-listed shares increased by 4% in premarket trading after the company announced its Qwen AI model will be integrated into Apple systems in China. This integration allows users to access advanced AI capabilities across multiple Apple platforms. The development follows a lengthy approval process in China amid rising competition in the AI sector between the U.S. and China.
Source: CNBC — Asia Pacific
Taiwan's second-largest chipmaker starts mass production in Singapore; Citi sees improving outlook
United Microelectronics Corporation (UMC), Taiwan's second-largest chipmaker, has started mass production of silicon photonics wafers in Singapore. This initiative aims to meet the growing demand for high-speed optical interconnects in AI and data centers. UMC reported a 22.85% year-on-year sales increase in June, totaling NT$23.12 billion ($719.21 million), and analysts at Citi forecast a 13% sales jump in the second quarter of 2026.
Source: CNBC — Asia Pacific
Other Headlines
Enjoying The Market Thesis? Get more news and analysis with our regional editions for The United States and Europe & UK.
If you received this newsletter from someone else, subscribe here.
To stop receiving The Market Thesis, unsubscribe.
Follow Us
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