Thematic Research Next week...this week

Cross-Discipline Date 31 July 2026 Thematic Research

Next week...this week Galina Pozdnyakova The July jobs report in the US will be the main event next week, with the July ISM Research Analyst indices also due. Elsewhere, economic indicators feature economic activity in Germany, trade in China, wages in Japan, as well as inflation in Switzerland and Sweden. Jim Reid Global Head of Macro and Thematic Another busy week for corporate earnings will bring reports from SpaceX, Research Palantir and Eli Lilly in the US and Siemens, Rheinmetall and Novo Nordisk in Europe, amongst others. Luke Templeman, CPA Research Analyst The main release next week will be the US July jobs report on Friday, where our US economists expect payrolls to rise by +65k, up from +57k in June. They forecast the unemployment rate to remain at 4.2% and the average hourly earnings to increase by +0.3% MoM, same as in June. Other labour market indicators include the June JOLTS report on Tuesday and ADP private payrolls on Wednesday.

Another read on US economic activity will come from the July ISM manufacturing index due Monday and our economists forecast an increase to 54.1 from 53.3 in June. The services index follows on Wednesday and is expected at 54.3, broadly unchanged from 54.0. Other releases include Q2 productivity on Thursday, and DB forecast +3.0% growth, with unit labour costs at +0.5%.

Moving on to Europe, July CPI reports are due from Switzerland on Monday and Sweden on Thursday. There will also be plenty of June economic indicators for Germany throughout the week, including retail sales, factory orders, industrial production and trade data during the week in Germany.

Over in Asia, the focus in China will be on private July PMI gauges, with the manufacturing one due Monday and services on Wednesday, and July trade data are out Friday. In Japan, June labour cash earnings and household spending will be amongst notable releases, due Wednesday and Friday respectively. Finally, The BoJ will publish the minutes of its June meeting on Wednesday. For more detail and forecasts, see DB’s week ahead for Japan here.

There will also be focus on the OPEC+ meeting on production this Sunday, with oil prices up by around +20% this month amidst headlines about the Iran conflict.

In corporate earnings, the Q2 season continues, with technology highlights including the first report from SpaceX since its listing, as well as Palantir and AMD. Other big US names reporting include Eli Lilly, Caterpillar, McDonald’s and Disney. The focus in Europe will be on Siemens, Novo Nordisk and Rheinmetall, amongst other large caps in the region. The list in Japan includes Toyota, SoftBank and Nintendo.

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31 July 2026 Thematic Research

Day-by-day calendar of events Monday August 3 Data: US July ISM index, total vehicles sales, June construction spending, Germany June retail sales, Italy July new car registrations, budget balance, Switzerland July CPI, China July RatingDog manufacturing PMI Earnings: Palantir, Mitsubishi UFJ Financial, Vertex, Marriott

Tuesday August 4 Data: US June trade balance, factory orders, JOLTS report, Japan July monetary base, France June budget balance YTD, Italy June retail sales, Canada June international merchandise trade, July manufacturing PMI Earnings: SpaceX, AMD, Caterpillar, HSBC, Merck & Co, Toyota, Arista Networks, Amgen, McDonald's, Gilead Sciences, Booking, Pfizer, BP, Spotify, Cummins, Marathon Petroleum, Emerson Electric, Mitsubishi Heavy Industries, TransDigm, Apollo, Energy Transfer, Bayer

Wednesday August 5 Data: US July ADP report, ISM services, UK July new car registrations, official reserves changes, Japan June labor cash earnings, France June industrial production, Italy July services PMI, Eurozone June PPI, China July RatingDog services PMI, New Zealand Q2 labour force survey Central banks: BoJ minutes of the June meeting, Fed’s Cook speaks Earnings: Eli Lilly, Novo Nordisk, Sandisk, Western Digital, Walt Disney, Shopify…