Storage giants launch collective buybacks: Where does the supercycle stand?

富途资讯

joined discussion ·

Week Ahead | Packed with Key Events! Fed Leads Super Central Bank Week into a 'Hawkish Stress Test'; Earnings from the Big Four Tech Giants and Japan-Korea's Top Three Memory Chipmakers Drop Simultaneously; Critical Economic Data from the US and China Released in Quick Succession

In the final trading week of July, markets will face multiple high-impact catalysts. The Federal Reserve and the Bank of Japan will announce their policy decisions in quick succession, offering clues on future interest rate trajectories. On the earnings front, tech titans Microsoft, Apple, Amazon, and Meta will report alongside memory chip giants SK Hynix, Samsung Electronics, and Kioxia from the U.S., Japan, and South Korea. Additionally, key economic data releases from the U.S. and China will jointly test global economic resilience and inflation trends.

Overview of Key Events for the New Week

– U.S. and Japanese central bank decisions: Super central bank week faces a 'hawkish stress test'

Amid a suddenly shifting inflation outlook, althoughmarkets expect the Federal Reserve, the Bank of England, and the Bank of Japan to hold steady during next week's 'Super Central Bank Week,' policy expectations have already reversed.The Federal Reserve will announce its latest interest rate decision in the early hours of next Thursday Beijing time. The market’s primary focus will be whether the policy statement provides any hints of a 25-basis-point rate hike in September. According to LSEG data, U.S. money markets have fully priced in a rate hike at the next meeting.

Chairman Waller will hold a press conference following the meeting. With current inflationary pressures and tariff-related uncertainties coexisting, the market will closely watch Waller’s comments on the future interest rate path to assess whether a rate hike could resume in September.

– Tech giants face earnings 'final exam' as MAG7 and memory leaders take center stage

Next week marks the true peak of Q2 earnings season. Four major tech giants, leading memory chipmakers, core semiconductor supply chain companies, oil and gas majors, and consumer sector leaders will all release their results, kicking off the year’s most information-dense and trade-opportunity-rich"Super Earnings Week"officially begins.

Investors will closely monitor tech giants’ earnings performance to gauge how long the current dynamic—where heavy AI spenders are punished while semiconductor manufacturers are rewarded—can persist. On the surface, Alphabet delivered solid results this week, but its spending plans and negative free cash flow have unsettled investors.

Several memory chip leaders that have seen strong share price gains this year will also report earnings next week, including South Korea’s SK Hynix and Samsung Electronics, as well as Japan’s Kioxia. These firms have benefited from massive spending by hyperscale cloud providers, and the market will focus on shipments of high-end AI memory such as HBM and pricing trends for general-purpose memory.

– A flurry of economic data from China and the U.S. is set for release, with U.S. GDP and the core PCE price index—key indicators closely watched by the Federal Reserve—taking center stage.

China’s official manufacturing PMI will be released on July 31, and on July 27, China will publish June data on profits of industrial enterprises above designated size. Previously, the June manufacturing PMI rose to 50.3, re-entering expansion territory, while the non-manufacturing business activity index continued to expand.

On Thursday, July 30, investors and policymakers will gain fresh insights into U.S. economic activity, the Federal Reserve’s preferred inflation gauge, and consumer spending. Government data is expected to show that U.S. second-quarter GDP grew at an annualized rate of 2.1%, driven by consumer and business investment. Escalating tensions in the Middle East have pushed oil prices back above $100 per barrel, posing upside risks to inflation. Market bets on the likelihood of further Fed rate hikes are currently rising.

– The Political Bureau of the CPC Central Committee may convene a meeting in late July, potentially signaling a shift toward a more proactive policy stance.

By convention, the Political Bureau of the CPC Central Committee holds a meeting each July to analyze and assess the current economic situation and lay out economic priorities for the second half of the year.

Analysts widely agree that while the economy has not lost momentum, weak domestic demand, subdued credit growth, and structural imbalances have renewed pressure on growth stabilization efforts. At this meeting, policy guidance could undergo a significant pivot—shifting from the first half’s cautious cross-cycle adjustments toward active counter-cyclical intervention, manifested through accelerated implementation of existing measures and forward-looking deployment of new stimulus policies.

– Global optical module leader Zhongji Xuchuang is set to list in Hong Kong next week, potentially marking the largest IPO in Hong Kong this year.

On July 22, the optical communications leader $ZJ INNOLIGHT (03308.HK)$ officially launched its Hong Kong share offering, with the subscription period running through July 27 and listing expected on July 30. The company plans to offer 54.5 million H-shares globally, with 10% allocated to the Hong Kong public offering and 90% to international placement, plus a 15% over-allotment option. The maximum offer price is HK$1,010 per share, with a board lot of 50 shares and an estimated minimum subscription cost of approximately HK$51,009. At the top end of the range, total proceeds would amount to roughly HK$55.045 billion, yielding net proceeds of about HK$54.513 billion.

By comparison, Zhongji Xuchuang’s fundraising scale is the largest and could surpass that of the previous $CATL (03750.HK)$ raised funds, becoming the largest technology IPO in Hong Kong since its secondary listing in 2019. $BABA-W (09988.HK)$ The star-studded lineup of cornerstone investors also drew significant market attention. From Singapore’s sovereign wealth fund Temasek to global asset management giants BlackRock and JPMorgan, as well as Alibaba and Tencent, a total of 33 top-tier institutions subscribed for approximately HK$27 billion—nearly half of the shares offered, almost hitting the Hong Kong Stock Exchange’s 50% cap.

Key Earnings Calendar for the New Week

Monday (July 27)

Keywords: AstraZeneca earnings; ChangXin Memory Technologies’ A-share listing

In terms of economic data,China's year-on-year industrial enterprise profits for June, U.S. durable goods orders month-over-month for June, and the Dallas Fed’s business activity index for July will be released.

09:30 China's year-on-year industrial enterprise profits for June

20:30 U.S. durable goods orders month-over-month for June

22:30 U.S. Dallas Fed business activity index for July

In terms of earnings reports, Biopharmaceutical giant$AstraZeneca (AZN.US)$ U.S. stocks will release their latest earnings before the market opens, $Cadence Design Systems (CDNS.US)$ 、 $Celestica (CLS.US)$ 、 $Nucor (NUE.US)$ Earnings reports will be released after the US stock market closes.

In terms of new stocks,As the largest A-share IPO of the year, the leading Chinese DRAM memory chip company $CXMT Corporation (688825.SH)$ will list its shares on the STAR Market of the Shanghai Stock Exchange.

Tuesday (July 28)

Keywords: Corning, Coca-Cola, Seagate Technology earnings; ADP

In terms of economic data,The U.S. ADP employment change for the week ending July 11, the Richmond Fed Manufacturing Index for July, and The Conference Board’s Consumer Confidence Index for July will be released.

20:15 U.S. ADP employment change for the week ending July 11 (in ten thousands)

22:00 U.S. Richmond Fed Manufacturing Index for July

22:00 U.S. Conference Board Consumer Confidence Index for July

On the earnings front, $Boeing (BA.US)$ 、 $Corning (GLW.US)$ 、 $Coca-Cola (KO.US)$ 、 $Unilever (UL.US)$ U.S. stocks will release their latest earnings before the market opens, $Bloom Energy (BE.US)$、 $Ford Motor (F.US)$、 $KLA Corp (KLAC.US)$ 、$Seagate Technology (STX.US)$ 、 $Visa (V.US)$ Earnings reports will be released after the US stock market closes.

Wednesday (July 29)

Keywords: Microsoft, Meta, SK Hynix earnings

In terms of economic data,EIA crude oil inventories and EIA Strategic Petroleum Reserve (SPR) inventories for the week ended July 24 will be released.

22:30 EIA crude oil inventories (in 10,000 barrels) for the week ended July 24

22:30 EIA Strategic Petroleum Reserve (SPR) inventories (in 10,000 barrels) for the week ended July 24

In terms of earnings reports,Hong Kong stocks $ASMPT (00522.HK)$ 、 $STANCHART (02888.HK)$ and $NEW ORIENTAL-S (09901.HK)$ will release earnings reports.

$Amphenol (APH.US)$ 、 $Procter & Gamble (PG.US)$ 、 $UBS Group (UBS.US)$ 、 $Vertiv Holdings (VRT.US)$ US stocks released earnings reports before the market opened, $Arm Holdings (ARM.US)$ 、 $Robinhood (HOOD.US)$ 、 $Meta Platforms (META.US)$ 、 $Microsoft (MSFT.US)$ 、 $Qualcomm (QCOM.US)$ Earnings reports will be released after the US stock market closes.

At the same time, $SK hynix (SKHY.US)$ will release second-quarter earnings reports at 08:00 on July 29.

In new listings, $ZJ INNOLIGHT (03308.HK)$ will open for pre-market trading.

Thursday (July 30)

Keywords: Apple, Amazon, Samsung Electronics earnings; Fed interest rate decision; PCE

On the economic data front, the Federal Reserve's interest rate decision as of July 29 will be released., the year-over-year core PCE price index for June, the number of initial jobless claims for the week ending July 25, and the advance estimate of Q2 real GDP annualized quarterly growth rate,along with the advance estimate of Q2 core PCE price index annualized quarterly growth ratewill be released.

02:00 Federal Reserve interest rate decision (upper bound) as of July 29

19:00 Bank of England interest rate decision as of July 30

20:30 Year-over-year core PCE price index for June

20:30 Initial jobless claims for the week ending July 25 (in tens of thousands)

20:30 Advance estimate of Q2 real GDP annualized quarterly growth rate

Regarding major events, Beijing time02:30，Federal Reserve Chair Waller holds a monetary policy press conference.

In terms of earnings reports,Hong Kong stocks $BUD APAC (01876.HK)$ 、 $EASTROC (09980.HK)$ and $YUM CHINA (09987.HK)$will release earnings.

$Shell (SHEL.US)$ 、 $MasterCard (MA.US)$ US stocks released earnings reports before the market opened, $Apple (AAPL.US)$、 $Amazon (AMZN.US)$、 $Coinbase (COIN.US)$、 $Strategy (MSTR.US)$ Earnings reports will be released after the US stock market closes.

At the same time, $Samsung Electronics (005930.KR)$ The full second-quarter earnings report will be released at 9:00 on July 30.

In new listings, $ZJ INNOLIGHT (03308.HK)$ Officially listed on the Hong Kong Stock Exchange.

Friday (July 31)

Keyword: PMI

In terms of economic data,China's official Manufacturing PMI for July, the Chicago PMI for July in the U.S., and the final reading of the University of Michigan Consumer Sentiment Index for July in the U.S. will be released.

09:30 China's official Manufacturing PMI for July

21:45 U.S. Chicago PMI for July

22:00 Final reading of the U.S. University of Michigan Consumer Sentiment Index for July

Major events:, at 14:30 Beijing time, Bank of Japan Governor Kazuo Ueda will hold a monetary policy press conference.

In terms of earnings reports,Hong Kong stocks $AUNTEA JENNY (02589.HK)$ 、 $XINYI SOLAR (00968.HK)$ will release its earnings report.

$AbbVie (ABBV.US)$ 、 $Chevron (CVX.US)$ 、 $Moderna (MRNA.US)$ 、 $Exxon Mobil (XOM.US)$ will release its earnings report before the US market opens.

Additionally, Japanese storage giant $Kioxia Holdings (285A.JP)$ will announce its latest earnings report on July 31 at 14:30.

Get ahead of major financial events and spot investment opportunities early! Open Futubull > Market > US Stocks >Financial Calendar/Featured macroeconomic data, seize investment opportunities ahead of the curve!

985K Views