BRICS, Fed, tariffs, and earnings: Market reports to watch this week

Markets are running high with record closes across the S&P and Nasdaq, but investors might have to wait. The week ahead is fully dominated by a mix of geopolitics, Federal Reserve policy signals, high-stakes trade decisions from the Trump administration, and corporate earnings. 

Investors are eyeing a packed agenda that includes Monday’s BRICS Summit, Amazon’s extended four-day Prime Day starting Tuesday, and two key macro moments on Wednesday. The week also features the release of the Fed’s June meeting minutes and the expiration of the 90-day moratorium on Trump’s “Liberation Day” tariffs.

The Federal Reserve will dominate this week’s market agenda

On Monday, BRICS leaders gather for a highly anticipated summit that could further solidify the bloc’s alternative financial ambitions. Their alignment may be exactly what US President Donald Trump is targeting.

The upcoming tariff deadline is drawing particular scrutiny, and Trump is expected to finalize a new round of “reciprocal” duties by July 9. The implementation is set for August 1.

While trade deals have been announced with the US, Vietnam, and China, several countries remain at risk. On Sunday, Trump threatened 10% extra tariffs on countries “aligned with anti-American BRICS policies”.

Tuesday will see US Consumer Credit Data Insight into household debt and spending habits. This is a key signal for recession risk.

On the other hand, Amazon’s Prime Day will also serve as a consumer sentiment litmus test. With this year’s event extended to four days, the retail giant is hoping to build on last year’s record-setting sales.

On Wednesday, the Federal Reserve’s June minutes will offer fresh insight into policymakers’ views as markets continue to recalibrate interest rate cuts. Last week’s US employment data revealed stronger-than-expected job growth in June. Meanwhile, private sector hiring was the weakest in eight months, and the average workweek shrank. This suggests that labor market momentum may be losing steam.

Thursday’s US jobless claims and Tuesday’s consumer credit figures could influence sentiment. 

Europe flat ahead of tariff risks

Equities surged last week as the S&P 500 and Nasdaq closed at record highs. S&P 500 stood at 6,279.35 while Nasdaq maintained 20,601.

The Dow is hovering near its peak, still, analysts warn that the rally is increasingly fragile. However, European markets were muted Monday as investors braced for trade shockwaves from a looming tariff blitz. The STOXX 600 held flat at 541.15, with regional indexes split: Germany’s DAX edged higher, while the CAC 40, IBEX, and FTSE dipped slightly in early trading.

Meanwhile, the US dollar remains under pressure near multi-year lows, with FX markets particularly sensitive to any trade headlines. Risk-sensitive currencies like the Australian and New Zealand dollars have already dipped ahead of central bank decisions in those countries this week.

The global digital assets market surged marginally to remain above the $3.36 trillion cap mark. Its 24-hour trading volume is at $92 billion. The biggest crypto, Bitcoin, is up by 3% over the last 30 days and is trading at an average price of $108,615 at press time.

The largest altcoin, Ethereum, price posted a jump of more than 4% over the last 7 days. ETH is trading at an average price of $2,562 at press time. The biggest meme coin, Dogecoin, saw a jump of 3% in the last 24 hours after recording a decline of 8% over the past 30 days.

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