PERSPECTIVES Weekly podcast: July 28 – What earnings reports say about tariffs

Progress on global trade deals has supported markets recently, says Markus Müller, the Private Bank's head of the CIO office and Chief Investment Officer for Sustainability – though he adds that the coming wave of corporate earnings reports will be scrutinised for impacts from shifting tariff regimes. “Markets will start focusing more on what exactly agreed deals mean for corporate profitability”, Markus says.

The first earnings reports have suggested that companies are largely absorbing the tariffs for now, rather than passing them on to consumers. But that hasn’t been easy for all of them. “Recent company results show some sectors are finding it more difficult than others.”

 A policy decision from the Federal Reserve will likely take centre stage this week, but we’ll also get a read on 2^nd quarter GDP for the EU, and inflation figures for the U.S. “It's a pretty full calendar with really some interesting data.”

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