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Q1 Reports Spill Details & Outlooks: Global Week Ahead
Read MoreHide Full Article
Key Takeaways
Q1 Earnings Season Kicks Off with Goldman Sachs This Morning
Negotiations Between the U.S. & Iran Fell Short
Viktor Orban Voted Out of Office in Hungary
What happens across this busy Global Week Ahead?
The S&P500 Q1-26 earnings report season begins.
In terms of events & data, this trading week’s newsflow will center on the Iran conflict.
Weekend ceasefire talks in Pakistan between Iran and the U.S. were the leading event.
The coming trading week’s Q1 S&P500 reports should give stock traders early indications, of the fallout for major U.S. corporates, in terms of management outlooks on Q1-26 earnings calls.
Elsewhere in the world, Hungary held a momentous Presidential election.
Across the week, key macro data lands from the world's 2nd largest economy, Mainland China. Q1-26 real GDP growth data should be out late Wednesday.
Finally, world finance leaders have plenty to talk about. They gather in Washington DC, for their Annual IMF and World Bank spring meetings.
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) U.S. Money Center Banks Kick Off Q1-26 S&P500 Earnings Season
We'll also start to get a sense of what the war has meant for companies as results from major U.S. banks and some other big global names are due.
Goldman Sachs (GS - Free Report) beat Q1 estimates on Monday, with JP Morgan (JPM - Free Report) — the largest U.S. lender — due on Tuesday along with Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) .
Strong interest income and investment banking fees are expected to help them post higher quarterly earnings.
S&P500 earnings are estimated to have climbed more than +14%.
But fallout from the war will cloud the reports, including ripple effects from energy-driven inflation.
(2) Over the Weekend, Negotiations Between Iran and the U.S. Began
Almost every financial market in the world has been trading in response to the oil price since the Iran war began, and it is hard to see that changing any time soon.
That means investors will be spending their weekend checking for any news from the peace talks between the U.S. and Iran in Pakistan's Islamabad.
The announcement of a ceasefire late Tuesday sent benchmark oil prices back below $100 a barrel, and sparked a surge in global stocks.
The two sides continue to disagree on key aspects, however, including whether it applies to Lebanon, which Israel continues to strike.
A new proposed blockade of the Strait of Hormuz, which has caused the worst-ever disruption to global energy supplies, comes from the U.S. this morning, as naval ships make their way to the region.
And while benchmark oil futures remain off their highs — even if far above prewar levels — prices in the physical market are at record levels and pain in real economies is starting to bite.
(3) On Sunday, Hungary Went to the Polls to Elect a President
After 16 years of Viktor Orban's rule in Hungary, investors are primed for the once-unthinkable prospect that the firebrand prime minister and long-term thorn in the European Union's side has been voted out of power over the weekend in what has been billed as Europe's most market-sensitive election of the year.
Three years of economic stagnation, the biggest inflation shock since the 1990s and revelations about his ties to Russia had opinion polls predicting the 62-year-old would be beaten by his former ally-turned-foe Peter Magyar, who is promising a reset with Brussels that would unlock billions in EU funding.
Judging by some, the sharp share price drops of companies linked to Orban and the relative outperformance of Hungary's currency and bonds in recent months, investors are betting on change. But markets are bracing for volatility.
According to the BBC—
"Preliminary election results, based on more than 98% of counted votes, put the opposition Tisza party on course for an extraordinary 138 seat victory, with Viktor Orbán's ruling Fidesz party on 55 and the far-right Our Homeland on six."
"Peter Magyar, a 45-year-old former party insider, brought Viktor Orban's 16 years in power to an end.”
There's an election happening over in Peru too, although with a record 35 candidates in the mix, it will almost certainly need a deciding run-off vote in June.
(4) How Is the Mainland China Economy? Thursday Shows Q1 Real GDP Growth
Key Chinese data on Thursday will offer a first look at how the world's second biggest economy is adapting to a slower growth trajectory and the war.
Beijing is expected to say first quarter Gross Domestic Product (GDP) grew at 5% year-on-year, according to the median forecast in a LSEG poll ???of 11 analysts.
China's GDP growth slowed to a three-year low of 4.5% in the final quarter of 2025, and in March, the government set a slightly lower target for 2026 as they seek to rebalance the economy and stay competitive with the United States.
(5) Across This Week, the Annual IMF and World Bank Spring Meetings Occur
The impact from the Iran war and rising geopolitical risks is going to be at the top of the agenda for finance chiefs from around the globe who gather in Washington for spring meetings of the International Monetary Fund and the World Bank Group.
The week will be sprinkled with reports and forecasts — the Fund's World Economic Outlook and Global Financial Stability reports are due on Tuesday and regional updates thereafter — with no one expecting good news. Both G7 and G20 finance ministers and central bank governors will also meet.
The war is expected to crimp growth, raise food insecurity and borrowing costs, and ramp up price pressures thanks to higher energy costs.
Faced with yet another shock after COVID-19, Russia's war with Ukraine and trade turmoil, a number of developing nations are expected to ask the Fund for more help.
Zacks #1 Rank (STRONG BUY) Stocks
Three large-cap Zacks #1 (STRONG BUY) picks, that should keep trader’s interests.
(1) Chevron (CVX - Free Report) : This is a $190 a share oil stock, with a market cap of $379.3B.
It is found in Zacks Oil & Gas Integrated industry. The stock holds a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of A.
F12M P/E: 21.3.
Image Source: Zacks Investment Research
Chevron is one of the largest publicly traded oil and gas companies in the world with operations that span almost every corner of the globe.
The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated, meaning it participates in every aspect related to energy from oil production, to refining and marketing.
Chevron remains well positioned to navigate the volatility in oil and gas prices.
Being an integrated firm engaged in all aspects of the oil and gas business. Chevron divides its operations into two main segments: Upstream and Downstream.
Chevron's other activities include transportation and chemicals.
Chevron's current oil and gas development project pipeline is among the best in the industry.
(2) HSBC (HSBC - Free Report) : This is a $90 a share bank stock, with a market cap of $310B.
It is found in the Zacks Foreign Bank industry. The stock holds a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of C.
F12M P/E: 11.1.
Image Source: Zacks Investment Research
HSBC Holdings plc is a major global banking and financial services firm.
Operating through an international network of various offices in Europe, Asia, the Middle East and North Africa, North and Latin America.
HSBC manages its operations through the following groups —
Wealth and Personal Banking (WPB): In February 2020, this group was formed after the combination of the former retail banking and wealth management, and global private banking businesses.
The HSBC private bank offers its clients both traditional and innovative ways to manage and preserve wealth, while optimizing returns.
Commercial Banking: Corporate and Business Banking are two segments under this group.
While the Corporate segment serves both Corporate and mid-market companies with more sophisticated financial needs, Business Banking caters to the small and medium-sized enterprises sector.
Global Banking and Markets (GBM): GBM is managed under two principal business lines: Global Markets and Global Banking.
(3) Advantest (ATEYY - Free Report) : This is a $159 a share tech stock, with a market cap of $116.7B.
It is found in the Zacks Electronics-Measuring Instrument industry. The stock holds a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of B.
F12M P/E: 34.8.
Image Source: Zacks Investment Research
Advantest Corp. is one of the world's leading automatic test equipment suppliers to the semiconductor industry, and is also a producer of electronic and optoelectronic instruments and systems.
A global company, Advantest has long offered total Automated Test Equipment (ATE) solutions, and serves the industry in every component of semiconductor test: tester, handler, mechanical and electrical interfaces, and software.
Its logic, memory, mixed-signal and RF testers, and device handlers, are integrated into the most advanced semiconductor fabrication lines in the world.
Key Global Macro
The IMF-World Bank Finance Minister meetings start on Sunday, and run all week long.
On Monday, U.S. existing home sales come out for March. 4,09M was the prior reading. The m/m growth was +1.7%.
Mainland China exports (+19.2% y/y in yuan terms in February) and imports (+17.1% in yuan terms in February) come out for March.
On Tuesday, the U.S. PPI index, ex food & energy comes out for March. The prior February reading was already ‘hot’ at +3.9% y/y.
On Wednesday, the Bank of England’s (BoE) Governor Bailey gives a speech.
Mainland China’s real GDP for Q1-26 comes out. Consensus sees +5.0% y/y. The prior Q4-25 quarter showed +4.5% y/y growth.
On Thursday, the core Eurozone HICP inflation reading for March comes out. Looks for a flat +2.3% y/y reading. Broad HICP should be +2.5% y/y. This will incorporate Energy price effects.
On Friday, the Fed’s influential Waller speaks.
Conclusion
Earnings season will be the major trading event, in a very busy week.
On Wednesday, April 8th, Zacks Research Director Sheraz Mian shared this, concerning Q1 earnings—
Key points:
(1) Zacks expects total S&P500 earnings in Q1-26 to increase by +13.0% from the same period last year, on +9.2% higher revenues.
This follows the +14% increase in earnings on +9.1% higher revenues, in the preceding period (Q4-25).
(2) Zacks earnings estimates for Q1-26, and full-year 2026, remain positive.
The favorable earnings revisions trend remained firmly in place, even after the start of the Middle East conflict.
(3) Estimates for the Energy sector notably moved higher in March.
But estimates have also increased for 7 other sectors, including Tech, Finance, Construction, Basic Materials, and Transportation.
(4) Companies with fiscal quarters ending in February have already been reporting Q1 results.
They get counted as part of the March-quarter tally.
To date, we have seen such February-quarter results from 19 S&P500 index members.
Total earnings for these 19 S&P500 index members were up +79.7% from the same period last year, on +15.6% higher revenues.
View the Zacks #1 Rank List
Image: Bigstock
Q1 Reports Spill Details & Outlooks: Global Week Ahead
Key Takeaways
What happens across this busy Global Week Ahead?
The S&P500 Q1-26 earnings report season begins.
In terms of events & data, this trading week’s newsflow will center on the Iran conflict.
Finally, world finance leaders have plenty to talk about. They gather in Washington DC, for their Annual IMF and World Bank spring meetings.
Next are Reuters’ five world market themes, re-ordered for equity traders—
(1) U.S. Money Center Banks Kick Off Q1-26 S&P500 Earnings Season
We'll also start to get a sense of what the war has meant for companies as results from major U.S. banks and some other big global names are due.
Goldman Sachs (GS - Free Report) beat Q1 estimates on Monday, with JP Morgan (JPM - Free Report) — the largest U.S. lender — due on Tuesday along with Wells Fargo (WFC - Free Report) and Citigroup (C - Free Report) .
Strong interest income and investment banking fees are expected to help them post higher quarterly earnings.
Other company reports on tap next week include Netflix (NFLX - Free Report) , Johnson & Johnson (JNJ - Free Report) , and PepsiCo (PEP - Free Report) , while elsewhere we get Taiwan's TSMC (TSM - Free Report) and Europe's ASML (ASML - Free Report) , and LVMH LVMUY.
S&P500 earnings are estimated to have climbed more than +14%.
But fallout from the war will cloud the reports, including ripple effects from energy-driven inflation.
(2) Over the Weekend, Negotiations Between Iran and the U.S. Began
Almost every financial market in the world has been trading in response to the oil price since the Iran war began, and it is hard to see that changing any time soon.
That means investors will be spending their weekend checking for any news from the peace talks between the U.S. and Iran in Pakistan's Islamabad.
The announcement of a ceasefire late Tuesday sent benchmark oil prices back below $100 a barrel, and sparked a surge in global stocks.
The two sides continue to disagree on key aspects, however, including whether it applies to Lebanon, which Israel continues to strike.
A new proposed blockade of the Strait of Hormuz, which has caused the worst-ever disruption to global energy supplies, comes from the U.S. this morning, as naval ships make their way to the region.
And while benchmark oil futures remain off their highs — even if far above prewar levels — prices in the physical market are at record levels and pain in real economies is starting to bite.
(3) On Sunday, Hungary Went to the Polls to Elect a President
After 16 years of Viktor Orban's rule in Hungary, investors are primed for the once-unthinkable prospect that the firebrand prime minister and long-term thorn in the European Union's side has been voted out of power over the weekend in what has been billed as Europe's most market-sensitive election of the year.
Three years of economic stagnation, the biggest inflation shock since the 1990s and revelations about his ties to Russia had opinion polls predicting the 62-year-old would be beaten by his former ally-turned-foe Peter Magyar, who is promising a reset with Brussels that would unlock billions in EU funding.
Judging by some, the sharp share price drops of companies linked to Orban and the relative outperformance of Hungary's currency and bonds in recent months, investors are betting on change. But markets are bracing for volatility.
According to the BBC—
"Preliminary election results, based on more than 98% of counted votes, put the opposition Tisza party on course for an extraordinary 138 seat victory, with Viktor Orbán's ruling Fidesz party on 55 and the far-right Our Homeland on six."
"Peter Magyar, a 45-year-old former party insider, brought Viktor Orban's 16 years in power to an end.”
There's an election happening over in Peru too, although with a record 35 candidates in the mix, it will almost certainly need a deciding run-off vote in June.
(4) How Is the Mainland China Economy? Thursday Shows Q1 Real GDP Growth
Key Chinese data on Thursday will offer a first look at how the world's second biggest economy is adapting to a slower growth trajectory and the war.
Beijing is expected to say first quarter Gross Domestic Product (GDP) grew at 5% year-on-year, according to the median forecast in a LSEG poll ???of 11 analysts.
China's GDP growth slowed to a three-year low of 4.5% in the final quarter of 2025, and in March, the government set a slightly lower target for 2026 as they seek to rebalance the economy and stay competitive with the United States.
(5) Across This Week, the Annual IMF and World Bank Spring Meetings Occur
The impact from the Iran war and rising geopolitical risks is going to be at the top of the agenda for finance chiefs from around the globe who gather in Washington for spring meetings of the International Monetary Fund and the World Bank Group.
The week will be sprinkled with reports and forecasts — the Fund's World Economic Outlook and Global Financial Stability reports are due on Tuesday and regional updates thereafter — with no one expecting good news. Both G7 and G20 finance ministers and central bank governors will also meet.
The war is expected to crimp growth, raise food insecurity and borrowing costs, and ramp up price pressures thanks to higher energy costs.
Faced with yet another shock after COVID-19, Russia's war with Ukraine and trade turmoil, a number of developing nations are expected to ask the Fund for more help.
Zacks #1 Rank (STRONG BUY) Stocks
Three large-cap Zacks #1 (STRONG BUY) picks, that should keep trader’s interests.
(1) Chevron (CVX - Free Report) : This is a $190 a share oil stock, with a market cap of $379.3B.
It is found in Zacks Oil & Gas Integrated industry. The stock holds a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of A.
F12M P/E: 21.3.
Image Source: Zacks Investment Research
Chevron is one of the largest publicly traded oil and gas companies in the world with operations that span almost every corner of the globe.
The only energy component of the Dow Jones Industrial Average, Chevron is fully integrated, meaning it participates in every aspect related to energy from oil production, to refining and marketing.
Chevron remains well positioned to navigate the volatility in oil and gas prices.
Being an integrated firm engaged in all aspects of the oil and gas business. Chevron divides its operations into two main segments: Upstream and Downstream.
Chevron's other activities include transportation and chemicals.
Chevron's current oil and gas development project pipeline is among the best in the industry.
(2) HSBC (HSBC - Free Report) : This is a $90 a share bank stock, with a market cap of $310B.
It is found in the Zacks Foreign Bank industry. The stock holds a Zacks Value score of C, a Zacks Growth score of D, and a Zacks Momentum score of C.
F12M P/E: 11.1.
Image Source: Zacks Investment Research
HSBC Holdings plc is a major global banking and financial services firm.
Operating through an international network of various offices in Europe, Asia, the Middle East and North Africa, North and Latin America.
HSBC manages its operations through the following groups —
Wealth and Personal Banking (WPB): In February 2020, this group was formed after the combination of the former retail banking and wealth management, and global private banking businesses.
The HSBC private bank offers its clients both traditional and innovative ways to manage and preserve wealth, while optimizing returns.
Commercial Banking: Corporate and Business Banking are two segments under this group.
While the Corporate segment serves both Corporate and mid-market companies with more sophisticated financial needs, Business Banking caters to the small and medium-sized enterprises sector.
Global Banking and Markets (GBM): GBM is managed under two principal business lines: Global Markets and Global Banking.
(3) Advantest (ATEYY - Free Report) : This is a $159 a share tech stock, with a market cap of $116.7B.
It is found in the Zacks Electronics-Measuring Instrument industry. The stock holds a Zacks Value score of F, a Zacks Growth score of A, and a Zacks Momentum score of B.
F12M P/E: 34.8.
Image Source: Zacks Investment Research
Advantest Corp. is one of the world's leading automatic test equipment suppliers to the semiconductor industry, and is also a producer of electronic and optoelectronic instruments and systems.
A global company, Advantest has long offered total Automated Test Equipment (ATE) solutions, and serves the industry in every component of semiconductor test: tester, handler, mechanical and electrical interfaces, and software.
Its logic, memory, mixed-signal and RF testers, and device handlers, are integrated into the most advanced semiconductor fabrication lines in the world.
Key Global Macro
The IMF-World Bank Finance Minister meetings start on Sunday, and run all week long.
On Monday, U.S. existing home sales come out for March. 4,09M was the prior reading. The m/m growth was +1.7%.
Mainland China exports (+19.2% y/y in yuan terms in February) and imports (+17.1% in yuan terms in February) come out for March.
On Tuesday, the U.S. PPI index, ex food & energy comes out for March. The prior February reading was already ‘hot’ at +3.9% y/y.
On Wednesday, the Bank of England’s (BoE) Governor Bailey gives a speech.
Mainland China’s real GDP for Q1-26 comes out. Consensus sees +5.0% y/y. The prior Q4-25 quarter showed +4.5% y/y growth.
On Thursday, the core Eurozone HICP inflation reading for March comes out. Looks for a flat +2.3% y/y reading. Broad HICP should be +2.5% y/y. This will incorporate Energy price effects.
On Friday, the Fed’s influential Waller speaks.
Conclusion
Earnings season will be the major trading event, in a very busy week.
On Wednesday, April 8th, Zacks Research Director Sheraz Mian shared this, concerning Q1 earnings—
Key points:
(1) Zacks expects total S&P500 earnings in Q1-26 to increase by +13.0% from the same period last year, on +9.2% higher revenues.
This follows the +14% increase in earnings on +9.1% higher revenues, in the preceding period (Q4-25).
(2) Zacks earnings estimates for Q1-26, and full-year 2026, remain positive.
The favorable earnings revisions trend remained firmly in place, even after the start of the Middle East conflict.
(3) Estimates for the Energy sector notably moved higher in March.
But estimates have also increased for 7 other sectors, including Tech, Finance, Construction, Basic Materials, and Transportation.
(4) Companies with fiscal quarters ending in February have already been reporting Q1 results.
They get counted as part of the March-quarter tally.
To date, we have seen such February-quarter results from 19 S&P500 index members.
Total earnings for these 19 S&P500 index members were up +79.7% from the same period last year, on +15.6% higher revenues.
73.7% beat EPS estimates. 84.2% beat revenue estimates.
(5) Bank earnings will be the 1st focus — as Q1 earnings season begins.
JPMorgan, Citigroup, and Wells Fargo kick off the March-quarter reporting cycle for the Finance sector on April 14th.
Bank stocks, in general, and these three stocks in particular, have enjoyed a strong rebound following the Iran war ceasefire announcement.
This has raised hopes that threats to the U.S. economy, from high oil prices, will be resolved.
Banks are cyclical businesses.
Any real or perceived reduction in economic risks is positive for their outlook.
And vice versa!
Enjoy the trading week.
John Blank, PhD.
Zacks Chief Equity Strategist and Economist