As investors watch how developments around US president Donald Trump's latest sweeping tariffs unfold in stock markets and the economy, there are also a number of companies releasing earnings.
Trump's announcement of global tariffs on Wednesday, which the president dubbed "Liberation Day", rocked markets. Investors will now be watching to see if countries retaliate with their own levies and trying to unpack what that means for the economy.
Any indication as to how this has impacted business sentiment will also be key, so investors will be keeping a close eye on outlook commentary.
Results releases from major US investment banks, including JPMorgan Chase (JPM), will be in focus in the coming week, as the traditional starting gun of earnings season.
In the chip sector, TSMC (TSM, 2330.TW) is due to release its March sales figures, with investors looking out for how much impact earthquakes in Taiwan had on the chipmaker in the first quarter.
Meanwhile, investors will want to see how turnaround efforts are coming along at Boots-parent company Walgreens Boots Alliance (WBA), as the company gears up to be taken private later this year after agreeing a takeover deal last month.
With the shares of many retailers falling following Trump’s announcement, investors will be poring over the latest results from Levi Strauss (LEVI) for any commentary, when the US jeans maker releases its first quarter earnings on Monday.
In the UK, supermarket Tesco (TSCO.L) is expected to produce strong full-year results, with operating profits anticipated to come in ahead of guidance.
Here's more on what to look out for:
JPMorgan's (JPM) top economist said in a note on Thursday that the bank now saw an increased risk of a recession in the global economy this year, if Trump's tariffs were sustained.
"The risk of recession in the global economy this year is raised to 60%, up from 40%," said JPMorgan's chief economist Bruce Kasman.
Kasman said that a cumulative 22% increase in tariffs would be the equivalent to the biggest tax increases on US households and businesses since 1968.
"The effect of this tax hike is likely to be magnified — through retaliation, a slide in US business sentiment, and supply chain disruptions," he said.
Investors will be keen to see what the bank has to say in terms of the outlook for its own business, when it releases its first quarter earnings on Friday, 11 April. BlackRock (BLK), Bank of New York Mellon (BK), Wells Fargo & Co (WFC) and Morgan Stanley (MS) are the other major US investment banks due to report that day.
JPMorgan posted another year of record profits in 2024, at $58bn (£44,5bn), which was the most ever in the history of American banking.
Read more: How Trump's tariffs will impact your finances and the UK economy
This was helped by a surge in its Wall Street operations, with investment banking fees up 49% in the fourth quarter, while market trading revenue rose 21%.
Speaking to analysts following the release of the results, JPMorgan (JPM) CEO Jamie Dimon also touched on succession, saying that a few more years as CEO is the "base case".
In a management reshuffle announced shortly before the results, the bank elevated Jennifer Piepszak to chief operating officer (COO), replacing Daniel Pinto, but said that Piepszak doesn’t want to succeed Dimon as CEO — raising new questions about Dimon's ultimate replacement.
AJ Bell's investment experts Russ Mould, Danni Hewson and Dan Coatsworth said that "JPMorgan Chase is likely to be a pretty good bellwether for the US economy and also events on Wall Street. The shares hit a new all-time high in February and are now trying to rally, so analysts and investors will be looking for reassurance from a strong set of numbers from chair and chief executive Jamie Dimon."
For the first quarter, they said that analyst consensus anticipated headline earnings per share of $4.57, which would be lower than the $4.81 reported in the fourth quarter but up from $4.44 a year ago.
NYSE - Delayed Quote • USD At close: April 4 at 4:00:02 PM EDT
Major tech stocks were among those caught up in the broader sell-off on the back of Trump's tariff announcement, as the levies threaten to disrupt supply chains.
However, as AJ Bell investment analyst Dan Coatsworth pointed out, one way for "companies to get around tariffs is to build more products in the US. Investing in factories or offices creates jobs for Americans and could bring significant investment to industrial heartlands, something that would please Trump no end."
“There are plenty of foreign companies already spending big bucks in the country and that trend could now accelerate," he said. "For example, TSMC (TSM, 2330.TW) is investing $100bn in production and research facilities in Arizona.”
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The chipmaker said its expanded investment in the US included three new fabrication plants, two advanced packaging facilities and a major research and development team centre, making it the “largest single foreign direct investment in US history”.
Meanwhile, the Information reported on Thursday that TSMC (TSM, 2330.TW) had reached a preliminary agreement with Intel to create a joint venture to operate the struggling US chipmaker’s factories. Spokespeople for TSMC (TSM, 2330.TW) and Intel (INTC) had not responded to Yahoo Finance UK’s request for comment at the time of writing.
Investors will now be looking ahead to TSMC’s (TSM, 2330.TW) March sales figures, which are due out on Thursday.
For February, TSMC (TSM, 2330.TW) posted revenue of TWD260bn (£6bn), which was down 11% from January but up 43% on the same month last year. The chipmaker warned in January that it had been impacted by severe earthquakes in Taiwan, estimating related losses of around TWD5.3bn. As a result of the earthquake damage, TSMC (TSM, 2330.TW) said it expected its revenue for the first quarter to be closer to the lower end of the guidance range of $25bn and US$25.8bn.
TSMC (TSM, 2330.TW) shares are down 12% year-to-date amid broader volatility in the tech sector.
Shares in US pharmacy group Walgreens Boots Alliance (WBA) have been fairly muted since it announced that it had entered into an agreement to be bought by private equity firm Sycamore Partners in early March.
The $10bn deal would take the company private, with the transaction expected to close in fourth quarter of the 2025 calendar year, subject to shareholder and regulatory approvals.
It has been reported that the deal could trigger a fresh auction of UK chain Boots, which is part of the larger Walgreens Boots Alliance (WBA) business.
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Tim Wentworth, CEO at Walgreens Boots Alliance (WBA), said that the company was navigating "challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape. While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company."
The company has faced challenges, such as pressure from the growth of online prescription delivery platforms.
Shares surged on the back of the company's first quarter results in January, after the figures came in ahead of analysts lowered expectations.
Walgreens posted adjusted earnings per share of $0.51, which above estimates of $0.37, according to LSEG-compiled data reported by Reuters.
Total sales for the first quarter came in at $39.47bn, which were also ahead of estimates of $37.36bn.
Walgreens also maintained its 2025 fiscal guidance of adjusted earnings per share between $1.40 and $1.80.
While shares are up 18.5% year-to-date, the stock is still languishing at lowest point since 1997.
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Shares in a number of apparel retailers also fell following the unveiling of global tariffs, including iconic US jeans brand Levi Strauss & Co. (LEVI), with shares tumbling nearly 14% on Thursday.
In addition to concerns about higher business costs on the back of Trump’s tariffs, there are also fears about retaliatory levies from US trading partners.
Investors will, therefore, want to see if this has impacted Levi Strauss’s (LEVI) business outlook for the rest of the year.
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In its full-year results, Levi Strauss (LEVI) said its outlook for the 2025 fiscal year assumed “no significant worsening of macro-economic pressures on the consumer, inflationary pressures, supply chain disruptions, potential tariffs or currency fluctuations.”
For 2024, the company posted net revenues of $6.4bn, which were up 3% on 2023, while adjusted net profits came in at $503m, compared to $441m in the previous year. Adjusted diluted earnings per share of $1.25, were up from $1.10 in 2023.
For the year ahead, Levi Strauss (LEVI) guided to a dip of 1% to 2% in reported net revenue and expected adjusted diluted earnings per share of $1.20 to $1.25.
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Tesco (TSCO.L) is set to announce its full-year results on Thursday, 10 April. According to Hargreaves Lansdown (HL.L) equity analyst Aarin Chiekrie, the retailer performed strongly in the lead-up to Christmas, with like-for-like retail sales rising 3.1%.
"Growth in the UK and Europe helped to offset declines in its wholesale business, Booker," Chiekrie said. "It’s a competitive space but its improving proposition saw Tesco (TSCO.L) record its highest market share since 2016, and investors will be keen to see this trend continue when it reports full-year results next week."
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Chiekrie also highlighted expectations that Tesco’s (TSCO.L) underlying operating profits will slightly exceed its £2.9bn ($3.8bn) guidance.
"Tesco (TSCO.L) is attacking the market from all angles, with value offerings and Clubcard prices appealing to cost-conscious customers," Chiekrie said. "And an expanded Finest range should help it to poach customers from more premium supermarkets, too, and the prospective 4.4% dividend yield looks well backed up by cash flows, there’s room for more share buybacks."
Tesco’s (TSCO.L) share price had been under pressure in the lead-up to its final results, hitting a seven-month low last month. The stock has since started to recover but is down 6.5% year-to-date.
Monday 7 April
Dave & Buster's Entertainment (PLAY)
Ferrexpo (FXPO.L)
Tuesday 8 April
Hilton Food Group (HFG.L)
JTC (JTC.L)
THG PLC (THG.L)
Wednesday 9 April
JD Sports Fashion (JD.L)
Delta Air Lines (DAL)
Constellation Brands (STZ)
Seven & I Holdings (3382.T)
Saga PLC (SAGA.L)
Thursday 10 April
Brave Bison (BBSN.L)
Nomura Co Ltd (9716.T)
Fast Retailing (9983.T)
Barry Callebaut (BARN.SW)
CarMax (KMX)
Friday 11 April
Bank of New York Mellon (BK)
BlackRock (BLK)
Wells Fargo & Co (WFC)
Morgan Stanley (MS)
Fastenal (FAST)
You can read Yahoo Finance's full calendar here.
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