Quick overview
- Nokia, Procter & Gamble, Lockheed Martin, and Spotify are set to report earnings, with investors keenly observing key metrics in telecom, consumer spending, defense, and streaming sectors.
- Nokia’s report will focus on telecom infrastructure demand and 5G deployment outlook, while P&G’s results will indicate consumer resilience amid rising prices.
- Lockheed Martin’s earnings will highlight defense spending and contract performance, whereas Spotify will be assessed on subscriber growth and profitability amidst advertising revenue fluctuations.
- Overall, forward guidance and margin trends are expected to be critical in determining market sentiment following these earnings reports.
Nokia (NOK), Procter & Gamble (PG), Lockheed Martin (LMT) and Spotify (SPOT) headline Thursday’s earnings calendar, with investors watching telecom demand, consumer spending, defense contracts and subscriber growth for signs of business momentum.
Earnings Calendar Highlights Thursday
Thursday’s earnings reports cover four distinct sectors, offering insight into corporate spending and consumer demand. Nokia will provide clues about telecom infrastructure investment, P&G will reflect consumer resilience, Lockheed Martin will highlight defense-sector execution, and Spotify will test expectations for subscriber growth and profitability. Forward guidance and margin trends may prove as important as headline EPS, particularly if results already reflect optimistic market expectations.
Nokia (NOK) — Q3 2026
- – Reporting: Before market open (BMO).
- – Estimated EPS: $0.07.
- – Market capitalisation: $51.96 billion.
- – Key focus: Investors will assess demand for telecommunications equipment, network infrastructure and mobile network upgrades.
- – What to watch: Nokia’s outlook for 5G deployments, network investment and margins will be important in determining whether revenue growth can improve.
- – Market implications: Strong results and upbeat guidance could support sentiment toward telecom equipment suppliers, while weak orders or cautious spending forecasts could weigh on the stock.
Procter & Gamble (PG) — Q1 Fiscal 2027
- – Reporting: Before market open (BMO).
- – Estimated EPS: $1.89.
- – Market capitalisation: $365.29 billion.
- – Key focus: Investors will examine sales growth across household, personal-care and consumer product brands.
- – What to watch: Organic sales, pricing, product volumes and operating margins will help show whether consumers continue absorbing higher prices or are becoming more price-sensitive.
- – Market implications: Strong volumes and stable margins could reinforce confidence in P&G’s defensive business model. Weaker demand or rising input costs could raise concerns about earnings growth.
Lockheed Martin (LMT) — Q3 2026
- – Reporting: Before market open (BMO).
- – Estimated EPS: $7.52.
- – Market capitalisation: $126.39 billion.
- – Key focus: Investors will monitor defense spending, aircraft and missile deliveries, and progress across major government programmes.
- – What to watch: Contract awards, production capacity, programme costs and free cash flow will be central to assessing operational performance.
- – Market implications: Strong execution and cash generation could support the stock, while cost overruns or delivery delays could offset the benefits of sustained defense demand.
Spotify (SPOT) — Q3 2026
- – Reporting: Before market open (BMO).
- – Estimated EPS: $2.81.
- – Market capitalisation: $106.78 billion.
- – Key focus: Investors will assess subscriber growth, advertising revenue and the profitability of Spotify’s streaming business.
- – What to watch: Premium subscriber additions, monthly active users, pricing changes and gross margins will indicate whether the company can expand revenue while controlling content and operating costs.
- – Market implications: Strong subscriber growth and improving profitability could support further gains, while weaker advertising demand or disappointing guidance could trigger selling.
Forex Signals Update
Gold Capped by the 20 SMA
Gold prices experienced a volatile trading week, ultimately finishing significantly lower after an initially strong rally lost momentum. The precious metal climbed above $4,300 early in the week but later reversed sharply, ending nearly $100 below its recent highs as investors reassessed the outlook for interest rates and global risk sentiment.
The decline was largely driven by a stronger U.S. dollar, rising Treasury yields, and reduced demand for defensive assets following positive geopolitical developments in the Middle East. Despite the weakness, gold remains above the critical $4,000 support zone, which continues to define the longer-term bullish trend but it is under attack.
MAs Hold as Support for USD/JPY
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips as the pair found support at the 20 daily SMA (gray) and has rebounded more than 200 pips off that MA but reversed after the 25 bps rate cut from the FED. The price climbed to $164 but reversed after the BOJ meeting and fell 7 cents, breaking below the 100 daily SMA (red) as well, which has been acting as support before.
USD/JPY – Daily Chart
Cryptocurrency Update
Bitcoin Faces the 100 SMA as Resistance
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green) which might turn into resistance at 90K now, after the rebound.
BTC/USD – Daily Chart
Ethereum Returns Above $2,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned and pushed the price above $2K again.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
