With US markets rallying on Friday evening after fresh data showed moderating inflation for consumer and wholesale prices, the Australian share market is expected to follow suit and open in strong fashion.

Economic Calendar and News

RBA minutes are set for publication on Tuesday, which follows the central bank latest move to hike the official cash rate to 1.85%. 

Officials did soften their language somewhat in the announcement accompanying the last rate hike, so economists will be parsing tomorrow bulletin for further clues on whether it is likely the bank continues its aggressive rate hike policy, or instead tones down the pace of its rate hike cycle.

Other local data this week includes the wage price index, and the all-important unemployment rate. Although an estimated 25,000 jobs may have been added to the economy last month, the jobless rate is expected to remain unchanged near its 50-year low of 3.5%.Overseas, look out for US retail sales figures from July, which are due to be released on Wednesday, US-time. This will be one of the best indicators yet for whether consumer spending has stalled, as predicted, because earnings this week will instead only focus up til the end of June.In addition, there will also be new readings for housing starts, building permits, and existing home sales.

The Federal Reserve will also publish minutes from its latest policy meeting held in late July, which could shed light on the framework behind policymakers' thinking.

Stocks on watch

After some of the blue-chip ASX heavyweights surprised to the upside last week when reporting season opened, the results will continue to pour through over the coming days.

Monday sees the likes of JB Hi-Fi (ASX: JBH) and Beach Energy (ASX: BPT) open proceedings. 

While the former was a beneficiary during the height of the pandemic when stay-at-home orders were in place, it is now contending with an unusual mix of downbeat consumer sentiment, yet buoyant consumer spending across the economy. On the other hand, Beach Energy has been riding the tailwinds of soaring energy prices, although its outlook will be watched closely for whether it expects the recent pullback in commodity prices to persist through the new financial year.

On Tuesday, We'll see results from major stocks such as iron ore giant BHP (ASX: BHP), jobs portal Seek (ASX: SEK), real estate trust Goodman Group (ASX: GMG), and building materials supplier James Hardie (ASX: JHX).

Each of these stocks are exposed to a prominent trend currently unfolding, largely tied to the economy. In the case of BHP, it is leveraged to iron ore prices, which for the most part have been at the mercy of policies out of China, particularly in relation to lockdowns. 

Meanwhile, investors will be looking at what impact rising interest rates have had on Goodman Group, with some early warnings coming from the real estate sector pertaining to the sector outlook with inflation stubbornly high, and rates only going in one direction for the time being. 

The results and outlooks for both Seek and James Hardie will be shaped by two of the more pressing themes at this time. This includes a robust jobs market that is approaching full employment, and widely tipped to turn sour as rates catch up with businesses, and a decrease in activity within the property market, both home and abroad, as demand for new housing cools.

Some of the biggest results will follow on Wednesday, with the line-up led by global biotech giant CSL (ASX: CSL), oil and gas producer Santos (ASX: STO), fund manager Magellan Financial (ASX: MFG), and property portal Domain Holdings Australia (ASX: DHG).

Although CSL upcoming earnings won'tinclude any contribution from its most recent acquisition, Vifor, shareholders will be looking for further confirmation around the synergies and contributions expected from the deal. 

Magellan woes have been widely publicised in 2022, although the fund manager is likely to benefit from a recent turnaround in global equities. Nonetheless, the company dividend could be sliced if recent fund outflows, and key mandate losses translate into materially lower earnings for the fund.

On Thursday it will be go-time for ASX (ASX: ASX), Evolution Mining (ASX: EVN), Transurban (ASX: TCL), Origin Energy (ASX: ORG), and Treasury Wine Estates (ASX: TWE). ASX was trending lower through the first half of the year on account of weakness and depressed trading activity tied to local equities, and its CHESS replacement program continues to face challenges.

After a number of goldies have signalled inflationary challenges, results from Evolution Mining will shed light on how widespread the problem may be, with expected increases in energy costs and labour shortages tipped to hurt its bottom line. 

Treasury Wine hit a roadblock this time last year when its products were effectively canned from China, so growth in overseas markets, namely the US, will offer clues on how the company transformational pivot is unfolding.

And lastly, AGL (ASX: AGL), Newcrest (ASX: NCM), and Cochlear (ASX: COH) are scheduled to round out the key earnings reports this Friday.

We're not quite done with the reporting season in the US either, with a number of retailers set to hand down earnings this week. Those stocks include Walmart (NYSE: WMT), Home Depot (NYSE: HD), and Target (NYSE: TGT), among others. Only weeks ago Walmart took the step to slash its profit guidance for the second quarter, with forecasts suggesting its operating margin may go backwards over the coming months as inflationary pressure dampens consumer spending and prompts markdowns to clear inventory.

Elsewhere, US tech titan and household name Apple (NASDAQ: AAPL) notched up its sixth consecutive weekly gain last week. The most recent catalyst working in its favour was news from the company that suggested it is on track to build as many iPhones this year as it did last year, giving rise to optimism that its supply chain may be holding up better than expected.

Finally, Tencent Holdings (HKG: 0700) is one name out of Hong Kong making headlines, with the stock trading near a four-year low, a far cry from just 18 months ago when it was poised to become only the second Asian company with a US$1 trillion valuation. 

The conglomerate reports second-quarter earnings this week, and analysts expect it will post its first quarterly revenue decline since the GFC in 2008. With delays to licence approvals for new video games, lockdowns and consumer spending easing, key backers decreasing their stake in the business, and a series of Chinese firms announcing plans to delist from US exchanges, sentiment has been shot.