Key takeaways:

• Investors will focus on the latest round of earnings reports out of the US

A second batch of results from US banks is likely to occupy the market attention this week, while ASX resources stocks also update the market.

Economic Calendar and News

A relatively light' week of economic data awaits investors, with the major readings in the US relating to the housing market.

Some of the indicators on watch will include housing starts for March, building permits, existing home sales, and the Housing Market Index for April. Economists anticipate further contraction across new developments, owing to the fact rising interest rates have largely dampened construction activity.Perhaps the more pertinent data this week will be China gross domestic product (GDP) figures, due Tuesday. According to preliminary estimates, the world second largest economy likely expanded 2.2% in the first quarter of the year, or 4% on an annual basis. 

Financial markets pundits expect the Chinese economy to grow by 5.4% across CY23, versus the multi-decade low of 3% seen last year amid the impact of COVID lockdowns. 

RBA minutes are also set for release on Tuesday. The market will focus on the commentary and reasoning behind the central bank decision to pause interest rates, and which factors policymakers will monitor in deciding future decisions related to monetary policy.

Stocks on watch

After a bright start by some of the major banks late last week, US earnings season continues with Bank of America (NYSE: BAC), Goldman Sachs (NYSE: GS), and Morgan Stanley (NYSE: MS) rounding out the key financial institutions.On Friday, investors were presented results from JPMorgan (NYSE: JPM), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC), which indicated the trio delivered billions of dollars more than market forecasts, and even benefitted from the ructions that swept across the banking sector last month. 

The results suggest depositors sought safety in larger institutions in March, especially JPMorgan, largely out of perceptions that their money would be safer'. According to the trio, rising interest rates are expected to underpin earnings growth, albeit the US economy soft outlook has done little to deter the banks approving loans as they expanded their loan loss reserves.

Even local banks will be in the spotlight over the coming days, and not just the Big Four response to results from America banking giants. Instead, Bank of Queensland (ASX: BOQ) will deliver its half-year results on Thursday. That follows a shock write-off and cost blow announced by the company on Friday, which detailed $260 million in expenses. 

On results day, however, shareholders will be hoping for greater clarity on lending growth and net interest margins. While the bank announced expected cash earnings and sought to emphasise the strength of its balance sheet and capital position, management decision to slash BOQ dividend by 10% drew questions and concerns about the bank position from a number of industry analysts. 

Elsewhere, Tesla (NASDAQ: TSLA) earnings are expected to test the resilience of the tech sector. As one of the leaders of this year Nasdaq resurgence, pressure will be squarely on the company to back up its share price appreciation since the start of the year. After recently setting a record for quarterly deliveries, investors will likely focus on the company margins, with recent price cuts one of the watch-points.  Other reports coming up this week include Johnson & Johnson (NYSE: JNJ), Netflix (NASDAQ: NFLX), Lockheed Martin (NYSE: LMT), United Airlines (NASDAQ: UAL), IBM (NYSE: IBM), Procter & Gamble (NYSE: PG), and Taiwan Semiconductor Manufacturing (NYSE: TSM).

Gold shares recorded a memorable first quarter, with the price of the precious metal reaching its highest level in more than a year. A host of names from the sector have regularly featured among the week best performers over the last month. 

The start of the new trading week may test that rally, as the precious metal shed about 2% during Friday offshore trading session when 10-year borrowing costs in the Treasury bond market reached a two-week high. Stocks on watch include Evolution Mining (ASX: EVN), Northern Star Resources (ASX: NST), and Gold Road Resources (ASX: GOR), among others.Sticking with resources, and coal names might occupy some headlines over the coming days. Last week, Whitehaven Coal (ASX: WHC) slashed production at its Maules Creek mine in New South Wales, just days out from its quarterly report, scheduled for this Friday. 

The coal exporter cited inclement weather, labour shortages, and issues regarding automation implementation as some of the headwinds prompting it to lower its FY23 production guidance by around a million tonnes. 

More broadly, sharply lower thermal coal prices, and a major slump in exports are part of an environment that the likes of Yancoal (ASX: YAL) and BHP (ASX: BHP) are expected to detail when they report this week. In the case of BHP, its iron ore operations will be the natural focal point as it divests from coal, and GDP data out of China may influence trading in the major miner.