Wall Street Enters Earnings Season as CPI, Retail Sales Take Center Stage

From an editorial perspective, the significance lies in timing. US markets are entering a pivotal week where macroeconomic data and corporate earnings converge, with inflation readings, labor indicators and the official start of the earnings season likely to define near-term market direction.

Monday, January 12

• Japan — No trading (Coming of Age Day)

Tuesday, January 13

• Speech by the Bank of England Governor — 4:00 am ET
• US Consumer Price Index (CPI, December) — 8:30 am ET
• US New Home Sales (October) — 10:00 am ET
• US Federal Budget Balance (December) — 2:00 pm ET
• US Oil Inventories (API) — 7:30 pm ET
• China — Trade Balance (December) — 10:00 pm ET

CPI will be the focal point for rate expectations, particularly after recent market repricing around the timing of potential Federal Reserve easing.

Wednesday, January 14

• Russia — Central Bank FX sales volume for January — 4:00 am ET
• US Producer Price Index (PPI, December) — 8:30 am ET
• US Retail Sales (November) — 8:30 am ET
• US Existing Home Sales (December) — 10:00 am ET
• US Oil Inventories (EIA) — 10:30 am ET
• Federal Reserve Beige Book — 2:00 pm ET

Retail sales data will be closely watched for signs of consumer resilience after a strong holiday spending season.

Thursday, January 15

• UK GDP (November) — 2:00 am ET
• Eurozone Economic Bulletin — 4:00 am ET
• Germany — GDP 2025 update — 4:00 am ET
• Eurozone Industrial Production (November) — 5:00 am ET
• Eurozone Trade Balance (November) — 5:00 am ET
• Initial Jobless Claims — 8:30 am ET
• NY Empire State Manufacturing Index (January) — 8:30 am ET
• Philadelphia Fed Manufacturing Index (January) — 8:30 am ET
• US Natural Gas Inventories (EIA) — 10:30 am ET

Friday, January 16

• US Industrial Production (December) — 9:15 am ET
• Russia — CPI (December) — 11:00 am ET
• Oil & Gas Rig Count (Baker Hughes) — 12:00 pm ET

Earnings Season Officially Begins

This week also marks the start of the official US earnings season. As is tradition, reporting kicks off with major banking heavyweights.

Large US banks are expected to report strong fourth-quarter profit growth for 2025, supported by a rebound in investment banking activity and resilient net interest income. Management guidance will be closely scrutinized, particularly around loan growth, credit quality and capital markets momentum.

Once again, investors are recalibrating expectations — and banks are likely to set the narrative for the weeks ahead.