The week of 10–14 August offers plenty for investors to watch, with major earnings spanning industrials, artificial intelligence, consumer brands and healthcare across the UK, US and Europe.
In the UK, engineering specialist Spirax (LON:SPX) is likely to be among the most closely followed names as investors assess demand from manufacturers and the outlook for capital spending. There’s also results from mining group Antofagasta (LON:ANTO), housebuilder Bellway (LON:BWY) and International Hotels Group (LON:IHG) to watch.
US earnings will continue to be dominated by the AI trade, with Cisco (NASDAQ:CSCO), Lumentum (NASDAQ:LITE), Applied Materials (NASDAQ:AMAT) and Super Micro Computer (NASDAQ:SMCI) on deck, but perhaps AI infrastructure provider CoreWeave (NADAQ:CRWV) will attract the most attention, after its rapid share price gains.
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Investors looking for signs that demand for AI cloud capacity remains strong and whether management can justify its premium valuation. Meanwhile, fashion group Tapestry (NYSE:TPR), owner of Coach and Kate Spade, will provide an important update on luxury consumer spending in North America and internationally. Elsewhere, investors will also be watching results from companies across healthcare, technology and industrials for fresh clues on corporate confidence and the broader economic outlook.
Europe’s week will likely be dominated by Dutch adtech firm Adyen (AMS:ADYEN), RWE (ETR:RWE) for income, and comments from Danish shipping giant AP Moller Maersk (CPH:MAERSK-B) are always worth watching for wider global trade/economic health read-through, plus investors will be wondering what’s in posh jewellery play Pandora’s (CPH:PNDORA) box.
Together, these updates could help shape market sentiment during what promises to be another busy week for global equity markets.
Spirax (LON:SPX)
Thermal energy and fluid technology group Spirax (LON:SPX) has always been seen as one of the UK’s ‘jewels in the crown’. It’s a high-quality, high-margin, high-return business operating in a large global market with plenty of growth potential.
As a result, the shares have tended to trade at a consistent valuation premium to the market. That reached an extreme in 2021 as supply chain constraints sent demand and prices through the roof and the PE multiple hit 50 times.
That overvaluation has slowly unwound leaving the stock trading at 26 times current-year earnings or about the middle of its historic range. Therefore, if the H1 results on Tuesday 11 August are positive we would expect the shares to rally.
In a May trading update, the group said it had continued to grow organic sales ahead of global industrial production. It also said it was increasing its operating profit margin and as usual revenue and margins would be weighted to H2.
By division, the firm singled out growth in Steam Thermal Solutions on the back of large project demand, including China and Korea. It also flagged double-digit growth at Electric Thermal Solutions along with ‘continuing strong growth’ in the semiconductor equipment manufacturing sector.
Spirax consensus forecasts
| H1 2026 | FY 2026 | |
| Revenue | £849m | £1,760m |
| LFL growth | 5% | 5.2% |
| Adj operating profit | £167m | £360m |
| Pre-tax profit | £322m | |
| Earnings per share | 317p |
Source: Spirax Group
CoreWeave (NASDAQ:CRWV)
CoreWeave (NASDAQ:CRWV) is one of the fastest-growing companies in the AI infrastructure market, renting access to Nvidia GPUs and cloud computing capacity to AI developers including leading model builders and large enterprises. Rather than competing with hyperscalers, it has carved out a niche as a specialist provider of high-performance AI compute, benefiting from surging demand for generative AI.
Last quarter, CoreWeave reported revenue of $2.08 billion, more than doubling year-on-year and comfortably ahead of forecasts. However, a much wider-than-expected loss and sharply higher capital expenditure guidance overshadowed the impressive sales growth, sending the shares lower despite a $99.4 billion backlog and reaffirmed full-year revenue guidance.
CoreWeave consensus forecasts
| Q1 2026 (reported) | Q2 2026 | YoY Growth | |
| Revenue (bn) | $2.08 | ~$2.53-$2.56 | ~21%-23% |
| EPS | -$1.40 | ~-1.17-$1.27 | N/A |
Source: Google Finance
For fiscal Q2, investors will focus less on headline revenue and more on whether margins, cash burn and spending plans are improving. Any increase to its backlog, signs that GPU supply constraints are easing, or stronger-than-expected guidance could reignite enthusiasm for the stock. Conversely, another large loss, higher capital spending or evidence that major customers are slowing AI infrastructure investment could trigger renewed volatility. With expectations still elevated despite recent share price swings, management’s outlook may prove more important than the reported numbers themselves.
Tapestry (NYSE:TPR)
Shares in luxury goods group Tapestry (NYSE:TPR) have soared since the Federal Trade Commission (FTC) blocked its affordable luxury merger with Capri (NYSE:CPRI) towards the end of 2024. We think Tapestry will need to weave a positive growth narrative to extend its winning stock price run when the company reports Q4 and FY26 results (13 August).
The Coach-to-Kate Spade brand owner’s update will give investors a read into the health of the affordable luxury sector. The market expects New York-based Tapestry to report solid year-on-year increases in sales and earnings for the quarter to June 2026. More specifically, analysts will be looking for signs of a turnaround at Kate Spade. And a return to sales growth in Japan would also be welcomed by the market.
Tapestry consensus forecasts
| FY25A | FY26E | FY27E | |
| Revenue (bn) | $7.01 | $7.99 | $8.46 |
| Net profit (m) | $183 | $1,471 | $1,604 |
| EPS | $5.07 | $6.99 | $7.83 |
Source: Market consensus
In May, Joanne Crevoiserat-led Tapestry strutted in with forecast-beating Q3 results, with adjusted EPS of $1.66 breezing past the $1.28 consensus estimate. Sales were up 21% year-on-year to $1.9 billion. Although Kate Spade sales dropped 10% in Q3 due to a deliberate pullback in promotional activity, the core Coach brand delivered 31% revenue growth amid robust demand from Gen Z shoppers. Tapestry’s North America and Greater China revenues rose 20% and 61% respectively. This strong performance and the momentum behind Coach gave management the confidence to raise the FY26 outlook.
Consensus estimates for Q4 call for revenues of $1.86 billion and EPS of 1.25. For FY26, the market expects revenues of $7.99 billion, net profit of $1.47 billion and EPS of $6.99, rising to $8.46 billion, $1.6 billion and $7.83 respectively in FY27.
On deck next week – Investing.com
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