Axa in exclusive talks over €5.1bn sale of investment management arm to BNP Paribas

Apple: Investors are waiting to see whether the tech group’s sales increased during its third quarter, given the positive year-on-year revenue growth in just one of the past six quarters. Of particular interest will be whether iPhone sales in China are picking up, as well as any potential updates on the state of the company’s foray into artificial intelligence.

Amazon: The lofty investor expectations around Big Tech companies and their AI ambitions has resulted in volatile share price moves this reporting season. Amazon is unlikely to be an exception to the trend, and investors will be keeping a close eye on the company’s capital expenditure in support of its AI infrastructure. Analysts expect Amazon to report that net income rose more than 60 per cent from a year ago to $11bn in its second quarter.

US manufacturing: The Institute for Supply Management’s manufacturing index is expected by economists to have hit 48.8 in July, a 0.3-point increase from June. That still means activity in the country’s manufacturing sector remained in contractionary territory last month.

Other economic data: New applications for US unemployment aid — a proxy for lay-offs — are expected to have ticked up slightly to 236,000 last week from 235,000 the previous week. Separately, spending on construction is forecast to have increased by 0.2 per cent in June, following a decrease of 0.1 per cent in May, according to data from the US Census Bureau.  

Other companies: Biotechnology companies Moderna, Regeneron, Biogen, chocolate maker Hershey and oil and gas group ConocoPhillips are among those reporting results before the opening bell. Coinbase, Intel and Booking Holdings will report earnings after market close.