Must read: UK bank results preview, US tech earnings

Next week looks busy on both on the economic and corporate calendars. China’s GDP figures, UK inflation and the delayed release of US inflation are among the figures to watch out for.

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Meanwhile, earnings season ramps up with tech results in the US from Netflix, Tesla and Intel. Plus we’ll hear from some of the UK’s biggest lenders like Barclays, Lloyds and NatWest.

BARCLAYS Q3 – 22 OCT

Richard Hunter, Head of Markets, interactive investor says, “Judging by the read across from the US banks so far, prospects are promising for its Investment Banking business. Volatile market conditions and some return to dealmaking activity have led to strong performances which are expected to spill over to Barclays’ numbers. Indeed, at its half-year update in July, income had risen by 10%.

In addition, its huge US credit card business was showing little sign of customer delinquencies. Elsewhere, there were signs of growth across the relevant key metrics and shareholder returns could come back into focus this time around.

Leading up to the numbers and underpinned by the group’s financial strength and its geographical and business diversity, Barclays has enjoyed a 64% share price rise over the last year and is currently the preferred play in the sector.”

LLOYDS Q3 – 23 OCT

Richard Hunter says, “Aside from the overhang of the motor finance redress provision, and while there is little doubt that Lloyds runs a tight ship, there is a concern of potentially choppier waters ahead. Often seen as a barometer for the UK economy, a worsening of the backdrop could further squeeze an already pressed consumer and would leave Lloyds as one of the first domestic banks to feel the heat.

Even so, the interim numbers in July were reassuring, with a 5% increase in pre-tax profit to £3.5 billion. There was also some positive news in terms of the group’s more traditional business, with growth in both loans and deposits. Meanwhile, the customer deposit exodus which had been in place with higher rates being sought elsewhere seems to have steadied for the time being, with an increase of 2%, or £11.2 billion in deposits to £494 billion.

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A dividend yield of 4%, increasing focus on its digital strategy where the bank has 21 million banking app users and generous shareholder returns have all contributed to a rise of 54% in the share price in this year alone, and a market consensus which remains positive.”

NATWEST Q3 – 24 OCT

Richard Hunter says, “As far as investors are concerned, NatWest is in a sweet spot. The government shackles have gone, the group has prodigious amounts of cash and acquisitions to boost growth further seem likely.

Indeed, it remains to be seen whether this new-found freedom will enable a more aggressive acquisition policy, with NatWest already having made what it described as two significant purchases in the form of Metro Bank’s mortgage book and Sainsbury’s Bank and reportedly having been rebuffed in an approach for Santander’s UK operation. Its significant cash generation will provide an interesting dilemma on whether to continue to bolster shareholder returns, make further acquisitions, invest heavily in the business particularly in regard to growing digitalisation, or perhaps a combination of all of these options.

A dividend yield of 4.6% adds to the attraction of the group’s total return, whereby the share price has risen by 55% over the last year. NatWest is well-regarded by investors and is just a whisker behind Barclays as the preferred play in the sector.”

NETFLIX Q3 – 21 OCT

Victoria Scholar, Head of Investment, interactive investor says, “According to Refinitiv, Netflix Inc (NASDAQ:NFLX) is expected to report earnings per share of $6.97 on revenues of $11.51 billion. Netflix has already warned investors that the operating margin would slow down in the second half because of higher sales and marketing costs associated with its lengthy programming slate. Subscriber numbers aren’t being reported anymore from this year as Netflix believes it is no longer the most important metric since the release of its extra member feature and ad supported plan.

Netflix is on track for a strong set of third-quarter results, benefiting from a weaker US dollar, higher subscription pricing, increased ad revenue and membership growth. There were some notable streaming successes including the latest Squid Games, Monster: The Ed Gein Story and Black Rabbit in Q3. Plus Netflix has been expanding its offering with the addition of more live events including sports.

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However in terms of Netflix’s share price, there’s a cloud of uncertainty around the resurfacing trade tensions between the US and China that could knock the Mag 7 off course. Plus for Netflix, Donald Trump’s threat to impose a 100% tariff on all non-US made films which would hurt the streaming giant, although there’s always a good chance that Trump chickens out.

Last quarter, Netflix reported earnings per share of $7.19, beating LSEG expectations for $7.08, while revenue hit $11.08 billion, also slightly ahead of forecasts for $11.07 billion, rising nearly 16% year-on-year. It also raised its full-year revenue guidance thanks to ad sales and membership growth. Netflix now anticipates full-year revenue of between $44.8 billion and $45.2 billion, up from $43.5 billion to $44.5 billion.

Overall, Netflix has been a strong stock to own in 2025, outperforming the wider market, gaining around 35% year-to-date and 70% over a one-year period. However price action in the third quarter has been more challenging with shares retreating from their all-time highs seen in late June, shedding around 10%.

Most analysts are feeling optimistic towards the stock with an average buy recommendation on the stock and a current target price of $1355.22, representing 12% upside versus the current share price.”