--- title: "The Week Ahead: PDD and XPeng Open US Earnings; Nvidia and July PCE Test the AI Trade" type: "News" locale: "en" url: "https://longbridge.com/en/news/296715567.md" description: "US earnings open with PDD and XPeng Monday before the Jackson Hole symposium, July PCE and Nvidia's report test the AI trade; Singapore's July CPI and industrial output are the local prints as the STI holds near 5,690." datetime: "2026-08-24T00:12:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296715567.md) - [en](https://longbridge.com/en/news/296715567.md) - [zh-HK](https://longbridge.com/zh-HK/news/296715567.md) generator: "portal-rs" --- # The Week Ahead: PDD and XPeng Open US Earnings; Nvidia and July PCE Test the AI Trade US equities wrapped last week lower as rising Treasury yields weighed on rate-sensitive technology: the S&P 500 slipped 1.43% to 7,674.37, the Nasdaq Composite gave back 2.05% to 26,180.46 and the Dow eased 0.85% to 53,277.01. Singapore's Straits Times Index fell 0.95% to 5,688.96, while Hong Kong diverged — the Hang Seng added 3.55% to 26,009.46. This week, PDD and XPeng earnings, the Jackson Hole symposium and the July PCE print set the US tone, with Singapore's own CPI and industrial output due early in the week. **Earnings calendar — the week's main event** Mon: **PDD Holdings (pre)**, **XPeng (pre)**, Napco Security (pre), Tuya (post), PicS (post) Tue: **Gold Fields (pre)**, Cadeler (pre) US reporting is concentrated on Monday. PDD posts second-quarter numbers before the bell with consensus revenue near US$16.9 billion, and XPeng follows with its own Q2 print as a read on Chinese EV pricing power. Napco Security also reports pre-market, with Tuya and payments processor PicS after the close. Gold Fields' first-half result on Tuesday is the week's window into the gold miners after bullion's recent correction. Singapore's local slate is thin by comparison: builder Lum Chang (L19.SG) and healthcare distributor Yunnan Energy (T43.SG) report on Tuesday, and gold jeweller Laopu Gold's interim numbers will be reflected in its SGX-traded SDR (HLPD.SG) after Tuesday's close. **Economic calendar — a light US week, Singapore data first** US data is clustered early in the week: Tuesday brings August consumer confidence (consensus 90.1 after 90.8), July new-home sales (consensus 620,000 after 628,000) and the June S&P Case-Shiller home-price index, with weekly mortgage applications on Wednesday. The weekly data preview flags the July PCE price index, a revised Q2 GDP reading, the ADP employment report and the Jackson Hole central-bank symposium as the heavier macro tests later in the week. Singapore's prints come first: July CPI is out Monday at 1pm, with headline inflation expected to pick up to 2.3% y/y from 1.9% and core to 2.2% from 1.6%, followed by July industrial production on Wednesday (consensus 6.6% after 7.2%). Japan's services PPI and Hong Kong's July trade data round out the regional slate. **US: what to watch** The week's central question is whether AI-driven demand can steady a market that just repriced growth stocks. PDD's and XPeng's Monday reports start the earnings run, but the pivotal event is Nvidia's quarterly report — the clearest barometer for AI-infrastructure spending and the durability of mega-cap capital expenditure. The Jackson Hole symposium and the July PCE print will test whether rate expectations can support current valuations; higher bond yields were the main pressure on technology last week. Apple's leadership handover is a governance item to note — Tim Cook retires as CEO on August 31 and John Ternus takes over — and Gold Fields' H1 on Tuesday shows how miners are navigating softer bullion prices. **Singapore: what to watch** The STI enters the week at 5,688.96 after a 0.95% decline, having retreated from the 5,743 area of the prior Friday's close. Reclaiming that zone will likely depend on the banks and index heavyweights, and on Monday's CPI as the key local catalyst for rate expectations — with no MAS meeting on the calendar this week. Wednesday's production data completes the domestic picture. Cross-listings also give Singapore investors a direct line to regional news flow: Alibaba's HK$80 billion new-share placement, announced over the weekend to fund AI infrastructure, chips and large-language models, may weigh on Hong Kong tech sentiment and, by extension, the group's SGX-traded SDR (HBBD.SG). **Risks to watch** Trade policy is a fresh risk after the weekend: the US has imposed 50% tariffs on Canadian goods spanning steel, dairy and farm equipment, and Ottawa has pledged dollar-for-dollar retaliation effective September 8. Bullion's sharp correction — flagged by Zhaojin Mining in its weekend interim results, which showed gold output down on the year — remains a wildcard for gold-exposed stocks. And if Nvidia's report or the PCE print disappoints, last week's rotation out of high-multiple technology could extend, dragging the AI-sensitive names that trade through Singapore with it. 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