Week ahead: Autumn Budget, UK bank earnings in the spotlight

23rd Oct 2026 13:53

(Sharecast News) - Chancellor John Healey's Autumn Budget will be the main highlight next week in the UK, while on the corporate front, banks will be in focus as HSBC, NatWest and Lloyds report quarterly numbers.

There are no FTSE 350 corporate releases scheduled for release on Monday, but investors will turn their attention to the German Ifo business climate survey for October. In the US, Verizon is slated to release quarterly results.

On Tuesday, third-quarter earnings from HSBC are due, along with a Q3 trading update from consumer goods giant Reckitt Benckiser, quarterly earnings from Revolution Beauty, a trading update from Luceco and full-year results from Ultimate Products.

In the US, investors will eye third-quarter results from Coca-Cola and full-year numbers from Visa.

On the macroeconomic front, US consumer confidence for October and new home sales for September will be in the spotlight.

The big attraction on Wednesday will be Chancellor and former defence secretary John Healey's first Autumn Budget and Office for Budget Responsibility economic and fiscal forecasts.

Michael Hewson at MCH Market Insights said: "There's been much speculation as to what to expect in the upcoming budget, with the prospect of increases to the bank levy, from tweaks to capital gains tax rates, to other measures that tinker around the edges. The rising cost of living due to surging energy prices has increased the pressure on the government to do more to mitigate some of the effects these are having on the most vulnerable members of society.

"With a new Chancellor of the Exchequer in John Healey, he is faced with the problem of borrowing rising faster than tax receipts, despite two big tax raids in 2024 and 2025, and borrowing costs that make up almost half of the most recent monthly deficit. On a positive note, the UK economy has proved itself to be much more resilient than many had thought it would be at this time. Nonetheless the problems facing the labour market have been brought about by precisely the measures his predecessor introduced a year ago, and which have prompted the new PM Andy Burnham to recently announce thousands of one month work experience packages with major retailers to address the problems of to a huge surge in NEET unemployment, caused by the Reeves budget a year ago.

"The big question is what can we expect aside from more tax rises? Healey may well have to defer the fuel duty rise which is due to kick in on the 1st January and the 1st March, which should be affordable given the huge amounts of extra VAT the government is collecting at the pump. The main focus will be on who the Chancellor targets when it comes to tax rises, although it is comforting that he appears to have ruled out changes to capital gains tax."

Investors will also eye interest rate decisions from the Reserve Bank of New Zealand, Bank of Canada, and the US Federal Reserve. ING said that despite hot inflation prints in September and the Fed having signalled that further action to tame inflation will likely be needed, markets and economists are united in expecting the central bank to leave interest rates on hold at the 28 October meeting. "Ongoing concerns about elevated price pressures mean we do expect a December interest rate rise," it added.

On the corporate calendar, quarterly results from GSK, Standard Chartered and Aston Martin, and trading statements from Unilever, Elementis and Hunting will be released. In the US, Google-owner Alphabet and Microsoft will publish quarterly numbers.

On Thursday, Q3 results are due from Lloyds Banking Group and oil giant Shell. Investors will also watch out for a Q3 production report from Glencore, trading updates from Haleon and IMI, and a Q3 new business announcement from St James's Place.

Across the pond, quarterly earnings from Amazon and Intel will be in the spotlight.

As far as Lloyds is concerned, AJ Bell analysts Danni Hewson and Russ Mould said the third-quarter update is likely to be pored over by observers outside of its shareholder base given its position as a bellwether for the British economy as the country's largest mortgage lender.

"The main event may come a day earlier with increased taxes on the banking sector reportedly a key plank of the Autumn Budget on 28 October. The indications are this will involve tweaks rather than major wholesale changes to banks' taxation status," they said.

"Nonetheless, management will be expected to address whatever is announced at the despatch box and to quantify its impact on earnings alongside its third-quarter numbers. CEO Charlie Nunn will also be expected to demonstrate the continuing benefits of its push into areas like wealth management to reduce reliance on ups and downs in interest rates and the economy.

"Other areas of focus are likely to include any hint of an increase in bad debts as UK households contend with rising prices and borrowing costs. While the motor finance issue is receding into the rearview mirror, investors will be keeping a check on any tweaks to provisions here."

Investors will also turn their attention to the latest policy announcement from the European Central Bank, while in the UK, mortgage approvals and consumer credit data for September will be out.

Friday will bring quarterly results from BP and NatWest, as well as quarterly numbers from ExxonMobil and Chevron in the US. Also of note will be the latest policy announcement from the Bank of Japan.