Search & fact check with cited sources for How did Vodafone's Q1 FY27 earnings—boosted by Safaricom consolidation and reflected in an upgraded full year outlook for adjusted EBITDAaL of €13.0–€13.3 billion and free cash flow of €2.6–€2.9 billion—and AstraZeneca's H1/Q2 2026 resul

2. AstraZeneca — profit beat and $80 billion 2030 target reaffirmed

AstraZeneca reported H1 and Q2 2026 results that beat profit expectations. Key figures include:

• Q2 net profit: $2.51 billion, up ~2%, driven by blockbuster cancer drug sales
• Adjusted EPS (Q2): $2.63, above the $2.48 consensus estimate
• H1 total revenue: rose 9% at actual exchange rates (6% constant currency)

The company reaffirmed its long-term ambition to reach $80 billion in total revenue by 2030, supported by pipeline strength in oncology, rare disease, and weight-loss treatments . AstraZeneca shares edged modestly higher on Monday following the release .

3. The broader macro catalyst — US-Iran ceasefire pause and oil price drop

While Vodafone and AstraZeneca drove stock-specific gains, the broader European rally was fueled by a weekend pause in US-Iran hostilities. The US paused its air campaign for a second consecutive night, and Iran refrained from further strikes, triggering a risk-on rally across equity markets .

• The pan-European STOXX 600 climbed nearly 1%
• The FTSE 100 rose ~0.5% to its highest level since early March
• Brent crude fell more than 5% to around $91.80/barrel, relieving inflationary pressure and boosting sentiment

Key US events markets are watching next this week

Markets are now laser-focused on a dense US calendar, with four "Magnificent Seven" earnings reports and a Federal Reserve interest rate decision all compressed into the same week .

Big Tech earnings (this week)

These results follow Alphabet's disappointing report and come as investors scrutinize AI-related capital expenditure and margin resilience across Big Tech .

Federal Reserve interest rate decision

• FOMC decision: Wednesday, July 29
• Press conference: Thursday, July 30
• Consensus: The Fed is widely expected to hold rates steady in the 3.50%–3.75% range
• Some uncertainty remains; as of July 23, rate futures showed a probability of a 25-basis-point rate hike being priced in by some traders

Ongoing risks — oil and US tariffs

• Oil prices: Brent crude at ~$91.80 is still elevated despite Monday's drop, and any resumption of US-Iran hostilities could spike prices again
• US tariffs: The broader macro backdrop includes ongoing uncertainty around US tariff policy, which remains a persistent headwind for global trade sentiment and corporate outlooks, though it was not the primary market driver on Monday

In short, Monday's European rally was a "double boost" — strong company results (Vodafone, AstraZeneca) on top of a geopolitical relief rally in oil. But markets are now pivoting to what matters most for the rest of the week: Big Tech earnings and the Fed's next policy signal.