Zavier Wong, Market Analyst at eToro Group Ltd (Unlisted (US):ETRO), shares his three things to watch in Australia in the coming days.
Coles earnings preview
Coles Group Ltd (ASX:COL) heads into its half-year results with plenty of baggage beyond margin pressure and competition from Woolworths Limited (ASX:WOW). The ACCC’s pricing case, which accuses the supermarket of artificially inflating prices before using its “Down, Down” campaign to make them appear discounted, is playing out in court right now. While CEO Leah Weckert hasn’t been called to testify, she’ll face her own courtroom on Friday when shareholders get their say through the numbers.
Beyond last week’s headlines, the underlying business story remains reasonably positive. Supermarket sales growth of 4.9% in the first eight weeks of FY26 gives the market confidence that the top line is holding up, and the full rollout of Coles’ automated distribution centres should finally start delivering the margin improvements investors have been waiting for. eCommerce continues to grow as a share of total sales, and private label products are doing the heavy lifting in a cost-conscious consumer environment.
The key question is whether efficiency gains from the new automated centres are flowing through to the bottom line, or whether rising wages and supplier costs are still eating into the benefit. If Coles can show margin improvement alongside solid sales growth, that’s the combination that gets the stock moving. If margins disappoint again, the ACCC cloud will only darken further.
Qantas earnings preview
Qantas Airways (ASX:QAN) enters its half-year result in a very different position to where it was two years ago, with shares up around 80% in that time. Under CEO Vanessa Hudson, the airline has stabilised operations, rebuilt some customer trust, and returned capital to shareholders through dividends and buybacks. The big question for this result is whether that momentum is holding.
The period a year ago set a high bar, with underlying profit before tax of AU$1.39 billion, up 11%. Qantas flagged in November that first-half trading was in line with expectations, which is reassuring heading into these results. Both Qantas and Jetstar are seeing stable demand across their respective segments, which is solid rather than spectacular.
Jetstar has been the group’s earnings engine in recent years, posting record profits on the back of strong demand for low-fare travel. The group is also refocusing Jetstar on Australian operations following the exit of Jetstar Asia. Fleet renewal is also an ongoing theme. New aircraft are bringing better fuel efficiency and a better customer experience, but they come at a cost, with capital expenditure expected around AU$1.2 billion this year.
Qantas Loyalty remains one of the most underappreciated parts of the business, consistently delivering strong earnings growth and double-digit membership gains. It’s not always the star of the show, but it’s one of the best businesses in the group.
Investors should watch closely for any dividend or buyback update, and for management’s read on demand heading into the second half and Project Sunrise timelines.
Nvidia earnings preview
In the same way Apple once symbolised the smartphone era, Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) now defines the AI era. Its earnings date has become one of the most consequential moments on the global financial calendar, not just for tech investors, but for anyone with a diversified portfolio. Whether you own Nvidia shares or not, this result will likely move markets.
Wall Street is expecting revenue of around USD$65-66 billion for the quarter, up roughly 68% year-on-year, with EPS of approximately US$1.52-1.53. Data centre revenue is forecast to approach US$60 billion, reflecting the insatiable appetite from hyperscalers like Microsoft, Amazon, Google and Meta, which have collectively ramped capital expenditure plans to US$650-660 billion in 2026. Much of that spending flows directly to Nvidia.
The Blackwell architecture continues to underpin demand, with Jensen Huang previously describing it as sold out through the middle of the year. Attention is increasingly turning to Rubin, Nvidia’s next-generation platform announced at CES. Gross margins are expected to recover toward the mid-70s after dipping slightly during the Blackwell build-out, which would be a positive signal for the sustainability of profitability at scale.
As has become the norm with Nvidia these days, the result itself is almost secondary. What moves Nvidia’s stock is the guidance, specifically whether management can convincingly argue that AI infrastructure spending is still in the early innings at a time when questions around the sustainability of capex across the industry are getting louder. The market expects Q1 FY2027 revenue close to US$75 billion, gross margins back in the mid-70s, and clarity on the Rubin ramp. Deliver on all three, and the AI trade has its heartbeat. Fall short, and the volatility will be felt well beyond Nvidia’s own share price.
