(Bloomberg) -- Investors will keep a wary eye on the Group of 20 summit in Indonesia, where US President Joe Biden and Chinese leader Xi Jinping are expected to meet later on Monday, their first in-person conversation since the pandemic emerged.

China’s policy shifts on Covid have injected momentum to export-heavy sectors on hopes the country’s softer stance will help revive flagging sales there, adding to the bullish signals building for European stocks going into the final weeks of a roller-coaster year.

This week marks the last major week of earnings in the current cycle, which has brought respite for some but which leaves corporations facing a final quarter of potential power blackouts and growing labor unrest.

If dealmaking has gone slightly out of fashion lately, nobody told Vodafone Group Plc. Last week’s announcement that the UK telecommunications company is spinning off and selling a stake in its Vantage Towers AG unit less than two years after listing it is a measure of the investor pressure Chief Executive Nick Read is under to lighten its balance sheet. Vantage Towers confirmed its 2023 forecast in a first-half update on Monday. Vodafone is set to follow with its latest report on Tuesday.

Read More: Germany’s Biggest Wage Talks Keep ECB Officials in Suspense

British trenchcoat maker Burberry Group Plc, which also reports this week, has had almost as many executive changes recently as Vodafone has had deals. Its update will be the first since Daniel Lee joined as the company’s new chief creative officer last month.

Read More: Heads Turn to No. 10 as UK Economy Contracts: The London Rush 

Siemens AG on Thursday will be the last top-tier German company to report in the current cycle. Investors are keen for its view of the corporate landscape going into 2023 as the first quarter of its new fiscal year hits full swing.

  • To subscribe to earnings coverage across your portfolio or other earnings analysis, run the NSUB EARNINGS function on the Bloomberg terminal.
  • For more on what’s going on in other regions, see the US Earnings Week Ahead or the Asia Earnings Week Ahead, and see the ESG Stock Watch for a selection of the environmental, social and governance themes that may come up on this week’s earnings calls.

Highlights to look for this week:

Tuesday: Vodafone (VOD LN) is due to report first-half results at 7 a.m. GMT. Bowing to activist pressure, CEO Read has been selling off or merging parts of the sprawling telecommunications company, with deals agreed for the Hungary operations, tower assets in New Zealand, a stake in its Ghana unit, as well as the Vantage Towers transaction. Talks are also underway to merge the UK operations with CK Hutchison Holdings Ltd.’s Three UK. The strategy could “unlock value” despite soft fundamentals elsewhere in the company, Bloomberg Intelligence’s Erhan Gurses writes. Among the headwinds are protracted revenue weakness in Europe as well as rapidly rising prices. Estimates compiled by Bloomberg point to a slowdown in organic service revenue growth, dragged down in Europe by operations in Spain and Italy. 

  • Imperial Brands (IMB LN) is also scheduled to report full-year results, at 7:00 a.m. GMT. The tobacco company is expected to continue its push toward next generation products, such as vaporizers, which generate a growing portion of its income. Additional capital expenditure will be required for the shift into NGP’s, but dividend growth will remain a priority, Bloomberg Intelligence’s Duncan Fox writes. NGP income is expected to be significantly above that reported in 2021, reversing a two-year trend during the pandemic that saw revenue from the products slump.

Wednesday: No major earnings of note

Thursday: Siemens’s (SIE GY) fourth-quarter results are expected at 7:00 a.m. CET. Visibility into fiscal 2022-2023 will be the key area of interest for investors, Omid Vaziri from BI writes. Bloomberg-compiled estimates point to 3.6% organic revenue growth and a gross profit margin of about 36% for the new year. Margins will be in focus as slowing growth and lingering inflation test profitability, although the results may show a positive backlog evolution from generally strong demand across key markets. Easing parts shortages may boost organic sales growth to top 10% in the fourth quarter from 4% reported in the three months prior.

  • Burberry’s (BRBY LN) six-month earnings are due at 7:00 a.m. GMT. The signing of Daniel Lee signals the brand’s intention to compete with the likes of LVMH and Gucci. It’s still early days for CEO Jonathan Akeroyd, who took the helm in March, just months before COO and CFO Julie Brown set an April 1 2023 date for her resignation. Burberry upheld its medium-term outlook in its last results despite the management upheaval, but the rapidity of change could still raise challenges, Bloomberg Intelligence’s Deborah Aitken writes. Burberry is particularly sensitive to steps to control the spread of Covid-19 in China, which generates a major chunk of its revenue. The country on Friday reduced the amount of time travelers and close contacts must spend in quarantine, and pulled back on testing, in a significant calibration of its Covid Zero policy.

Read More: Richemont Profit Hits Record as Watches and Jewelry Shine

Friday: No major earnings of note

Read More: Inflation Surprise Isn’t Good News for All Sectors: Taking Stock

--With assistance from Ryan Hesketh, Alexey Anishchuk, Mariajose Vera, Simon Lee, Andrey Biryukov and Sangam Sriram.

©2022 Bloomberg L.P.