July 17 (Reuters) - Earnings season kicks into gear this

week with Alphabet, the first of the so-called hyperscalers, set

to report, while the European Central Bank looks set to hold

rates after a rate hike last time around.

Here's all you need to know about the coming week in

financial markets by Gregor Stuart Hunter in Singapore; Amanda

Cooper, Yoruk Bahceli and Karin Strohecker in London and Lewis

Krauskopf in New York.

ECB SET FOR PAUSE

The ECB is likely to stand pat on Thursday, after it became

the first of the biggest central banks to hike rates since the

Iran war began last month.

Policymakers' relief at last month's quick retreat in energy

prices proved very short-lived following an escalation in the

conflict, highlighting the uncertainty ahead.

Luckily for now, oil prices are far lower than levels they

reached earlier in the conflict and the futures curve is between

the baseline and milder scenarios the ECB laid out in June, so

the picture hasn't shifted enough for policymakers to hit the

button on Thursday.

That means all focus will be on whatever clues traders sense

about September, when they're convinced the bank will hike rates

again.

Economists don't buy it, but traders have also boosted their

bets on another rate hike following September, so watch whether

ECB chief Lagarde gives them reason to stick with those bets.

SEEING RESULTS

A high-stakes earnings season for U.S. companies heats up in

the coming week, with Alphabet headlining a busy slate

of results that poses a challenge for a stock market near record

highs.

Alphabet is the first of the "hyperscalers" to report this

quarter, and investors will be highly sensitive to any changes

the Google parent makes to its capital spending plans. Booming

AI capex has been at the heart of this year's rally, propelling

soaring shares of semiconductor and other tech companies. A host

of other major companies are also set to report, including Tesla

, Intel ( INTC ) and American Express ( AXP ).

With more than 40 companies having already reported, overall S&P

500 earnings are expected to rise by 25.7% from a year ago,

according to LSEG IBES data as of Thursday.

This week, reports from major U.S. banks showed earnings powered

ahead with a strong lift from fees for advising on mergers and

acquisitions and surging trading revenue.

TAKE A CHANCELLOR ON ME

Investors in UK assets are feeling a lot more confident that

incoming Prime Minister Andy Burnham will keep markets onside by

sticking to the government's strict rules on borrowing and

spending.

The left-leaning former mayor of Greater Manchester takes on

the role on Monday, when incumbent Keir Starmer steps down and

his pick for finance minister has had investors on edge for

weeks.

Interior minister Shabana Mahmood has emerged as the

frontrunner. Her views on the economy are not especially well

known among the investment community, but markets appear to be

willing to give her the benefit of the doubt.

The pound has hit its highest in over a year against the

euro and been one of the best-performing major

currencies against the dollar lately. Even notoriously

volatile UK government bonds have been sanguine.

The question now is whether Burnham and his choice of

Chancellor can maintain that calm.

INDONESIA IN THE SPOTLIGHT

Macro traders face a challenging week ahead in Asia. Indonesia

is expected to hike interest rates on Wednesday. The central

bank is struggling to stabilise the currency after the country

reported its first trade deficit in six years, while the

government's economic strategy continues to encounter scepticism

from credit ratings agencies and global investors. S&P Dow Jones

Global Indices joined MSCI this month in considering whether it

should downgradeIndonesia to frontier-market status.

The People's Bank of China will announce its loan prime rate on

Monday, and while it is unlikely to change its policy settings,

pressure is mounting on policymakers to accelerate growth after

Wednesday's GDP data - the country's weakest quarter since the

COVID-19 era.

Meanwhile, Japan releases trade balance data on Wednesday,

as well as CPI figures and flash PMI readings on Friday.

THE FINAL WHISTLE

After five weeks of drama, shock exits and nail-biting finishes,

the world's biggest sporting event is down to its last game:

Sunday's finale pits reigning champions Argentina against

European champions Spain in what should be an epic battle.

It's been a bonanza not just for football, but for business,

with fans splurging out on everything from flights and hotels to

replica shirts and plenty of beer, creating a windfall for

travel firms, sportswear makers and drinks companies.

One clear winner is Adidas, which backed 14 teams for

the tournament. The German sportswear giant sponsors both

finalists, guaranteeing itself a champion. Rival Nike ( NKE )

struck out, with none of its 12 sponsored teams, including

England and France, making the final.

Brewers have had a less straightforward ride. Early departures

for big beer-drinking nations such as Brazil, Germany and

Colombia curbed expectations for a sales windfall. But strong

performances from several Western European teams, including the

UK, France, Switzerland and Norway, could still leave Carlsberg

raising a glass.

(Graphics by Prinz Magtulis, compiled by Samuel Indyk; Editing

by Amanda Cooper and Alexandra Hudson)