Next week on the stock market

Unilever had a steady first-half, with underlying sales growth and profits slightly surpassing market expectations. All business units contributed positively in the period, supported by a balanced mix of price increases and volume growth.

Looking ahead to the second half, the group expects underlying sales growth to ramp up beyond first-half levels, despite the subdued market conditions. Markets are forecasting underlying sales growth of 3.7% to €14.8bn in next week’s third-quarter update, with the uplift largely driven by recent price increases.

We’re also keen to get updates on the ice-cream business, which has been operating as a standalone entity since the start of the third quarter. Its spin-off into a separately listed company is pencilled in for mid-November, but with Unilever set to retain a stake of up to 20%, we’re eager to hear that the separation process hasn’t brought about too much disruption.

Elon Musk’s comments on the future will be in focus for Tesla

Tesla heads into third-quarter results off the back of a strong delivery announcement a couple of weeks ago. Earnings expectations have risen as a result, but there are still some tricky quarters ahead for the core business. We’re expecting continued margin pressure as a competitive pricing environment and rising research costs remain headwinds.

As always, the earnings call will matter more than the numbers - the Tesla story is about looking forward, not back. Last time, Elon Musk warned of tough quarters ahead; this time, we expect a more upbeat tone with an important shareholder vote on his pay coming up.

Progress on Robotaxi and the rollout of the latest self-driving software will be key to sustaining momentum. There’s been little chatter recently, which might be a good sign, but investors will want clarity on expansion plans and when Tesla expects to ditch safety drivers. There’s also the chance of a curveball, in the form of a more detailed update on Optimus, Tesla’s humanoid robot.

The author holds shares in Tesla.

Lloyds looks to draw a line under the motor finance investigation

It’s been a busy few weeks for Lloyds, and next week’s third quarter results are expected to see £800mn added to its car finance provision, taking the total close to £2bn. The move follows the Financial Conduct Authority’s consultation on compensation, with Lloyds pushing back on parts of the proposal. While the extra cost isn’t ideal, £2bn as a total cost is better than many had feared just a few months ago and signals that the bank is getting closer to drawing a line under the issue.

Sentiment toward UK banks has been strong this year, and Lloyds is expected to keep its streak of net interest income growth intact. Credit quality will be a key watchpoint, with provisions for bad loans expected to land at around £314mn. Borrowers have remained resilient so far, so another better-than-expected outcome wouldn’t surprise us.