What to expect from this earnings season

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Weekly Commentary

• We see the potential for more earnings downgrades due to slower growth and rising pressure on profit margins as the economy enters late cycle.
• Global stocks extended gains into a fourth straight week. U.S. earnings season kicked off with better-than-expected results for many financials.
• This week’s China data, especially on industrial production, will show if the policy easing so far has fed through to the real economy