A preview of third-quarter earnings season

BlackRock
Door oktober 9, 2019 07:36

A preview of third-quarter earnings season

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We see third-quarter earnings season offering some limited support to U.S. stocks in the near term, as a growth rebound is months away. Kurt explains.

Equities have stumbled this month, as weak economic data has revived recession fears. This comes after central banks’ dovish pivot fueled significant multiple expansion. Where to now? We see limited additional monetary easing ahead. This means earnings will be key for further U.S. equity gains. Third-quarter earnings season may offer some limited support as the macro backdrop worsens. But we see easier financial conditions helping growth and earnings over 6-12 months.

Multiple expansion – rising price-to-earnings ratios – has been the principal contributor to global equity performance in 2019. Earnings growth has only been a modest contributor in the U.S. – and detracted in other regions. See the chart above. Behind the multiple expansion, in our view: monetary easing. Lower rates are typically reflected in

BlackRock
Door oktober 9, 2019 07:36

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Asset Allocation Consensus September

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