Second quarter earnings season began for US public companies on Friday as JPMorgan (JPM), Citigroup (C) and Wells Fargo (WFC) reported their results before the open. (BAC, the other commercial bank SIFI (systemically important…
According to BCA Research’s Emerging Markets Strategy service, extremely disappointing corporate profit growth has been the main reason for EM's poor equity performance in absolute terms and massive underperformance…
Our colleagues from the Emerging Markets Strategy team argue that investors should brace for a significant correction in Indian stocks in the coming months. They posit that the pillar of Indian corporations' sustained profit…
Second-quarter earnings season unofficially kicks off before the open on Friday, when Citigroup (C), JPMorgan (JPM) and Wells Fargo (WFC) report their results for the June 30 quarter. Bank of America (BAC), the other commercial…
The consensus soft-landing narrative is wrong. The US will fall into a recession in late 2024 or early 2025. We were tactically bullish on stocks most of last year, turned neutral earlier this year, and are going underweight today.…
As in many other countries, China’s cyclical consumption growth is primarily driven by labor market conditions, income, and borrowing. BCA Research’s China Investment Strategy service maintains the view that these…
According to BCA Research’s European Investment Strategy service, the money sloshing around the financial system from pandemic-era stimulus measures disconnects near-term prospects for growth from risk asset prices. As a…
Chinese industrial profits rose by 4.0% y/y in April, from a 3.5% y/y contraction in March. They grew by 4.3% in the first four months of the year, compared to the same period in 2023. In March, the central government pledged…
The Q1 2024 earnings season is drawing to a close with 93% of S&P 500 companies having reported results as we go to press. Three-quarters (two-thirds) of companies have topped earnings (sales) expectations in Q1, according to…
Q1 Earnings and sales growth were strong, but the devil is in the details: Without the Magnificent Five, earnings growth for the index would have been negative. On a positive note, margins have stabilized, and earnings growth is…