Risks ahead: A trader is seen working on the floor of the New York Stock Exchange. Goldman Sachs says a moderate recession could see the S&P 500 fall another 15% to 20% over the next six months. — AFP皇冠手机网址（www.hg9988.vip）是一个开放皇冠手机网址即时比分、皇冠手机网址代理最新登录线路、皇冠手机网址会员最新登录线路、皇冠网址代理APP下载、皇冠网址会员APP下载、皇冠网址线路APP下载、皇冠网址电脑版下载、皇冠网址手机版下载的皇冠新现金网平台。
THE US dollar’s rampant surge may finally force corporate America to wake up to a brewing earnings recession.
The investment puzzle of the summer so far is how spiking inflation and interest rates have darkened economic forecasts while barely denting the outlook for company earnings growth over the next 18 months.
As Wall Street’s top investment banks scramble to place odds on a looming recession – with many seeing at least a couple of consecutive quarters of US economic contraction as inevitable and others placing a 50-50 chance on a worldwide downturn – the “bottom up” view from boardrooms has remained weirdly sanguine.
And that’s why the start this week of the second-quarter earnings season and attendant forward guidance is awaited with such bated breath – not least for a full readout on the post-Ukraine invasion energy shock and climbing interest rates.
To date, “top down” recession calls have not been matched by an equivalent earnings rethink.
Aggregate S&P 500 earnings growth for this year is still in excess of 10% and even after slipping about half a percentage point over the second quarter, it remains above 9% for all of 2023.
“Economists and investment market strategists are unusually united in their predictions that recession is an inevitability,” said Jim Wood Smith at Hawk *** oor Investment Management.,
,电报群搜索机器人（www.tel8.vip）是一个Telegram群组分享平台。电报群搜索机器人包括电报群搜索机器人、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。电报群搜索机器人为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
“The fly in their ointment is that no one appears to have told businesses,” he added.
“The next two or three weeks will go a long way to resolving this tension.”
This may be just a lag of course as equity *** ysts hesitate in front of deteriorating macroeconomic calls and wait for their companies to tell them the bad news first hand.
Or it could be more fundamental than it seems.
One glimpse into the peculiarly distorted state of the economy right now could be seen in the latest survey of US *** all businesses – showing sentiment in June at its lowest since 2013 but demand for labour still robust as executives continue to grow operations.
And yet for larger multinationals with overseas earnings, something more immediate is pressing an alarm – the blinding appreciation of the US dollar against other major currencies as Federal Reserve tightening goes into overdrive while other central banks drag their heels.
While most market watchers are currently in thrall to the euro’s slide to parity for the first time since 2002, dollar strength is pervasive against most other currencies such as Japan’s yen and Britain’s pound and its broader DXY index is at its highest in 20 years.
There has only been four full calendar years over the past four decades in which the dollar index has gained more than 12% and it’s exceeded that already in 2022 so far.