Data Source: Thomson Reuters
In contrast to the S&P 500 (US Earnings) which are estimated to be -2.6% yoy for Q2, European earnings estimates are positive for Q2. Q2 earnings are expected to increase by 1.8% yoy for the Stoxx 600.
This is constructive considering how pessimistic sentiment has been over the past year for Europe. It may be indicative of some green shoots for back half 2019 global growth – which would be consistent with forward estimates in the US and beyond. We’ll take it week by week as the data comes in.
