HSBC: do NOT get complacent about 2020 earnings
“We are concerned that the market is being slightly complacent about the downside risks to corporate earnings. Global equity markets have rebounded sharply over the last few weeks, moving back to record highs, despite earnings revisions softening once again. A slowing global economy, US-China trade tensions, a weak manufacturing sector, and heightened political uncertainty all point to lackluster profits in 2020. The consensus has been willing to ignore these risks, for now forecasting 10% EPS growth in 2020. In contrast, we expect less than 5% growth, which would suggest next year’s cuts could be greater than average”
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