2Q 2020 corporate earnings reporting season kicks off

This week, the 2Q 2020 corporate earnings reporting season kicks off in the United States and in Europe. Analysts are expecting the sharpest contraction in profits since the Great Recession (-43% in the US and -55% in Europe), but these forecasts are likely to prove conservative, as they have not been revised upwards, if not only marginally, in light of the positive signals that followed the reopening of economic activity. The markets, however, supported by the massive amounts of liquidity injected by the central banks, focused on the post-lockdown reacceleration, and after scoring strong gains in 2Q, are now experiencing a consolidation phase, in waiting for confirmative evidence on the intensity of the recovery, and for companies’ future earnings outlooks.

 

Read Eurizon Macro Research analysis

 

Previews financial reports

 

Macroeconomic data: 1Q 2020

 

 The 1Q reporting season

 

The US fiscal policy

 

The Fed and unlimited credit, a necessary condition for the economy to recover

 

The surprise after the disappointment: the ECB slings out its bazooka

 

 

  

 

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