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17 Aug BOTTOM LINE: IMPRESSIVE EARNINGS SEASON

Corporate America delivered another outstanding earnings season, with double-digit earnings growth, solid upside to forecasts, and generally upbeat outlooks from corporate management teams. We have been particularly impressed with the breadth of earnings gains and upside to revenue forecasts. Strong earnings continue to provide support...

10 Aug BUY THE DIP? WHAT DIP?

Buy the dip? What dip? Beyond the double-digit gains in stocks this year1 and all of the all-time highs (29 for the S&P 500 Index already this year), perhaps the biggest story for the S&P 500 in 2017 is the absence of pullbacks. Here we...

28 Jul TAX REFORM PIVOT?

Is it time for the tax reform pivot? Earnings season will get a lot of attention this week (July 24–28) with 190 S&P 500 Index companies slated to report, as will the Federal Reserve with its two-day policy meeting concluding on Wednesday, July 26 (though...

20 Jul GAUGING GLOBAL GROWTH

Since 2012, real global gross domestic product (GDP) growth has been between 3.1 and 3.5% annually, according to International Monetary Fund (IMF) estimates, with 2016 seeing the slowest growth of the period. At the start of the year, broad expectations were that continued support from...

13 Jun Hurdling Overseas Earnings

Overseas earnings were even better than expected during the first quarter (Q1) of 2017. Global equity analysts were looking for strong earnings growth from overseas companies after years of flat to declining earnings; for the most part, those markets delivered. Stock markets themselves responded, with international markets generally outperforming...

06 Jun BEIGE BOOK: WINDOW ON MAIN STREET

BEIGE BOOK SUGGESTS CONTINUED MODEST ECONOMIC GROWTH The latest edition of the Federal Reserve’s (Fed) Beige Book, released Wednesday, May 31, 2017, continued to deliver a positive view of the U.S. economy. The Beige Book is a qualitative assessment of the domestic economy and each of the 12...

31 May Weekly Economic Commentary

Summer will soon be here, as June 2017 brings with it longer days and summer vacations in the United States. It is also a month with three major central bank meetings. So far in 2017, the global equity rally has continued with new highs in the U.S., Europe,...