Earnings Consensus Coming Down... Finally
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Deutsche Bank is highlighting that they are seeing a very strong global downgrade in consensus earnings estimates. Well it's about time.
According to the firm, "2009E earnings of the MSCI World were downgraded by 11.8% last month, the strongest 1-month downgrade in 20 years."
They noted Japan has seen by far the strongest downgrades of all major regions over the last month. The global sectors Materials, Financials, Consumer Discretionary and Energy have seen the strongest downgrades.
The firm expects that downgrades will continue in the coming months due to ongoing negative economic news flow.
The question remains if they are coming down fast enough to account for the massive global slowdown.
According to the firm, "2009E earnings of the MSCI World were downgraded by 11.8% last month, the strongest 1-month downgrade in 20 years."
They noted Japan has seen by far the strongest downgrades of all major regions over the last month. The global sectors Materials, Financials, Consumer Discretionary and Energy have seen the strongest downgrades.
The firm expects that downgrades will continue in the coming months due to ongoing negative economic news flow.
The question remains if they are coming down fast enough to account for the massive global slowdown.
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