The reporting season will be a critical test for corporate earnings in Australia, not to mention the prices investors are prepared to pay for a"weak earnings pulse".
Month by month, that's been chiselled down to the current estimate of a meagre 1.6 per cent EPS growth. Alan Tang, a strategist from local stockbroker Morgans, has crunched the numbers and found for every earnings upgrade, there have been seven downgrades. "Unless there is a high likelihood of an upgrade, we prefer to err on the side of caution and take profits where we think prices have run ahead of fundamentals."The big attraction for equities recently — given earnings are waning — has been the fairly generous dividends on offer.
From stocks to bonds, iron ore to bitcoin and Greek banks, the first half of 2019 has seen a global bull market, but can it last economic fundamentals remain weak?"We are in the trough of the cycle, so we are likely to see net earnings downgrades for industrials in the August reporting season," the investment bank said.
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