Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.The focus is on the hotly anticipated U.S. results: First-quarter earnings for S&P 500 companies are expected to fall 2.5 per cent on the year in what would be the first quarterly decline since 2016. But revenue is expected to rise 4.8 per cent.
Share performance may boil down to valuation. For the next 12 months, Goldman Sachs appears the cheapest, with investors paying $8.30 for every dollar in expected earnings, compared with $11.80 for Bank of New York Mellon. The former is the worst-performing stock over the last two years among U.S. banks.April manufacturing activity data will give a glimpse of the economic health of the United States and the euro zone.
The IHS Markit flash Purchasing Managers’ Index due on April 18 should indicate if that optimism was justified -- and if stocks have further upward momentum. China’s first-quarter GDP data is out on April 17.Many investors say low expectations for first-quarter earnings, dovish central bank policies and hopes for Chinese stimulus and a trade truce between Washington and Beijing are largely priced into equity markets.
Ankara’s economic reform plans -- announced on Wednesday -- failed to impress markets and investor meetings with Finance Minister Berat Albayrak at the IMF and World Bank spring meetings did little to change that. Ankara’s row with Washington over plans to buy a Russian missile defense system and declines in its FX reserves have only added to the concern of investors still smarting from last month’s pre-election move to temporarily freeze the London lira market.
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