Traders are holding their breath on evidence of a first earnings recession for three years

Global stocks were mixed on Friday morning as traders waited to see whether US bank earnings would fuel market fears of a first-half earnings recession.

The outlook for first-half corporate earnings continues to worsen. Nearly 75% of S&P 500 companies have issued earnings guidance that lowered market expectations, above the five-year average of 70%,. The average analyst earnings per share estimate has been cut by 7.3% during the first quarter — more than double the average decline of 3.2% over the past five years.

"Investors' focus will squarely be on the US earnings season," said Konstantinos Anthis, head of research at ADSS in a research note.

So the protesters go bankrupt— a declaration of death? A ‘brook’ meanders through the valley. We should not act in haste.

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