Asian equities see big earnings downgrades on concerns over China lockdowns

Asian equities are witnessing big earnings downgrades from analysts over the past month, due to the strict lockdowns in China and a surge in borrowing costs for firms as interest rates rise.

"Analysts have very little visibility on the impact of these lockdowns on earnings – thus it seems they are in a 'wait and watch' mode before they actually start cutting Q2 earnings. So clearly there is scope for further earnings cuts in Asia." Outlook for consumer discretionary sector got the biggest hit, as analysts slashed profit forecasts by 6.61 per cent. Communication Services and Health Care, also saw downgrades of over 5 per cent each in net income estimates.

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