JPMorgan strategists said consensus projections for earnings growth have been “moving materially lower” in recent months ahead of the Q1 2024 reporting season kick-off.
Despite declining earnings forecasts, there has been a notable shift in activity momentum during the quarter, evidenced by rising global purchasing managers indexes . This improvement, alongside the lowered earnings hurdle due to reduced forecasts “is suggesting that we will get earnings beats,” strategists at JPMorgan said in a Monday note.
“The risks of interest rates spiking for the “wrong reasons”, Fed pivot getting fully reversed and inflation staying too hot are all elevated,” they added.
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