Credit Suisse cuts market forecast because of the coronavirus 'global demand shock'

As the coronavirus outbreak continues to weigh on markets, Credit Suisse on Monday cut its market forecast for the year and said that earnings growth for U.S. companies will be near-zero.

"Investor perceptions surrounding the impact of the coronavirus have shifted from a supply chain disruption to a global demand shock," Golumb wrote in a note to clients Monday. The firm said that what started as a supply chain disruption has evolved into a "global demand shock," and that there's likely "further downside to stock prices over the near-term" before markets turn a corner.

The firm also cut its 2020 earnings per share forecast to $165 from $175, for a decline of about 5.7%.

Ouch folks don’t say you weren’t warned the WS White collar Taliban is going for blood..

How was this a shock to anyone?

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market crash: How coronavirus sell-off causes next credit crisis - Business Insider'Much worse than 2008': An expert who foresaw the dot-com crash warns the stock market's recent turmoil has kicked off another full-blown financial crisis Well I mean yeah,it’s not so much the virus that’s gonna cause it directly.But those who are really really worried about this and anxious of the outcome in the coming months. I live in Nova Scotia,Canada no reports yet.And we’re running low/out of toilet paper hand soap and more! Convenient in an election year.
Source: BusinessInsider - 🏆 729. / 51 Read more »