If that were to transpire it would mean the second successive quarter of negative earnings growth or, as some have dubbed it, an "earnings recession".
That push back to record levels after a brutal final quarter of 2018 reflects the evolution of the US Federal Reserve Board’s members from hawks last year, to a more passive "patient" mindset at the start of this year and, more recently, to doves foreshadowing an imminent rate cut. If that rate cut doesn’t eventuate at the next Fed Open Market Committee meeting at the end of the month – and recent positive employment and inflation data might still give the Fed pause for thought - it won’t matter how good, or poor, the earnings season might be.While the US market did edge up on Monday, there was a cautious tone to the trading. That’s despite a respectable result, slightly ahead of expectations, from the first of the big US banks to report.
A better picture of the key big bank performance will come on Tuesday in the US, with JP Morgan Chase, Wells Fargo and Goldman Sachs to report. By the end of the week nearly 840 companies will have released their earnings, with nearly 2400 scheduled for next week.
America cut rate
And companies are registered in the Caymans to avoid tax.
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