The list below shows the most important earnings releases next week across our universe of more than 2,000 companies that we track during the earnings season.
- Monday: Meituan, Sonova, Tyson Foods, Nu Holdings, Trip.com, DiDi Global
- Tuesday: Infineon Technologies, Vodafone, Alcon, Walmart, Home Depot, Sea Ltd
- Wednesday: Siemens Energy, Tencent, Experian, SSE, Nibe Industrier, Nvidia, Cisco, Lowe’s, TJX, Target
- Thursday: Siemens, Alibaba, Applied Materials, Palo Alto Networks, NetEase
- Friday: JD.com
The inflation celebration and the incoming earnings recession
Yesterday’s moves across all markets were a sign of the bear market as these moves do not happen during bull markets. What made the moves more spectacular were that they happened following a period of recent risk-on. Listen to our podcast from this morning where we discuss the market reaction across all markets. Everyone is celebrating the lower than estimated headline and core inflation figures, but as we write in our equity note from yesterday the inflation rate is getting entrenched in the services sector, so the last chapter has not been written yet.
As we have recent written about the next dynamic is the margin compression and how it will impact earnings going forward. While the margin compression was evident in Q3 the downward revision to 12-month earnings estimates has been minuscule with the current 12-month earnings drawdown being only 3.5%. This fact makes us still cautious on the equity market.