{"id":549995,"date":"2022-10-10T03:21:52","date_gmt":"2022-10-10T03:21:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/"},"modified":"2022-10-10T03:21:52","modified_gmt":"2022-10-10T03:21:52","slug":"us-stock-markets-brace-for-another-rough-earnings-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/","title":{"rendered":"US stock markets brace for another rough earnings season"},"content":{"rendered":"

<\/a>S&P 500 companies are expected to see their weakest earnings growth in three years in<\/strong> 3Q 2022<\/strong>, with Wall Street analysts cutting their earnings forecasts by some USD 34 bn, the Financial Times<\/a> reports. Analysts expect S&P 500 firms to report earnings-per-share growth of 2.6% y-o-y in 3Q 2022 \u2014 a downward revision from the 9.8% that had been penciled in for the quarter at the beginning of July, according to FactSet<\/a> data.<\/p>\n

How low can the S&P 500 go?<\/strong> The index has already fallen by more than a fifth this year, but many analysts worry that current earnings estimates are still too bullish thanks to concerns over the US Federal Reserve\u2019s monetary tightening and indications the US economy is heading into a recession, the salmon-colored paper says. Estimates for 2023 are stronger, however, with consensus suggesting 6.5% growth in 1Q 2023 and 5.5% in 2Q 2023, underpinned by resilient retail spending and easing energy prices.<\/p>\n

ALSO- Another blockbuster Saudi IPO: <\/strong>Saudi utility firm Marafiq covered the books for its USD 897 mn IPO \u2014 the country\u2019s largest<\/a> since March \u2014 within hours of opening yesterday. Bookbuilding will last until 14 October and the retail offering runs from 26-29 October. (Bloomberg<\/a>)<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

9,941<\/p>\n<\/td>\n

\n

-0.7% (YTD: -16.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 19.60<\/p>\n<\/td>\n

\n

Sell 19.71<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.63<\/p>\n<\/td>\n

\n

Sell 19.69<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,566<\/p>\n<\/td>\n

\n

-1.6% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,905<\/p>\n<\/td>\n

\n

+1.4% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,373<\/p>\n<\/td>\n

\n

+0.7% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,640<\/p>\n<\/td>\n

\n

-2.8% (YTD: -23.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

6,991<\/p>\n<\/td>\n

\n

-0.1% (YTD: -5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,375<\/p>\n<\/td>\n

\n

-1.7% (YTD: -21.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 97.77<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 6.66<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,705.30<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 19,416<\/p>\n<\/td>\n

\n

-0.0% (YTD: -58.0%)<\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 560.6 mn (42.1% below the 90-day average). Regional investors were net buyers. The index is down 16.8% YTD.<\/p>\n

In the green: <\/strong>Alexandria Containers and Cargo Handling (+3.5%), Rameda Pharma (+3.0%) and Qalaa Holding (+2.0%).<\/p>\n

In the red: <\/strong>Madinet Nasr for Housing and Development (-2.7%), Fawry (-2.5%) and Heliopolis Housing and Development (-2.4%).<\/p>\n

Asian markets are down across the board in early trading this morning<\/strong> and futures are showing a sea of red on both sides of the Atlantic when western markets open up later in the day. Stocks are struggling amid increasing worry that the Fed\u2019s aggressive tightening cycle could trigger a global slowdown, Bloomberg<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

S&P 500 companies are expected to see their weakest earnings growth in three years in 3Q 2022, with Wall Street analysts cutting their earnings forecasts by some USD 34 bn, the Financial Times reports. Analysts expect S&P 500 firms to report earnings-per-share growth of 2.6% y-o-y in 3Q 2022 \u2014 a downward revision from the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[409,104,72,119,7093,78,2528,1887,122,121,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549995","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-earnings-watch","tag-economy","tag-enterpriseam","tag-financial-markets","tag-gold","tag-ipo-watch","tag-marafiq","tag-mohamed-el-erian","tag-planet-finance","tag-sp-500","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"4b1db9a4-0074-4bb0-819d-0f35458ba082","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[549976],"teaser":"","voice_url":""},"yoast_head":"\nUS stock markets brace for another rough earnings season - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US stock markets brace for another rough earnings season\" \/>\n<meta property=\"og:description\" content=\"S&P 500 companies are expected to see their weakest earnings growth in three years in 3Q 2022, with Wall Street analysts cutting their earnings forecasts by some USD 34 bn, the Financial Times reports. Analysts expect S&P 500 firms to report earnings-per-share growth of 2.6% y-o-y in 3Q 2022 \u2014 a downward revision from the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-10T03:21:52+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"US stock markets brace for another rough earnings season\",\"datePublished\":\"2022-10-10T03:21:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\"},\"wordCount\":368,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"earnings watch\",\"economy\",\"EnterpriseAM\",\"Financial Markets\",\"gold\",\"IPO watch\",\"Marafiq\",\"Mohamed El Erian\",\"Planet Finance\",\"S&P 500\",\"Saudi Arabia\"],\"articleSection\":[\"PLANET FINANCE\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/us-stock-markets-brace-for-another-rough-earnings-season\/\",\"name\":\"US stock markets brace for another rough earnings season - 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FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1048.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608424,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/goldman-sachs-and-morgan-stanley-take-a-beating-after-3q-earnings-release\/","url_meta":{"origin":549995,"position":2},"title":"Goldman Sachs and Morgan Stanley take a beating after 3Q earnings release","author":"enterpriseam admin","date":"19 October 2023","format":false,"excerpt":"Morgan Stanley shares fell as much as 7.9% after releasing its 3Q earnings","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/972.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/saudi-aramco-fertiglobe-report-lower-earnings-following-bumper-2022\/","url_meta":{"origin":549995,"position":3},"title":"Saudi Aramco, Fertiglobe report lower earnings following bumper 2022","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"Saudi Aramco\u2019s 3Q earnings drop on the back of production cuts and falling oil prices: Saudi oil giant Saudi Aramco posted a 23% y-o-y drop in its 3Q earnings, according to an earnings release (pdf) yesterday. Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550480,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/musk-takes-over-at-twitter-us-earnings-face-usd-10-bn-hole-in-3q-thanks-to-stronger-greenback\/","url_meta":{"origin":549995,"position":4},"title":"Musk takes over at Twitter + US earnings face USD 10 bn hole in 3Q thanks to stronger greenback","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Musk is now officially chief twit: Elon Musk has closed his USD 44 bn acquisition of Twitter after a six-month saga that almost hashed out in court in a high-profile trial. Following the acquisition, Musk ousted Twitter\u2019s CEO and CFO, and sources told Reuters that he plans to become interim\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/18\/sp-500-companies-to-post-slower-growth-this-earnings-season-privately-traded-tech-firms-see-prices-plummet\/","url_meta":{"origin":549995,"position":5},"title":"S&P 500 companies to post slower growth this earnings season + Privately traded tech firms see prices plummet","author":"enterpriseam admin","date":"18 April 2022","format":false,"excerpt":"The crystal balls continue to predict a rocky earnings season ahead: The crisis in Ukraine and rising inflation is forecast to weigh on the earnings growth of major US corporations in their 1Q results, the Financial Times reports. Analysts expect earnings-per-share growth among S&P 500 companies to fall to 5.2%\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549995"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549995\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549976"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549995"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549995"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}