EURUSD: Hovering on Fibonacci 38 per cent retracement support at 1.1066. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Wall Street expects a weak fourth quarter Earnings growth scaled back

In the Financial Times this morning, based on the fact that most of the US’s biggest listed firms’ Q3 earnings have already been reported, Q4 numbers are expected to grow at a mere 0.8 per cent dragging annualised US economic growth to its lowest level in 4 years. Data from Refinitiv shows that earnings expectations for S&P 500 companies were scaled back from 4.1 per cent as recently as the beginning of October, and 7.1 per cent in July. Classic economists’ thinking while looking through rose-tinted specs.

German September industrial production data published this morning was weaker than consensus expectations, falling 0.6 per cent from August, taking the annualised drop to 4.3 per cent from a 3.9 per cent fall the previous month. This is nearly the lowest reading since January 2010.

Financial Markets and Political Commentary
 

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