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14 Jul 2020

S&P 500 Index: Earnings to plunge 60% in Q2, biggest decline since 2009 – Goldman Sachs

The Goldman Sachs analysts expect S&P 500 earnings per share (EPS) to drop 60% in the second quarter, the biggest decline since the 2009 Global Financial Crisis (GFC).

Key quotes

"2Q earnings season kicks off in earnest next week, with the large US Banks reporting results. Consensus forecasts S&P 500 EPS will decline by 44% year/year in 2Q, but we believe earnings will fall by 60% in the quarter."

"If realized, 2Q 2020 EPS growth would be the weakest since 4Q 2009, EPS fell 65% in that quarter.”

“Baseline scenario for the S&P 500's average EPS is a fall of 30% compared to 2019. EPS for 2020 will average at $115.”

“Maintained its previous EPS forecast for full-year 2021 at $170, up 48% from 2020. For the year 2022, the US banking giant says EPS will continue to rise, hitting $188, a gain of 11%.”

Jul 14, 2020

China’s crude oil imports at record for the second straight month

According to data from the General Administration of Customs on Tuesday, China's crude oil imports jumped by 33% in June on the year, accounting for t

Asian stock market: Risk aversion returns amid virus, US-China tussle

Shares in Asia fail to keep the latest upside momentum as risk factors weigh over hopes of further stimulus during the pre-European session on Tuesday