Happy Monday. Good Luck out there this week.
Global Spotlight
Week Ahead: Escalations in Hong Kong. The situation in Hong Kong has entered a new, more violent phase, but the worst may be yet to come. Electoins in some areas are scheduled for Nov. 24. As the violence surrounding anti-government protests escalates, the possibility of a harsher security crackdown by Hong Kong authorities increases — and the more pressing the question becomes of how much Beijing is willing to tolerate.
Nov. 17: Parliamentary Elections in Belarus. Voters in Belarus go to the polls Nov. 17 to elect members of parliament’s lower chamber, the House of Representatives, which is firmly controlled by parties loyal to longtime President Aleksandr Lukashenko.
Nov. 20: Benny Gantz’s Mandate Runs Out in Israel. Benny Gantz, leader of Israel’s main opposition party, has until Nov. 20 to form a government out of the disparate factions of Israel’s fractured Knesset.
Nov. 23: Japan-South Korea Intel-Sharing Pact Expires. The United States is foundering in its efforts to salvage a bilateral intelligence-sharing agreement between Japan and South Korea that helps undergird cooperation between its key Pacific allies.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- Third quarter earnings are expected to decrease 0.4% from 18Q3. Excluding the energy sector, the earnings growth estimate is 2.2%.
- Of the 461 companies in the S&P 500 that have reported earnings to date for 19Q3, 74.6% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 74%.
- 19Q3 revenue is expected to increase 3.8% from 18Q3. Excluding the energy sector, the growth estimate is 5.2%.
- 58.0% of companies have reported 19Q3 revenue above analyst expectations. This compares to a long-term average of 60% and an average over the past four quarters of 59%.
- For 19Q4, there have been 58 negative EPS preannouncements issued by S&P 500 corporations compared to 25 positive, which results in an N/P ratio of 2.3 for the S&P 500 Index.
- The forward four-quarter (19Q4 –20Q3) P/E ratio for the S&P 500 is 18.0.
- During the week of Nov. 18, 16 S&P 500 companies are expected to report quarterly earnings.
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