Happy Monday. Good Luck out there this week.
Global Spotlight
OPEC+ Meeting Set for April 6. OPEC has invited its former OPEC+ partners, including Russia, as well as other major oil producers to a ministerial-level teleconference on April 6 to discuss the collapse in global demand as a result of COVID-19.
EU Governments Try to Get Their Act Together. After a series of failed summits and growing frictions between Southern and Northern European countries, EU members will meet again on April 7 to try once more to come up with a coordinated reaction to the Continent’s economic crisis.
A Food Export Stoppage in Eurasia. The Eurasian Economic Union will halt exports of key food staples starting April 10 until June 30.
The True Toll of COVID-19 in China. The Chinese COVID-19 epicenter of Wuhan will see its lockdown partially lifted April 8, with people certified as healthy allowed to leave the city for the first time in two and a half months.
Mexico’s COVID-19 Support Plan. After meeting with several business leaders in the last week, Mexican President Andres Manuel Lopez Obrador is expected to unveil the Mexican government’s fiscal policy response to deal with the effects of COVID-19 on April 5.
Adjusting Religious Celebrations in Light of COVID-19. Passover and Easter will provide indicators of public support in many countries throughout the world for local lockdown orders to prevent the spread of COVID-19.
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
- 20Q1 earnings are expected to decrease 5.5% from 19Q1. Excluding the energy sector, the earnings growth estimate is -4.3%.
- Of the 21 companies in the S&P 500 that have reported earnings to date for 20Q1, 76.2% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 74%.
- 20Q1 revenue is expected to increase 1.4% from 19Q1. Excluding the energy sector, the growth estimate is 2.3%.
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