Happy Monday. Good Luck out there this week.
Global Spotlight
Argentine debt deadlines. May 22 is the deadline for a resolution on the Argentine government proposal to restructure its privately held sovereign debt bonds.
Important policy sessions in China. China will hold its “two sessions,” the simultaneous convening of the Chinese People’s Political Consultative Conference starting May 21 and the National People’s Congress starting May 22.
A vote in Burundi. Burundians will head to the polls on May 20 to elect their first new president since 2005, and the results of the election could provoke unrest.
A Polish-Russian natural gas contract expires. As of May 17, Gazprom’s contract with Poland on its use of the Yamal natural gas pipeline will expire. W
Military exercises in Azerbaijan. Azerbaijan has announced that it will hold large-scale military exercises from May 18 until May 22.
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 12.1% from 19Q1. Excluding the energy sector, the earnings growth estimate is -11.5%.
- Of the 454 companies in the S&P 500 that have reported earnings to date for 20Q1, 66.5% 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 decrease 1.7% from 19Q1. Excluding the energy sector, the growth estimate is -0.8%.
- During the week of May 18, 25 S&P 500 companies are expected to report quarterly earnings.
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