Happy Monday. Good Luck out there this week.
Global Spotlight
A trilateral India-China-Russia foreign ministerial meeting. The June 23 meeting comes in the wake of deadly clashes between Chinese and Indian troops along their shared Himalayan border.
North Korean defectors leafleting the DMZ. The June 25 launch of balloons from South Korea bearing propaganda might seem routine, but this launch carries massive significance because it comes as North Korea has focused extreme ire on South Korea for tolerating such measures, moving to cut off communications, demolish an inter-Korean liaison office and threaten to reverse its side of a 2018 military deescalation agreement.
The United States steps into Balkan mediation. Representatives from Serbia and Kosovo will meet at the White House on June 27 in a high-profile attempt by the United States to mediate between the two Balkan rivals. For years, the European Union has tried to improve ties between Serbia and its former province, but little progress has been made.
South Africa reveals its updated medium-term budget outlook. South African Finance Minister Tito Mboweni on June 24 will reveal much-anticipated new projected spending and debt levels over the next few years that take into account the impact of COVID-19.
A downward correction expected from new IMF estimates. The International Monetary Fund revises its 2020-2021 global economic forecast on June 24.
Russian and U.S. delegations meet June 22 in Vienna to initiate talks on a potential New START extension. The United States has long held off on negotiations over the nuclear arms control treaty, but recent leaks from the administration of U.S. President Donald Trump and the move toward talks suggest that Washington may be considering extending the treaty before it expires in February 2021.
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 12.7% from 19Q1. Excluding the energy sector, the earnings growth estimate is -12.0%.
- Of the 499 companies in the S&P 500 that have reported earnings to date for 20Q1, 65.1% 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 1.4% from 19Q1. Excluding the energy sector, the growth estimate is -0.4%.
- During the week of June 22, six S&P 500 companies are expected to report quarterly earnings.
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