Happy Monday. Good Luck out there this week.
Global Spotlight
A holiday in the Muslim world ushers in a fresh COVID-19 transmission risk. Eid al Adha, one of the most important holidays in the Muslim calendar, will be observed next week throughout the Muslim world.
A busy week for the U.S. economy. The release of Q2 GDP data and consumer confidence data, continued congressional consideration of expiring supplemental unemployment benefits and additional stimulus, and a meeting of the Federal Open Market Committee will all happen this week.
A cease-fire in Ukraine. The trilateral contact group, which includes Ukraine, Russia and the OSCE, agreed July 23 on a new comprehensive cease-fire effective July 27 along the entire line of contact in eastern Ukraine.
A deadline for private bondholders to accept Ecuador’s offer expires. The government of Ecuador has been engaged for several months in negotiations with private bondholders to restructure a significant portion of its foreign debt.
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
- 20Q2 earnings are expected to be -40.3% from 19Q2. Excluding the energy sector, the earnings growth estimate is -34.6%.
- Of the 128 companies in the S&P 500 that have reported earnings to date for 20Q2, 80.5% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 71%.
- 20Q2 revenue is expected to be -10.6% from 19Q2. Excluding the energy sector, the growth estimate is -7.4%.
- During the week of July 27, 189 S&P 500 companies are expected to report quarterly earnings.
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