Happy Monday. Good Luck out there this week.
Global Spotlight
Fallout from a Hong Kong election delay. Hong Kong Chief Executive Carrie Lam’s July 31 decision to postpone Legislative Council elections by a year will provoke protests in the near term and legal uncertainties in the medium term.
Turkey and Greece try to hash out their latest rise in tensions. Turkish Defense Minister Hulusi Akar said July 30 that Turkish and Greek officials will be meeting in Ankara in the next few days to discuss heightened bilateral tensions.
Signs Afghan peace talks will begin. Statements and actions by the Afghan government and the Taliban indicate that intra-Afghan peace talks will begin next week. Both sides agreed to a three-day cease-fire for the Muslim festival of Eid al-Adha, marking only the third such agreement since 2001.
Deadlines for holders of Argentine and Ecuadorian debt. The governments of Ecuador and Argentina have been negotiating with their respective private bondholders to restructure important portions of their 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 -33.8% from 19Q2. Excluding the energy sector, the earnings growth estimate is -27.3%.
- Of the 312 companies in the S&P 500 that have reported earnings to date for 20Q2, 82.1% 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 -10.4% from 19Q2. Excluding the energy sector, the growth estimate is -6.1%.
- During the week of August 3, 132 S&P 500 companies are expected to report quarterly earnings.
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