Happy Monday. Good Luck out there this week.
Global Spotlight
Popular anger swells in Lebanon. This week’s port disaster in Beirut will continue to spawn demonstrations in the coming week. In fact, anger and shock at the gross negligence that led to an explosion that killed over 150 and injured thousands will fuel popular demonstrations for weeks.
(AFP via Getty Images)
The United States submits a resolution to the U.N. Security Council extending the arms embargo on Iran. As a part of the Iran nuclear deal, the embargo is set to expire in October, something the United States is pulling out all the stops to prevent — setting up a confrontation with Russia, China and Europe next week.
A contentious presidential election in Belarus. Opposition protests are likely to break out in rejection of the official outcome of the Aug. 9 vote.
The mainland ponders Hong Kong’s interim status. With Hong Kong’s landmark September legislative elections now delayed to 2021, China’s National People’s Congress Standing Committee may decide the interim plan for the city’s Legislative Council in its Aug. 8-11 meeting.
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 -31.7% from 19Q2. Excluding the energy sector, the earnings growth estimate is -25.2%.
- Of the 441 companies in the S&P 500 that have reported earnings to date for 20Q2, 82.3% 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 -10.5% from 19Q2. Excluding the energy sector, the growth estimate is -6.0%.
- During the week of August 10, 12 S&P 500 companies are expected to report quarterly earnings.
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