Happy Monday. Good Luck out there this week.
Global Spotlight
The next round of recently restarted exploratory talks between Turkey and Greece. The recent deployment of the Cesme exploratory vessel into the Aegean Sea and the ongoing Blue Homeland Turkish naval drill has strained Turkish-Greek relations anew after they had eased somewhat following the restart of talks after a lengthy hiatus on Jan. 25.
OPEC+ holds its first meetings since oil prices rallied substantially in February. With prices peaking above $67 per barrel last week, the group meets March 3-4 to discuss the bloc’s output quotas for the month of April.
China holds its 2021 “two sessions” meetings of top leaders. The March 4-15 meeting will see decisions on national policies through simultaneous meetings of the Chinese People’s Political Consultative Conference and the National People’s Congress. While much was already decided in the Oct. 19 Communist Party Congress, the two sessions will see the detailed five-year economic plan released, which will account for COVID-19, the structural slowdown in growth and U.S.-China tensions.
Legislative and municipal elections in El Salvador. Salvadoran President Nayib Bukele’s New Ideas party is expected to gain a significant number of seats and hand Bukele control of the legislative branch in the Feb. 28 vote.
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.
| Dow | 30932.37 | -469.64 | (-1.50%) |
| Nasdaq | 13192.37 | +72.91 | (0.56%) |
| SP 500 | 3811.15 | -18.19 | (-0.48%) |
| 10-yr Note | +1/32 | 1.512 | |
| NYSE | Adv 1355 | Dec 1813 | Vol 1.7 bln |
| Nasdaq | Adv 1326 | Dec 2559 | Vol 5.8 bln |
Strong: Information Technology, Consumer Discretionary, Communication Services
Weak: Energy, Financials, Utilities, Real Estate
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 20Q4 earnings are expected to be 4.2% from 19Q4. Excluding the energy sector, the earnings growth estimate is 8.2%.
- Of the 479 companies in the S&P 500 that have reported earnings to date for 20Q4, 80.0% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 76%.
- 20Q4 revenue is expected to be 1.6% from 19Q4. Excluding the energy sector, the growth estimate is 4.8%.
- During the week of Mar 1, 16 S&P 500 companies are expected to report quarterly earnings.
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