Happy Monday. Good Luck out there this week.
Global Spotlight
Finland and Sweden announce their decisions on NATO. After weeks of statements in favor of NATO accession, the governments of Finland and Sweden will unveil their official positions on the issue May 15, with votes in both countries’ parliaments to take place in the following days.
The U.S. president visits South Korea amid North Korean nuclear concerns. On May 20, U.S. President Joe Biden will arrive in Seoul, South Korea, to meet with the newly elected South Korean President Yoon Seok Yeol before leaving for Tokyo on May 23. During his trip to South Korea, Biden is expected to visit the demilitarized zone and discuss ways to strengthen the partnership between the United States and South Korea to reaffirm a free and open Indo-Pacific.
Somalia’s presidential election finally happens. On May 16, Somalia is scheduled to hold presidential elections 15 months after they were originally scheduled to occur. The delay is mainly due to political infighting and security concerns, although those challenges remain in place and are likely to complicate the vote.
A Chinese tech industry meeting. The Chinese People’s Political Consultative Conference, Beijing’s chief political advisory body, could hold a symposium with China’s tech giants as early as next week. The meeting is expected to indicate whether Beijing will truly ease up on its regulatory scrutiny of the tech sector, as it has pledged to do in recent weeks to buoy China’s economy amid COVID-19 lockdowns.
Lebanon’s first elections since its financial crisis. On May 15, Lebanon’s general elections will take place against the backdrop of an unprecedented economic crisis. Despite widespread popular desire for change, Lebanon’s unique sectarian system will largely return the same results as the last election in 2018, with familiar faces and parties dominating the system.
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
- 22Q1 Y/Y earnings are expected to be 11.1%. Excluding the energy sector, the Y/Y earnings estimate is 4.9%.
- Of the 458 companies in the S&P 500 that have reported earnings to date for 22Q1, 77.9% have reported earnings above analyst estimates. This compares to a long-term average of 66.0% and prior four quarter average of 83.1%.
- During the week of May 16, 16 S&P 500 companies are expected to report quarterly earnings.
