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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

Good earnings ease growth worries

10/15/2021 | 05:44am EST

Good quarterly results from Taiwan Semiconductor Manufacturing Company and US banks calmed investor worries about slowing growth. This led to a large rebound yesterday. The FTSE 100, up 0.2% this morning.

Earnings season is going well so far, and analysts are starting to issue forecasts. According to Liberum “In Europe, where growth concerns have intensified due to the energy shortages, analysts picture a less optimistic outlook for cyclical companies and forecast higher earnings for defensive sectors.” Over the last three months, only six out of 18 sectors have seen net upgrades in analyst expectations, “mostly sectors that are exposed to the normalisation of travel and leisure.”

Source: Liberum

However, some obstacles to global growth are still present: oil continues its assent, with Brent crude futures reaching $84 a barrel, while supply chain disruptions and labour shortages threaten Christmas trade.

Oil and banking shares are still the best performing stocks. Global education group Pearson tumbled 9.2% after it said that the pandemic and labour shortages had hit enrolments at U.S. community colleges.

 

Things to read:

Shortage nation: why the UK is braced for a grim Christmas (Financial Times)

What Bank Earnings From JPMorgan, Bank of America Tell Us About the U.S. Economy (WSJ)


© MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.27% 43.87 Delayed Quote.44.64%
FTSE 100 -0.10% 7122.32 Delayed Quote.10.24%
GLOBAL EDUCATION LIMITED 0.48% 41.7 Delayed Quote.-38.24%
JPMORGAN CHASE & CO. -1.81% 158.29 Delayed Quote.24.57%
LONDON BRENT OIL -0.84% 69.87 Delayed Quote.36.29%
MSCI TAIWAN (STRD) -0.38% 721.191 Real-time Quote.18.81%
S&P GSCI BRENT CRUDE INDEX -2.35% 594.7241 Delayed Quote.34.69%
TAIWAN SEMICONDUCTOR CO., LTD. 3.33% 77.5 End-of-day quote.24.60%
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED -1.14% 608 End-of-day quote.14.72%
WTI -1.39% 66.387 Delayed Quote.37.48%