Overseas Headlines – April 6, 2023

April 6, 2023


United States:

US Profits Set for Pandemic-Sized Drop, Goldman Strategists Say

The approaching US earnings season is expected to be the gloomiest since the pandemic, according to Goldman Sachs Group Inc. strategists.

Analyst consensus expectations are for S&P 500 earnings-per-share to fall 7% in the first quarter from a year earlier, marking the sharpest decline since the third quarter of 2020 and a low point in the profit cycle, strategists including Lily Calcagnini and David Kostin wrote in a note. “If analyst projections are realized, this quarter will represent the trough in S&P 500 earnings growth.”




European Stocks Gain Ahead of Holiday as Traders Assess Policy

European stocks advanced before the Easter holiday as traders awaited US jobs data to assess their impact on Federal Reserve monetary policy.

The Stoxx Europe 600 rose 0.5% by 9:11 a.m. in London. Travel and leisure as well as real estate shares outperformed while consumer products stocks were laggards.




India RBI Unexpectedly Holds Interest Rates, Bonds Rally

India unexpectedly left its benchmark interest rate unchanged and pledged to hike again if needed, joining other central banks in pausing as global banking woes add uncertainty to the economic outlook.

The Reserve Bank of India’s six-member Monetary Policy Committee unanimously voted on Thursday to keep the repurchase rate at 6.50%, a move expected by only six of 33 economists surveyed by Bloomberg.




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