Global earnings slowly grinding higher

Global corporate earnings are in the early stages of a recovery that should gather pace as economic growth improves. Even a modest uptrend in earnings should enable the global equity market to advance in the year ahead, supporting our overweight stance on stocks. Corporate earnings expectations have been edging higher in recent months, after churning during most of the prior two years because of soft economic growth. Earnings revisions have edged into positive territory, a first since the post-recession revisions cycle in 2009-11. Indeed, earnings cuts have been the rule since 2011.

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