STOXX Europe 600 EPS Revisions This year, SXXP EPS revisions have not been worse than a typical year. Image: Goldman Sachs Global Investment Research

GDP Growth Revision for 2020 The recovery in global economy is expected to remain weak in 2020. Image: Financial Times

S&P 500 Earnings Revisions Breadth and S&P 500 YoY Performance Morgan Stanley points out that S&P performance doesn’t match revisions. Image: Morgan Stanley Research

U.S. ISM Manufacturing Index and Cyclicals EPS Revision This chart shows the correlation between the ISM Manufacturing Index and cyclicals EPS revision, suggesting that 4Q19 will see a reset, with capital goods pricing in an actual earnings recession. Image: Morgan Stanley Research

Earnings Revisions Strategy Outperforms Around First Fed Rate Cut Around first Fed rate cut, earnings revisions is the top factor out of 200 strategies. Image: Ned Davis Research

S&P 500 1-Year Volatility vs. EPS Revisions This chart from SG shows a good correlation between earning revisions and the S&P 500 1-year volatility. You may also like “S&P 500 1-Month Volatility History Since 1928 and VIX Since 1990.” Image: Societe Generale Cross Asset Research

U.S. Economic Data Chart showing that U.S. economic data revisions have turned negative. Image: Arbor Research & Trading LLC