STOXX Europe 600 EPS Revisions

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

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

U.S. ISM Manufacturing Index and Cyclicals EPS Revision

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

S&P 500 1-Year Volatility vs. EPS Revisions

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

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

S&P 500 Earnings Estimates

S&P 500 Earnings Estimates Analysts are projecting S&P 500 earnings in 2020 will rise nearly 10%-11%, but a downward revision is possible, due to the global slowdown and impact from the trade war. Image: Fidelity Investments