Slicing & Dicing Profits

(1) Bullfighting in Spain. (2) Kohler in China. (3) Covering up the Euro Mess. (4) Stocks tend to rise in April. (5) Expectations are not great for Q1 earnings season. (6) Profits from abroad slowing along with global economy. (7) Profits growth for Financials positive, but subdued. (8) Nonfinancial domestic profits should be good. (9) Mixed picture for the sectors. (10) Expecting positive surprises among Consumer Discretionary and IT. (11) Mixed picture for global economy. (12) Services are red hot in Red China. US CALENDAR (link): Tues: Motor Vehicle Sales Total/Domestic 14.7/11.3mn, Factory Orders 1.5%. Wed: Challenger, ADP 208k, NM-PMI 57.0. (Estimates source: Bloomberg.) GLOBAL CALENDAR (link): Tues: China NM-PMI, Euro Zone PPI 3.5% y/y. Wed: NM-PMIs Italy 44.4, France 50.0, Germany 51.8, Euro Zone 48.7, UK 53.4, Euro Zone Retail Sales -1.1% y/y, German Orders 1.4% m/m,-5.5% y/y. (Estimates source: DailyFX.)