Steady Does It

(1) The four seasons. (2) Industry analysts holding onto double-digit S&P 500 earnings growth for 2017 and 2018. (3) Earnings outlook more likely buoyed by improving global economy than by Trump agenda, which is still on the come. (4) Consensus forward revenues and earnings providing bullish guidance. (5) Global PMIs signaling slow, but steady growth. (6) European holiday: lots of festive indicators. (7) French are world-class shoppers. (8) Two drags on growth: labor shortages and subdued wage gains.