European Disunion

(1) Analysts starting to cut earnings estimates for 2019 and 2020. (2) Tough comps ahead. (3) Analysts still remarkably upbeat about revenues outlook. (4) But they are lowering their earnings estimates for Q4-2018 through Q4-2019. (5) After 20 years of monetary unification, Eurozone faces lots of challenges. (6) The Brits may be leaving the EU at a good time if forces of disunion mount. (7) Bad timing: ECB moving to normalize policy as Eurozone economy weakens. (8) Brexit is hard to do. (9) Political agitations in France, Germany, and Italy.