Industry Analysts’ World Tour

(1) Industry analysts remain upbeat on revenues despite depressing headline news. (2) Forward revenues are at record highs in both the US and overseas. (3) Forward revenues rising among developed economies, stalling at record high among emerging economies. (4) Latest US M-PMI is bad news for revenues growth, though consistent with 1.8% growth in real GDP. (5) A world of mostly sub-50.0 M-PMIs. (6) Based on MSCIs, forward earnings has been stalling in US and weakening overseas since early last year. (7) Unintended consequences beat intended ones from negative-interest-rate policies.