Global Rotation

With the US stock market underperforming many international equities markets, we’ve been warming to a “Go Global” stance—though we don’t advise a major shift given the possibility of a punishing global trade war. Today, Eric assesses the stock market fundamentals in major economies. We still aren’t keen on China. … Also: Melissa reports on the green shoots evident in European and Asian economies. … And: Joe reports that February’s net earnings estimate revisions by analysts were downward in the extreme, sending the S&P 500’s NERI index to a 25-month low. Such rapid NERI deterioration suggests analysts have shaved estimates broadly for reasons beyond company fundamentals. They may be getting the tariff memo!