So to complete a hattrick on earnings I’m about to include a great chart from Goldman Sachs with a comprehensive recap. It has been since Q322 when we last had positive earnings growth. Energy is having a massive drag on earnings as you can see from the chart below. Growth should return to positive territory in 3Q23 and then pick up in 4Q23 and next year. Goldman Sachs says that consensus is too optimistic into 2024 and has a lower target which I will personally use as my base case. One month to go before we can get an answer to this question …

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Chart from Goldman Sachs H/t ISABELNET.com

Inflection Point Tom Baldacci http://www.inflectionpoint.blog