Guide to the Markets Q3 2019
Comment of the Day

July 05 2019

Commentary by Eoin Treacy

Guide to the Markets Q3 2019

Thanks to a subscriber for this chartbook from JPMorgan which may be of interest to subscribers. Here is an important graphic.

Eoin Treacy's view

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2018 saw significant multiple compression. The rebound in the first quarter unwound the entire decline but also unwound much of the multiple compression. Earnings guidance for the upcoming reporting season is a lot weaker than over the last few years and is the basis for the opinion that we are about to see an earnings recession.

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