Earnings continue to be downgraded

Professional Adviser
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Doubts over economic growth, earnings warnings, five-year no-interest deals on car purchases and a m...

Doubts over economic growth, earnings warnings, five-year no-interest deals on car purchases and a mortgage-refinancing boom. No, I haven't dusted off some notes from 12 or 18 months ago, these were all features of the US equity market in the first quarter of this year. When we add to these the war in Iraq and severe weather in much of the US, a flat year to date tells us how much has already been priced into equity markets. While the market initially rode a wave of optimism, fuelled by reasonable earnings numbers in the fourth quarter of 2002, we have seen a slew of earnings downgrad...

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