US too optimistic on company earnings

The US market is still too optimistic on the outlook for company earnings in the eyes of Baillie Gifford American fund manager Andy Holliman. Holliman, who has helped to run the Oeic sub-fund for the past two years, said the number of negative pre-announcements coming up to the third quarter suggests the market may still be a little too optimistic on earnings estimates. He added: 'We need to see a revision to more realistic earnings growth. In the past few years, companies have been claiming 15% growth figures, and so building up unrealistic expectations. 'The good news from the marke...