Earnings and Markets: Upbeat Outlook Despite Recession Risks

The US dollar rose slightly while global equity markets ended largely flat in the past week as a positive start to the earnings season has been overshadowed by concerns that central banks may not be done with tightening just yet. As of April 21, 18% of the companies in the S&P 500 index have reported actual results for Q1-2023 to date, of which 76% have reported actual EPS above estimates, while 63% of the companies have reported actual revenues above estimates. For the upcoming week, 180 S&P 500 companies (including 14 Dow 30 components) are scheduled to report results for the first quarter. Key data/policy focus in the coming week includes US Q1 GDP on Thursday and Euro area Q1 GDP on Friday.