Prior to networking and socializing at Davos 2020, many corporate CEOs participated in a new PWC survey about the global economy that was released on Monday just before the 2020 World Economic Forum at Davos started this week. 53% of global CEOs surveyed are now pessimistic about the global economy for 2020 as compared to only 29% last year. In others words, the amount of CEOs surveyed that have become pessimistic about the global economy has now increased by over 45%.
Majority of CEOs expect global economy to cool in PWC survey: https://www.kitco.com/news/2020-01-20…
US Treasury Secretary Steven Mnuchin (spinning reality?): CEOs are bullish on America (Do you believe him?): https://finance.yahoo.com/news/us-tre…
Factset is showing some early signs of further issues with corporate profitability. Only a few months ago, the forecast for Q4 earnings growth was +5%. Now it is going negative quickly. S&P 500 earnings growth went from -1.5% forecast Dec 31 to -2.0% by Jan 10. As of Jan 17 when 9% of S&P 500 had reported earnings forecast for Q4 had dropped to -2.1%. Typically, once reporting starts actually happening the forecasts go up because more companies beat than miss but forecasts are getting worse with the actual data reported. https://insight.factset.com/sp-500-ea…
S&P 500 Reports YOY Decline in Net Profit Margin for 4th Straight Quarter https://insight.factset.com/sp-500-re…
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