Slowing Global Economy Is ’Elephant in the Room’, SocGen Says
2015-07-01 12:49:01.826 GMT
By Blaise Robinson
(Bloomberg) -- Greek debt crisis distracting investors from
various signals about slowdown in global economic growth,
Societe Generale quantitative strategists write in note.
* Say MSCI World profits falling ~5% per annum, consensus for
EPS growth ex-financial for 2015 currently forecast to be
flat
* U.S. pro-forma profits now down 5% from peak, GAAP profits
down 20%
* Says evidence showing insiders “rushing for the exits”
includes:
* Buyout firms conducted more stock offerings in 2Q than
in any previous quarter
* Over $220b of IPOs announced during 2Q, more than any
quarter in past 10 years
* NOTE: Expected FY 2015 earnings growth for S&P 500 index is
1.2%, and 6.5% for Stoxx 600 index, according to data
compiled by Bloomberg
* Earlier: Private-equity firms dump stakes at a record clip
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To contact the reporter on this story:
Blaise Robinson in Paris at +33-1-5365-5008 or
brobinson58@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net
2015-07-01 12:49:01.826 GMT
By Blaise Robinson
(Bloomberg) -- Greek debt crisis distracting investors from
various signals about slowdown in global economic growth,
Societe Generale quantitative strategists write in note.
* Say MSCI World profits falling ~5% per annum, consensus for
EPS growth ex-financial for 2015 currently forecast to be
flat
* U.S. pro-forma profits now down 5% from peak, GAAP profits
down 20%
* Says evidence showing insiders “rushing for the exits”
includes:
* Buyout firms conducted more stock offerings in 2Q than
in any previous quarter
* Over $220b of IPOs announced during 2Q, more than any
quarter in past 10 years
* NOTE: Expected FY 2015 earnings growth for S&P 500 index is
1.2%, and 6.5% for Stoxx 600 index, according to data
compiled by Bloomberg
* Earlier: Private-equity firms dump stakes at a record clip
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Blaise Robinson in Paris at +33-1-5365-5008 or
brobinson58@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net