Only U.S. companies continue to see improving EPS revisions, while monthly data show Europe is seeing EPS downgrades for the first time since July 2016, JPMorgan quant equity strategists including Khuram Chaudhrywrite in note.
In Europe: financials, industrials, materials and discretionary continue to provide the largest EPS upgrades; telecoms, health care, energy and staples the largest EPS downgrades
“While it appears as if cyclical vs. defensive sectors should be favored, only technology, energy and staples are showing improvements over the past month, despite the perception of Europe participating in a synchronized global recovery”: JPM
Globally, the upgrade cycle seems to have peaked for both materials and financials
“We believe this is significant because there are increasingly negative implications for the performance of value and high beta stocks”: JPM
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