Q2: Analytikere forventer flad overskudsudvikling i det aktuelle kvartal, men stigninger derefter

1. Revenues are currently expected to decline by 0.4% versus Q2 2022. On a CPI inflation-adjusted basis, that is a decline of 4.5%

2. Earnings are expected to drop by 6.5%, or 10.6% on an inflation adjusted basis.

1. the liquidity picture is starting to deteriorate due to record levels of Treasury issuance and QT. Morgan Stanley estimates bank reserves will contract by $500-800B over the next 6 months, which is likely to have a negative impact on equity valuations.

2. Fiscal support has been much higher over the past 12 months than most investors appreciate, based on our conversations. This is expected to peak and reverse next month and could amount to a 6ppt headwind to nominal GDP over the next 12 months.

3. the technical picture remains poor with recent breadth improvement failing yet again. (Morgan Stanley)