Strong corporate earnings are helping the US avoid a recession - but there are 2 big risks facing markets and the economy, Bank of America says
2023 earnings per share estimate to $215 from $200 due to the first-quarter earnings strength, representing an increase of 8%. Additionally, Kwon introduced the bank's 2024 S&P 500 EPS estimate at $235, which would represent annual growth of 9%.
These factors pale in comparison to the main factor that helped boost corporate profits over the past decade:"We expect productivity-led earnings growth ahead, rather than financially engineered growth from the last decade," Kwon said. Those risks are the rising trend of de-globalization and refinancing risks due to higher interest rates.
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