ASR WSJ Newsflow
The ASR/WSJ Newsflow Report: Ex-US Corporate Earnings Newsflow Weakens.
• Key Message: Global Corporate Earnings Newsflow was the main mover in July, falling to 60.7 from 63.4. That figure is flattered by strong US data; Outside the US we are seeing much weaker Earnings Newsflow, which in some cases has fallen below 2015/16 levels (e.g. Japan, E’zone, China).
• The ASR/WSJ Global Composite Newsflow Indicator (CNI) fell to 48.7 in July from 49.4. Readings below 50 typically coincide with weakness in the JP Morgan Global Manufacturing PMI and bonds returns beating stocks returns.
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