Jeff Kleintop
speaker
67 appearances
1 recordings
1 series
first heard Jul 2018
last heard Jul 2018
Jeff Kleintop’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
The trade issues are clearly the number one risk for the second half.
Absent those issues, the economic and earnings picture should look pretty good.
We've got a backdrop of broad global economic growth.
There are 189 global economies.
Right now, 185 of them are growing, including the U.S.
That breadth of growth is
should be a resilient anchor to help continue to drive earnings growth.
Of course, trade presents a pretty significant issue.
We see it in some of the PMI data.
So the purchasing managers' indices, we just got them for the month of June.
And I think it's interesting because the manufacturing components of those indices, for example, in Europe or Japan or even the U.S., continue to slide.
Those are export-oriented.
Yet the domestic service-oriented indices actually rose.
And that just points out to the strength and resiliency in domestic economies around the world, yet tempered by those trade threats.
The pace of growth may have peaked in Europe, for example.
Last year, Europe grew faster than the U.S., but as we look out to the second half of this year, the momentum of that growth is slowing.
That's not to say the economy is likely to slide into recession, just that the growth is going to be a little slower, maybe a sustainable pace of around 2% or so.
That's still pretty positive for the earnings backdrop for corporations and companies.
Continues to suggest that as profit margins continue to rise in Europe, there's actually more leverage to earnings from even more modest pace of sales growth.
So still see a positive outlook for the second half.
Showing 1–20 of 67 · page 1 of 4
Next →