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US stocks face brutal earnings season with all eyes on Apple
APPLE Investors expect this earnings season to pummel stocks further and will watch Apple Inc. in particular as a bellwether of global economic conditions. Still, 37% chose neither of those categories, perhaps reflecting Citigroup quantitative strategists’ view that equity markets have “turned decidedly defensive” and are only just starting to reflect the risks of a recession. Only 11% of participants said they expect chief executive officers to utter the word “confidence,” underscoring the gloomy backdrop. About half of poll respondents see equities valuations deteriorating further in the next few months. Rough Outlook Wall Street has a similarly dim view. Citigroup strategists expect a 5% contraction in global earnings for 2023, consistent with below-trend global economic growth and elevated inflation. Source:- Moneycontrol #stocks #apple
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