A largely very positive US September quarter earnings reporting season (especially for the big tech stocks) is now largely complete with 91% of the 500 companies in the S&P Index having reported.
There’s a handful reporting this week – mostly retailers, led by the mighty Wal-Mart and its biggest rival, Target.
On top of that the retail sales data for October will be out midweek and after the surprise 1.6% rise in September, analysts are looking for another solid performance, but not as large.
Companies have continued to surprise on the upside with 77% beating on earnings and 67% beating on sales.
Earnings growth for the quarter has come in around 7% year on year, which is up from 4% a month ago and would have been closer to 10% were it not for the hurricanes and the damage they have done to insurers such as AIG.
US third quarter reporting this week will again be dominated by retailers, led by Wal-Mart, Home Depot, Target, Gap, Best Buy, Footlocker, L Brands, Abercrombie and Fitch, Williams Sonoma and Ross Stores.
Outside of retailing, tech giant, Cisco is the major reporter.
In the UK and Europe the likes of Vodafone and the Royal Mail are down to report, along with Wal-Mart’s Asda Stores supermarkets chain.
In Australia among those on the list to report earnings are Incitec Pivot and DuluxGroup, plus Ausnet, Elders and Thorn Group.