From the dollar on the march, to global gloom over growth and prices, here’s what to watch in business and finance over the coming week
G20 finance ministers and central bankers, meeting July 15-16 in Bali, are watching. Tightening financial conditions have cratered markets, and with the dollar so strong, a kind of 'reverse currency war' is underway, where countries prefer stronger exchange rates to dampen inflation.
So while Refinitiv I/B/E/S estimates show overall S&P 500 earnings growing an annualised 6% in Q2, financials are expected to rack up a 20% drop in earnings. Fee income could stutter, too, brokerage Wedbush predicts, citing pressure from mortgages and capital markets revenue. Overall, Q2 results should shed light on the outlook for profit margins, input costs and hiring. And listen out for what company bosses say about a potential recession.Weeks after lifting an oppressive two-month lockdown, China is racing to contain a cluster of COVID cases centred on a Shanghai karaoke lounge.
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