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Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Article / 03 May 2013 at 12:23 GMT

Earnings season: Market impact surpasses, macro focus returns

Head of Equity Strategy / Saxo Bank
Denmark

Eighty percent of the companies in the S&P 500 have now reported earnings for the first quarter and the main market impact has basically surpassed. For the rest of this quarter the focus will return to analysing macroeconomic data and politics.

Earlier this week we showed that aggregate net income for non-financial companies actually dropped in Q1 compared to the same period last year. This is a reflection of the stagnating revenue, which has been the disappointing factor in this earnings season, because operating profit margins cannot expand further at this point in the economic cycle. Overall, this earnings season has been rather decent and with little market impact, neither positive nor negative.

Next week's most important earnings releases are:

Monday: Anadarko Petroleum

Tuesday: Commerzbank, Societe Generale, Credit Agricole, HSBC, Walt Disney, Mondelez International, DIRECTV,

Wednesday: Deutsche Telekom, E.ON, Telefonica, News Corp

Friday: BT Group, UniCredit, ArcelorMittal

Of the companies reporting above Commerzbank and Societe Generale will definitely be the most important to watch because of their size amongst European banks.

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Earnings Releases 05052013-05122013

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