It’s around this time that analysts are usually busy trimming their overly optimistic corporate profit forecasts. Not this year. With the return of inflation and improving economic growth, they are instead upgrading their 2017 estimates for earningsaround the world, according to Bloomberg News’ Blaise Robinson. Positive revisions are outnumbering negative ones, data compiled by Bloomberg show, which bodes well for equities in the coming months. The upgrades are uncommon, say JPMorgan Chase strategist say, especially since consensus projections at the start of the year were already elevated. First-quarter earnings are expected to rise 15 percent for European companies, 9 percent for those in the U.S. and 16 percent for Japanese firms. Bank of America-Merrill Lynch says a global earnings upgrade cycle has begun, with the number of profit upgrades outnumbering downgrades for the first time in six years. Previous instances of the earnings revision ratio rising above 1 have flagged a stock rally in the following 12 months on average, the firm says.
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