A broad swath of global industrial and consumer companies have reported stronger-than-expected earnings
A broad swath of global industrial and consumer bellwethers reported stronger-than-expected earnings in their most recent quarter, as resilient spending patterns kept profits afloat despite high interest rates.) and Novartis exceeded expectations on Tuesday as reporting season picked up steam, with major technology companies on deck to report in coming days. Broadly, companies say demand has held up, belying long-held expectations for a recession that has yet to materialize.
European earnings reports are not as far along as in the U.S. So far, 50 companies in the EuroStoxx 600 have posted results, with 54% ahead of estimates, in line with the typical average, according to LSEG I/B/E/S.) reported a 5.4% increase in revenue and said its average vehicle selling price was $50,750 in the most recent quarter, down slightly from the previous quarter.
In recent days the U.S. Treasury benchmark 10-year note yield touched 5% for the first time in 16 years as the U.S. Federal Reserve has raised short-term borrowing rates to slow the economy and rein in inflation.), noted the increase in borrowing costs, saying it would directly affect sales as people need credit to buy cars. GM’s Jacobson said rates were a concern as well, but also said spending was holding up.
So far the rise in interest rates has not hurt the labor market, where unemployment remains at a still-low 3.8%. Housing purchases, dependent on affordable mortgages, have slowed, and the equity market has been stagnant, having lost 6.5% in the last three months, with the S&P 500′s forward price-to-earnings ratio dipping to 17.7, lower than the last few months.
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