Earnings Scorecard Paints Bleak Picture for Australian Investors
Sydney Tower, center, stands in the central business district of Sydney, Australia.
Photographer: David Gray/BloombergThis article is for subscribers only.
Investors looking for clues on where Australia’s economy is headed may find the answer in earnings results, with August shaping up as a bleak month for equity investors.
Of the 43 companies that have reported full-year results so far this month, 64% missed earnings estimates, according to data compiled by Bloomberg. August could be challenging if that trend continues, as the market fell for a third straight week, pulling back from last month’s record high.