Asia Analysts Predict Biggest Profit Drop Since Pandemic Started
- Aggregate earnings are estimated to have slid 16% last quarter
- Still too early to buy Asia chipmakers, JPMorgan Asset says
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Asian stocks just can’t catch a break. Fresh from being whipsawed by rising geopolitical tensions over Taiwan, they now face what’s forecast to be the worst earnings season since the start of the pandemic.
Earnings per share for MSCI Asia Pacific Index members slid 16% in the three months through June from a year earlier, the steepest decline in eight quarters, according to analyst estimates compiled by Bloomberg Intelligence. That contrasts with a 9% gain seen for companies in the S&P 500 Index even as the US economy edges toward a recession.