Goldman Sachs, BNP Paribas at Odds Over Asia Earnings Outlook
- Asia earnings can buck the global trend of downgrades: BNP
- Goldman sees more cuts in coming months due to weak macro
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BNP Paribas SA says that corporate earnings in Asia can stabilize from here, clashing with Goldman Sachs Group Inc.’s view of more downside pain amid an uncertain economic outlook.
For companies in Asia excluding Japan, aggregate earnings disappointment was only 0.4% as energy and industrial firms fared well, Manishi Raychaudhuri, BNP’s head of Asia Pacific equity research, wrote in a note Tuesday as the results season draws to a close. That was better than the 9% disappointment for the S&P 500 Index and suggests earnings are stabilizing, he wrote.