It is too soon for investors to draw negative conclusions from muted US earnings

Companies in the US are feeling the pressure. The slowdown in global growth, for one, has had an impact on demand says Martin Currie's Tom Walker.

Industrials and resource companies have been hit hard by the slump in commodity prices and the corresponding headwinds for emerging markets. Although some US companies' margins have expanded as commodities became cheaper, lower growth in emerging markets and the translational effects of returning profits to dollars - given the US currency strength - have dampened the positive effects. That said, the companies I expect to be the winners in the US's nascent recovery span a broad spectrum. For starters, in the low-growth environment, firms with strong pricing power look set to benefit. As d...