Reflecting on the Q3 earnings season

Energy sector key driver

clock • 5 min read

In this peculiar environment where bad news is good news and vice versa, we reflect on the third quarter earnings season to see what the numbers and the guidance tell us about the state of businesses across the world.

In 2023, earnings growth could move to the top of the list of investor concerns. If we think about how bear markets progress, they usually come in three stages. Firstly, valuation compression - which is what we have largely experienced this year on the back of soaring bond yields. Secondly, earnings reset - Q3 company results suggest we have just entered the second phase in the US. The third phase is capitulation; we have yet to witness a spike in the VIX volatility index associated with down markets. T. Rowe Price appoints new head of EMEA distribution However, with equity a...

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