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Weekly Update May 3, 2019

2019년5월3일 - 4 분 읽기

The three things you need to know this week: 1Q Earnings Continues, New Chinese Banking Regulations, and Trade.

Overview

1Q Earnings: According to Bloomberg, nearly 73% of the S&P 500 has reported earnings with revenues up 4.7%
Y/Y and earnings 1.8% higher Y/Y. Relative to expectations, sales have come in slightly better than anticipated
while earnings have been a surprise to the upside by 6.5%. Just over half of the companies that report in the current
season for the Stoxx 600 have announced results, with sales up 2.7% Y/Y and earnings up 7% Y/Y. Both sales and
earnings figures are slightly weaker than expected.

China Financial Regulation: Banking Regulatory Commission Chairman Guo Shuqing said the banking
industry will introduce 12 measures to open up to foreigners, including cancelling minimum asset requirements for
foreign banks that locate in China, and permitting ownership in foreign-invested insurance companies in China.

Trade Deal Near? Reports are surfacing that the U.S. and China are close to an agreement. The deal is expected
to call for immediate removal of a 10% tariff on some of the $200 billion worth of imports and then phase-in lifting
duties on the rest, in short order. Enforcement mechanisms are also apparently imminent, but sticking points
remain on China’s domestic subsidies.

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