Salient to Investors:
US companies are poised to post some of their weakest quarterly earnings reports in 4 years, in part due to a stronger dollar.
The IMF cut its forecast for global growth in 2013 to 3.1 percent, and for the US to 1.7 percent.
Analysts who reduced earnings forecasts in recent weeks have boosted price targets on the S&P 500 companies, convinced the economy is growing fast enough to lure investors.
Howard Silverblatt said selling in Japan will be hard for retailers because of the weakening yen, though currency risks give a handy cover if Q2 results fall short of estimates.
Options traders are betting than 29 of 31 major currencies will fall in 2013 versus the dollar.
Walter “Bucky” Hellwig at BB&T said to offset Fed tapering, we need strong employment numbers domestically because Europe is in recession and growth in China is slowing.
Read the full article at http://www.bloomberg.com/news/2013-07-10/p-g-to-apple-hurt-by-strong-dollar-keep-s-p-500-profits-in-check.html
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