Equities About to Face Challenging Seasonals

Multiples, earnings, seasonals, and anecdotal economic reports all spell trouble ahead for equities

Highlights

• Multiples, earnings, seasonals, and anecdotal economic reports all spell trouble ahead for equities

• We’re bullish on global fixed income on the heels of the Fed’s big cut

• Disappointing Flash PMIs keep the ECB in play

• State-level employment data show recessionary pressures building