More Uneven Earnings, More Gloomy Guidance

Earnings mixed and outlooks downgraded as stocks extend winning run

Highlights

• Earnings mixed and outlooks downgraded as stocks extend winning run

• Risks skewed to the downside for the Q4 U.S. GDP release

• “Sick man of Europe” coughs ahead of today’s ECB meeting

• The U.S. consumer has taken a dovish turn