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Since October, analysts have drastically lowered their expectations for S&P 500 earnings in 2019, with first-quarter estimates dropping from 8.1% growth to a year-over-year decline of 2.2%. That would mark the first quarter of negative growth since the earnings “recession” that ended in 2016. The partial federal government shutdown in January and an expected drop in trading revenues provided additional impetus for analysts to cut first-quarter bank earnings estimates. In a KBW note dated April 3, lead analyst Brian Kleinhanzl sees median year-on-year revenues from both equities and fixed income, currencies and commodities (FICC) trading to have dropped by 15% in the quarter.

“Within financials, the industry that’s been hit hardest is capital markets,” said Tajinder Dhillon, senior research analyst at Refinitiv on London, “Those downward revisions have intensified over the last 90 days. Of the big 6 banks, Goldman Sachs, Morgan Stanley and JPMorgan have seen the biggest declines” in first-quarter earnings estimates, But some analysts believe the effects on banks of a more accommodative Fed and the flattened yield curve 2-tone left and right diamond cufflinks are overstated, Oppenheimer lead analyst Chris Kotowski wrote in a March 25 note “to be sure, rates and the yield curve have had an effect on bank earnings.” But he called the impact from the Fed’s decision “a minor one,” and wrote that aside from these impacts, “bank fundamentals are remarkably stable.”..

Recent history shows that large U.S. financial institutions have beat analyst estimates at a higher rate than the broader market. In the eight most recent quarters, the six banks have beat earnings estimates 83.3% of the time on average, compared with the S&P 500’s 75.4% average beat rate. Additionally, bank revenues surprised to the upside 79.2% of the time, while S&P 500 company revenues came in ahead of analyst estimates 68.3% of the time, per Refinitiv data. (For a graphic on 'U.S. banks beat/miss track record' click, tmsnrt.rs/2Vmv2DP).

NEW YORK/SEOUL (Reuters) - When it comes 2-tone left and right diamond cufflinks to who triumphed in the multi-billion dollar global race to launch the world’s first 5G next generation wireless network, the winner is clear ., depending on who you ask, Early Wednesday in South Korea, Reuters published a story quoting South Korean officials declaring victory over the United States and China as the site of the world’s first commercial launch of a fifth generation telecoms network, They made their assertion on the basis that the new network connected to an actual 5G phone, U.S, carriers disputed South Korea’s claims to be first..

After the piece was published, AT&T Inc and Verizon Communications Inc intensified their angry rejections of South Korea’s boast in post-publication communications sent to Reuters on Wednesday. AT&T said it was the victor because it announced on Dec. 18 that it planned to launch its 5G network in 12 U.S. cities that month. However, its network is available only to consumers using a mobile hotspot device, not on 5G phones. Verizon, for its part, countered that it had come first. Hours after the Reuters report, it said it had already launched its 5G network and that it would be available on a new Motorola phone - though only in Chicago and Minneapolis.

“We stand by our story,” a Reuters spokeswoman said, The intensity with which company representatives disputed each other’s claims underscores the high stakes in the battle for supremacy over an industry that is expected 2-tone left and right diamond cufflinks to spend $275 billion over seven years in the United States alone, according to Accenture estimates, The winner is seen playing a central role in helping to generate some $12.3 trillion in annual revenue across a broad range of industries by 2035, according to IHS Markit..

The technology, which can provide data speeds at least 20 times faster than 4G, will also underpin the great advances of the next era, from self-driving cars and augmented reality to smart cities and artificial intelligence. “Being first is important in our industry and we want that recognition,” an AT&T spokesman said, adding that the company spent $130 billion over the last five years to upgrade its network. Some experts point out that the jockeying will mean little to consumers. “The reason you’re getting that reaction is this is a battle of marketing vaporware rather than real network evolution,” said Craig Moffett, telecoms and communications analyst at MoffettNathanson.

“They’re tripping over themselves to claim they have a 5G network,” he said, “But we’re years away from it having any impact on user experiences.”, Bragging rights aside, being first is a matter of national pride, So excited was U.S, President 2-tone left and right diamond cufflinks Donald Trump about dominating the telecoms future, he invented a technology that does not yet exist - 6G - in a Feb, 21 tweet, “I want 5G, and even 6G, technology in the United States as soon as possible, It is far more powerful, faster, and smarter than the current standard, American companies must step up their efforts, or get left behind,” he tweeted, The White House did not immediately respond to a request for comment..



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