Q3 2017 Headline Earnings Beats—European & US Financials’Q3 2017reporting is largely complete and,while consensus forecasts are yet to fully filterthrough,market cap weighted beats & misses suggest near-term earningsmomentum marginally favours the US over Europe.Euro Banks,our current toppick sector in GFAM(see Global Financials Strategy:Adding Japan & Aus to GFAM–Euro Banks STILL lead the pack),has fared better than we expected even ifforward earnings momentum looks like it will slow after successive positive earningsrevisions since mid-2016.
20171116-CITIGROUP-GLOBAL_FINANCIALS_STRATEGY:EARNINGS_VERSUS_RATES?RATES_STIL.pdf
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