世界的に収益を下方修正、この１０年で最も顕著


文章全体がZeroHedge特有の皮肉で満ちています。

Global Earnings Downgrades At Highest Level In 10 Years






As stock markets plunged in December, asset-gatherers and commission-takers (and politicians) rushed on to every media outlet to reassure everyone that the fundamentals are "solid", "extremely strong", "very positive" ... pick your spin.
The only problem is that top-down, the fundamentals are dismally disappointing...

 １２月の株式急落で、株式を買い集めている人、手数料狙いの人（そして政治家）はメディアに出ずっぱりで誰もにこう訴えた、ファンダメンタルズは「健全」、「とても強い」、「とてもポジティブ」・・・みなさんもこれに振り回された。唯一の問題はこれらは上意下達であることだ、実際のファンダメンタルズは悲しいかな失望するものだ・・・・



And bottom-up, the fundamentals are almost as bad as they have ever been as analysts take the ax to their outlooks...the number of analysts’ global earnings downgrades exceeded upgrades by the most since 2009.
ボトムアップの視点では、ファンダメンタルズはかつて無いほどに悪いものだ、アナリストがその様子を詳細に分析すると・・・世界的に収益下落と見る人のほうが収益上昇と見る人よりも多い、２００９年以来最大だ。
And don't try and claim that the US is the cleanest shirt in the dirty laundry pile of global markets, it's not!! (@biancoresearch)

 こんなことを考えてはいけない、世界経済は悪化する中で米国だけが良好だとは、全く違うのだ。

Oh, and one more thing - if everything's so awesome, why is The Fed panic-jawboning away from its tightening policy trend?

もう一つ加えておこうーーもしすべてが素晴らしいと言うなら、どうしてFEDが混乱を引き起こしこれまでの引き締めトレンドを中断しようとすのか？

Hey, don't worry, it's probably nothing...

 でも心配することはない、多分なんでもない・・・
“Analysts are always late to the party,” said Timothy Graf, head of macro strategy for Europe, Middle East and Africa at State Street Global Markets. “I don’t necessarily see this as a sign of more doom and would guess that quite a lot of bad news is already accounted for in prices.”
「アナリストというのはいつもパーティに遅れて来るものだ、」とTimothy Grafは言う、彼はState Street Global Marketsの欧州中東アフリカマクロアナリスト主任だ。「私は必ずしも現状が更に悪化するとは見ていない、私が思うにすでに悪いニュースは株価に織り込まれている。」
“If you’re going to get earnings downgrades, it’s more likely to be the more normal corporate-led pullback rather than a financial crisis like you saw in 2007,” said said Mike Bell, a global market strategist at JPMorgan Asset Management.
「収益下落となるなら、２００７年のような金融危機よりも通常の企業努力で回復しそうだ、」とMike Bellは言う、彼はJPMorgan Asset Management の世界市場ストラテジストだ。
“You’d expect a much smaller decline in the stock market than you saw in 2000.”
「２０００年に見たよりも株式市場の下落はもっと小さなものと思うだろう。」

...and besides, The Fed is about to entirely u-turn on its multi-year narrative that everything is awesome and shift to an easing tone to soothe the beating heart of all those investors who 'deserve' their fair share of stock market returns.


・・・それにもかかわらず、FEDはここ数年の成り行きを全くUターンさせようとしている、これまでのFEDの姿勢は、すべてが素晴らしく株式市場のリターンは「正当」と考える投資家の過熱を抑えようというものだった。


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