Prospects for robust earnings growth for Asian companies in 2024 look bleak as analysts are relentlessly cutting regional companies' forward 12-month earnings estimates due to China's faltering economy, disappointing third-quarter earnings, and a rise in interest rates. According to LSEG's IBES data, analysts cut Asian companies' forward 12-month profit estimates by 0.3% in October, the third successive month of downgrades. "A sluggish growth recovery in China is one of the main reasons for downward earnings revisions," said Rajat Agarwal, an Asia equity strategist at Societe Generale.
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