Citigroup, Goldman, JPMorgan Slash Profit Outlook for Stocks

Citigroup, Goldman, JPMorgan Slash Profit Outlook for Stocks
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  •  Bank sees global stocks up by year-end, but won’t buy now
  •  Analysts want markets ‘closer to panic’ before all-in buying

Citigroup Inc. now expects zero growth in global earnings for 2020 as the coronavirus throttles economic growth. And it warns even the new forecast may prove too optimistic.

The bank’s call on earnings per share follows moves Thursday by Wall Street peers Goldman Sachs Group Inc. and JPMorgan Chase & Co. to cut profit estimates on U.S. companies. Goldman expects no earnings gain for American firms this year.

Source: Bloomberg

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