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(For an interactive graphic on evolving bank earnings estimates click, tmsnrt.rs/2HOVt1D). “The Fed pivoted so abruptly, which gives one pause about what they’re saying about the economy,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “Flat to falling interest rates are not good news for bank interest margins. It’s not surprising that analysts are taking down earnings estimates.”. The central bank’s change in tack put the brakes on what had been a pattern of quarterly rate hikes, amid signs of slowing economic growth.

Slowdown jitters have also hit 10-year Treasury yields, The benchmark bond’s yield hit a 15-month low in the first quarter, flattening the yield curve and narrowing the gap between the interest banks pay depositors and the interest they charge consumers, which is bad news for profits, “That’s why the estimates are going down,” Carlson added, “(Analysts are) fearful of interest margins for banks and there’s an underlying concern about loan growth.”, In the first three months of the year, the S&P 500 bounced back from a sell-off in December, gaining 13.1%, its sterling silver gavel cufflinks biggest quarterly increase since 2009, But financials underperformed the wider market, gaining 7.9% in the quarter as the new low-interest-rate normal that boosted other sectors was a headwind for banks..

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 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,” sterling silver gavel cufflinks 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 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 sterling silver gavel cufflinks 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 to spend $275 billion over seven years sterling silver gavel cufflinks 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..

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