capex looks to be improving
Source: FactSet, U.S. Census Bureau. As of Oct. 9, 2017.
CapEx usually has a 3 to 4 year expansion phase = 2019 spending cycle peak?
Philly Fed District CapEx rate of expansion is very rapid currently
IMF has raised most countries growth by 0.1% over earlier forecasts as data continually is beating expectations (as are earnings)
Global economic data is exceeding economists’ expectations in 2017 for first time in years
Stronger and broader global economic growth has helped lift analysts’ consensus forecast for global earnings per share over the coming year to a new all-time high of $30.63, as of the start of the third quarter reporting season, as you can see in the chart below.
Global earnings hit a new all-time high
We have the 1st global convergence of earnings since 2004 & 2009
Europe still has room to go in efficiencies to catch the US