Barclays U.S. Portfolio Strategy Weekly: Over Promise and Under Deliver
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Barclays U.S. Portfolio Strategy Weekly: Over promise and under deliver
Analyst, Barry Knapp, said, "Despite our concerns about the 2012 outlook, public policy improvement in 4Q11 could set the stage for a decline in the extreme levels of equity market correlation, which may be the catalyst for a continued equities advance."
"The ‘real’ leverage among European banks is significantly higher than those in the U.S. Coupled with tightening lending standards and downward pressure on EM currencies, this is the most likely catalyst for a European driven global recession, in our view."
"U.S. bank lending patterns are fairly constructive for both the broader economy and bank revenue going forward. We expect to hear more positive commentary from the lending sensitive regional banks as a result of the stabilization in bank credit."
"2012 bottom up consensus estimates continue to decline sharply. Even so, we suspect that earnings season will be on balance mixed to slightly positive. Global growth leveraged sectors such as energy, materials and industrials, even after the bounce, probably have room to run."
Analyst, Barry Knapp, said, "Despite our concerns about the 2012 outlook, public policy improvement in 4Q11 could set the stage for a decline in the extreme levels of equity market correlation, which may be the catalyst for a continued equities advance."
"The ‘real’ leverage among European banks is significantly higher than those in the U.S. Coupled with tightening lending standards and downward pressure on EM currencies, this is the most likely catalyst for a European driven global recession, in our view."
"U.S. bank lending patterns are fairly constructive for both the broader economy and bank revenue going forward. We expect to hear more positive commentary from the lending sensitive regional banks as a result of the stabilization in bank credit."
"2012 bottom up consensus estimates continue to decline sharply. Even so, we suspect that earnings season will be on balance mixed to slightly positive. Global growth leveraged sectors such as energy, materials and industrials, even after the bounce, probably have room to run."
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