Corporate financial health will worsen across the globe this year, failing to gain respite from signs that inflation has peaked and hopes for an economic soft landing, asset manager Janus Henderson said in a report released on Monday. | Reuters
All companies it tracks across global regions had flat or negative earnings forecast revisions for this year. Earnings are then expected to rebound in 2024, particularly in emerging markets.
It said economic activity data point to a recession and government bond yield curves moved deeper into inversion territory – often a reliable signal of an upcoming recession – while central banks continue to withdraw liquidity and inflation-adjusted rates spikes translate into high borrowing costs. The risk premium on euro and U.S. investment-grade corporate bonds has fallen some 19 basis points since the start of the year. The cost of insuring exposure to junk debt has fallen by 86 bps, according to S&P Global Market Intelligence.
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