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By Paul Marson
Published: August 12 2009 16:33 | Last updated: August 12 2009 16:33
The US second-quarter earning season is now ending, apparently on a good note as nearly three quarters of US companies have beaten consensus expectations. But a closer look at these earnings shows there is cause to be more cautious about the health of corporate America than the headline numbers would suggest.
The cloud of euphoria that followed recent results had more to do with extraordinarily low expectations, than to any meaningful and lasting improvement in prospects, which still require a rapid recovery in economic activity. This suggests the recent equity rally off the back of these results is overdone.
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