SPFF - Global Perspectives: Valuations In The Ointment

• During July, global consensus earnings estimates have re-accelerated to the upside, representing another bullish impulse in the tug of war between high valuations on the one hand and strong profits momentum on the other.
• Despite market worries of a loss of momentum in the near term, the strong corporate performance being demonstrated in the recent earnings season has once again pushed consensus forecasts for 2021 to a new high.
• For now, investors remain in something of a sweet spot, even if arguably closer to the end of this benign phase rather than the beginning.

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