Kick-off of the quarterly, while waiting for Apple’s “Hi, Speed”

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That’s it, the start of the third quarter earnings season is in the United States . Financial stocks will be in the spotlight, as BlackRock , Citigroup and JPMorgan will reveal their earnings . In total, analysts expect a drop of 20.9% in earnings per share over the period, a decline halfway between that of the second quarter (-31.7%) and that expected for the last quarter of the year (-12.9%). But this overview hides, as so often, disparities between sectors. In banking, profits could fall by 41%.

On the west coast of the country, Apple will organize a second  special event . After the  keynote  of September 15, it is the new family of iPhone 12 which will be the center of attention during the “Hi, Speed” (“high speed”). It will of course be a question of 5G. The technology is far from ready for the general public in the United States. Indeed, the three major telephone operators, Verizon Communications, AT&T and T-Mobile US, have not yet deployed it in such a way as to offer high data rates or extensive coverage. According to Bloomberg News, Apple has asked its suppliers to produce up to 80 million new iPhones this year. Investors and analysts are optimistic, not least because 5G networks are more developed in China .

New IMF forecasts

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Closer to home, in France, 2CRSI , Esker , IGE + XAO and Implanet will reveal their turnover. Economically, operators will learn a new salvo of indicators, first and foremost the new forecasts from the International Monetary Fund and the b Chinese trade alance in September. The surplus has been racing since the global economy is deconfined and trade has resumed. ”  The authorities have especially encouraged production (exports) and much less domestic demand (imports),  ” said analyst Oddo BHF. In Germany, inflationin September (consensus: -0.4 % over one year) and the Zew index of the economic climate as perceived by financial analysts and investors in October (consensus: 72, compared with 77.4 in September) will be the center of attention.

In the United States, it will also be a question of inflation. While the rebound in demand is accompanied by price normalization, some sectors continue to suffer severely (restaurants, hotels, tourism), which should keep inflation well below the target of the US Federal Reserve ( Fed ). It is expected a small increase of 0.2% over one month.

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