First quarter earnings from companies such as Facebook, Amazon, Coca-Cola will come in full force this week. A total of 155 companies which has $9 trillion of market cap will publish their results. The earnings would shed light on what analysts call it the upcoming earnings recession.
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00:00This week we will have a deluge of results from the US.
00:05So about 155 companies contributing about $9 trillion in market cap and contributing
00:11about 35% to the index will publish their first quarter results.
00:16Now what analysts are fearing is we could see an onset of earnings recession as they
00:21say it.
00:22They expect the second quarter earnings to slow to 2.1% growth revised from the earlier
00:29estimates of 6.5% and they were 9% in October earlier in the year.
00:35Back home on ADX index, the gauge revisited its highest level since 2006 because of stellar
00:42performance in banking stocks.
00:44Remember that earlier last week, First Abu Dhabi Bank raised its foreign ownership limit
00:49to 40% from the earlier 25%.
00:53In other news, Eni has signed a production and exploration contract with the emirate
00:56of Rasul Khema.
00:57Eni and Rasul Khema Petroleum Authority will explore Block A which covers about 2,412 square
01:05kilometers off the coast of Rasul Khema.
01:08Eni will have about 90% stake in the block while Rasul Khema will have the remaining
01:1310%.
01:14That's it from me and thanks for watching.
01:15For more, you can log on to kalknews.com slash business.