Via UBS today:
Earnings growth of 3.8% expected in FY19, but driven mostly by Resources
Reporting season is now complete. While results were only modestly weaker than expected, guidance was very soft, with more company downgrades than upgrades for the first time in four February reporting seasons. The market is now expected to deliver 3.8% EPS growth in FY19 (down from 6.9% in FY18), driven by Resources up 13.5%, but the Industrials ex-Financials are now expected to contract EPS by 3.4% (Figure29).