Charlie McElligott at Nomura digs into it:
Universal Equities frustration, where the hotly anticipated “negative earnings revisions as the next shoe to drop for risk assets” story has not quite worked-out as planned—especially after Tech megas MSFT, GOOGL and even chip-maker TXN posted double-digit quarterly revenue growth and posted optimistic guidance last night,whilecritically too we saw
Visa top earnings and note “no evidence of a pullback” in US consumer spending (food, gas, travel / “experience” prioritized)This is a dynamic which is then roiling the best laid plans of the “top down” macro bears, who were poised for ugly prints and fwd expectations due to the implications of a strong USD and a rapidly weakening growth / economy
