Chart Collection for Morning Briefing

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1 Chart Collection for Morning Briefing July 12, 17 Dr. Edward Yardeni Mali Quintana Please visit our sites at www. blog. thinking outside the box

2 Figure 1. S&P 0 OPERATING EARNINGS PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) Annual Earnings / Forward Earnings* Frwd Jul S&P / Annual Earnings 65 Forward Earnings* Frwd Jul S&P 0 Annual Earnings Forward Earnings* / Frwd Jul * Time-weighted average of consensus estimates for current and next year. Source: Thomson Reuters I/B/E/S. Page 3 / July 12, 17 / Chart Collection for Morning Briefing www.

3 Figure 2. S&P 0 CONSENSUS ANNUAL OPERATING EARNINGS GROWTH FORECASTS (percent) (14.9) 12 (6.0) 13 (6.1) 14 (7.0) (0.5) 16 (1.5) 17 (.3) 18 (12.0) Latest data thru 06/29/ Source: Thomson Reuters I/B/E/S Figure 3. S&P 0 EARNINGS PER SHARE: CONSENSUS QUARTERLY ESTIMATES 17 (consensus analysts estimates in dollars, weekly) Q4 Q3 17 By Quarter as of 07/06/17 Q1 Q2 Q3 Q Jul Q Q1 28 I II III IV I II III IV I II Source: Thomson Reuters I/B/E/S. 28 Page 4 / July 12, 17 / Chart Collection for Morning Briefing www.

4 12 Figure 4. S&P 0 REVENUES PER SHARE (consensus analysts estimates in dollars, weekly, ratio scale) / Annual Revenues 0 9 Forward Revenues* S&P / Annual Revenues 800 Forward Revenues* S&P 0 6/ Annual Revenues Forward Revenues* * Time-weighted average of consensus revenue estimates for current and next year. Source: Thomson Reuters I/B/E/S. 3 Page 5 / July 12, 17 / Chart Collection for Morning Briefing www.

5 Figure 5. S&P STOCK PRICE INDEXES, FORWARD EARNINGS, & VALUATION S&P 0 07//17 S&P 0 Blue Angels Implied Price Index* 07/06/17 x18 x16 x14 x x S&P 0 07//17 X X S&P 0 Blue Angels Implied Price Index* 07/06/17 x16 x14 x12 x S&P 0 07//17 S&P 0 Blue Angels Implied Price Index* 07/06/17 x x18 x16 x14 x x * Implied stock price index calculated using actual -week consensus expected forward earnings times hypothetical forward P/Es. Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page 6 / July 12, 17 / Chart Collection for Morning Briefing www.

6 Figure 6. PURCHASING MANAGERS INDEXES: GLOBAL (sa) Composite PMI Advanced Economies (.5) Global (53.7) Emerging Economies (51.5) Manufacturing PMI Advanced Economies (53.9) Global (.6) Emerging Economies (.8) Non-Manufacturing PMI Advanced Economies (.5) Global (53.8) Emerging Economies (51.6) Source: Markit and Haver Analytics. Page 7 / July 12, 17 / Chart Collection for Morning Briefing www.

7 65 Figure 7. EUROZONE: MANUFACTURING PURCHASING MANAGERS INDEXES 65 Manufacturing PMIs Eurozone (57.4) Germany (59.6) France (.8) Italy (.2) Spain (.7) Source: CIPS, Reuters, and Haver Analytics. 65 Figure 8. EUROZONE: NON-MANUFACTURING PURCHASING MANAGERS INDEXES 65 Non-Manufacturing PMIs Eurozone (.4) Germany (.0) France (.9) Italy (53.6) Spain (.3) Source: CIPS, Reuters, and Haver Analytics. Page 8 / July 12, 17 / Chart Collection for Morning Briefing www.

8 1 1 1 Figure 9. EURO ZONE RETAIL SALES VOLUMES EXCLUDING AUTOS & MOTOR CYCLES (=) Eurozone (6.8) Germany (111.2) France (1.9) Italy (95.5) Spain (90.1) Source: Statistical Office of the European Communities Figure. EUROPE: NEW PASSENGER CAR REGISTRATIONS (million units, 12-month sum) Germany (3.4) United Kingdom (2.7) France (2.0) Italy (1.9) Spain (1.2) * European Free Trade Association (Iceland, Norway, and Switzerland). ** Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and UK. Source: European Automobile Manufacturers Association (ACEA). Page 9 / July 12, 17 / Chart Collection for Morning Briefing www.

9 1 Figure 11. GERMANY: MANUFACTURING PRODUCTION & EXPORTS 1 Manufacturing Production 1 Merchandise Exports (billion euros, saar) Source: Haver Analytics Figure 12. JOB OPENINGS: JOLTS & NFIB NFIB: Firms with One or More Job Openings (percent, 12-month average) (29.8) JOLTS: Job Openings Rate (percent, 12-month average) (4.0) Source: Bureau of Labor Statistics and National Federation of Independent Business. 5 Page / July 12, 17 / Chart Collection for Morning Briefing www.

10 35 Figure 13. NFIB: JOB OPENINGS & TOTAL PRIVATE AVERAGE HOURLY EARNINGS NFIB: Firms with One or More Job Openings (12-month average, percent) (29.8) Average Hourly Earnings* (yearly percent change in 12-month average) (2.5) * Production & Nonsupervisory Workers Source: National Federation of Independent Business and Bureau of Economic Analysis. 1 Figure 14. CONSUMER CONFIDENCE INDEX & QUITS RATE 2.8 Consumer Confidence Index (1985=) (118.9) Quits Rate* (percent, sa) (2.5) * Private industry. Source: Bureau of Labor Statistics and The Conference Board. Page 11 / July 12, 17 / Chart Collection for Morning Briefing www.

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