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For the first quarter, S&P 500 earnings growth was 27%, significantly higher than the 12.6% that was expected at the start of the quarter.
S&P 500 earnings are projected to grow by 21% in 2026, an unusually high rate for a non-recessionary period.
Over the last two years, the aggregate free cash flow generation of the MAG7 companies has declined by 40%, despite soaring free cash flow from NVIDIA.
Google's free cash flow generation has decreased by 75% due to capital expenditures, while its earnings have increased by 30% to 40% or more.
The operating margin for the semiconductor industry has expanded from 30% to 45% over the last 12 months.
The energy market is currently underpricing the risk of a major transportation crisis resulting from the conflict in the eastern Mediterranean.
Saudi Arabia's primary concern is protecting its oil facilities, a fear heightened by a recent attack on Fujairah attributed to Iran.
A key risk in the private credit market is its opacity, with a lack of reliable data on its size and interconnections with the traditional financial system.
The United Kingdom's exit from the European Union (Brexit) has been a total failure with very few identifiable positive outcomes.
The current fiscal trajectory of the United States, characterized by large and persistent budget deficits, is unsustainable.
The ongoing rise in long-term U.S. interest rates is dangerous for the economy, particularly given the trajectory of federal debt service costs.
The U.S. Social Security trust fund is projected to be depleted in the next seven to eight years.