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Global Index Briefing:Net Earnings Revisions
Yardeni Research, Inc.
February 9, 2022
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
All Country World 3United States 4Europe 5EAFE & EMU 6Emerging Markets 7-8Countries A-Z 9-30
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 2.85 Dec 2.41 Jan 2.45
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
ALL COUNTRY WORLD MSCI INDEX NET EARNINGS REVISIONS*
Figure 1.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
-30
-25
-20
-15
-10
-5
0
5
10
NERI Nov 1.70 Dec 1.26 Jan 1.06
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
ALL COUNTRY WORLD EX-US MSCI INDEX NET EARNINGS REVISIONS*
Figure 2.
All Country World
Page 3 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
30
-50
-40
-30
-20
-10
0
10
20
30
NERI Nov 7.2 Dec 7.0 Jan 8.0
Jan
S&P 500 NET EARNINGS REVISIONS INDEX*
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
Figure 3.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
30
-50
-40
-30
-20
-10
0
10
20
30
NERI Nov 6.15 Dec 5.67 Jan 6.38
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
UNITED STATES MSCI INDEX NET EARNINGS REVISIONS*
Figure 4.
United States
Page 4 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
NERI Nov 7.11 Dec 6.42 Jan 7.18
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EUROPE MSCI INDEX NET EARNINGS REVISIONS*
Figure 5.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
-45
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
NERI Nov 7.43 Dec 6.48 Jan 7.46
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EUROPE EX-UK MSCI INDEX NET EARNINGS REVISIONS*
Figure 6.
Europe
Page 5 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 5.60 Dec 4.79 Jan 5.07
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EAFE MSCI INDEX NET EARNINGS REVISIONS*
Figure 7.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 7.78 Dec 6.81 Jan 7.65
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EMU MSCI INDEX NET EARNINGS REVISIONS*
Figure 8.
EAFE & EMU
Page 6 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov -0.91 Dec -1.11 Jan -1.65
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EMERGING MARKETS MSCI NET EARNINGS REVISIONS*
Figure 9.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov -1.49 Dec -1.66 Jan -2.22
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EMERGING MARKETS ASIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 10.
Emerging Markets
Page 7 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 0.51 Dec -0.29 Jan -2.07
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EMERGING MARKETS LATIN AMERICA MSCI INDEX NET EARNINGS REVISIONS*
Figure 11.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 7.96 Dec 7.15 Jan 7.89
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EMERGING MARKETS EASTERN EUROPE MSCI INDEX NET EARNINGS REVISIONS*
Figure 12.
Emerging Markets
Page 8 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
15
20
25
30
35
-25
-20
-15
-10
-5
0
5
10
15
20
25
30
35
NERI Sep 14.31 Oct 5.38 Nov -0.22
Nov
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
ARGENTINA MSCI INDEX NET EARNINGS REVISIONS*
Figure 13.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov -3.24 Dec -1.15 Jan 0.56
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
AUSTRALIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 14.
Countries A-Z
Page 9 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
40
-40
-30
-20
-10
0
10
20
30
40
NERI Nov 30.03 Dec 29.03 Jan 28.62
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
AUSTRIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 15.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-20
-10
0
10
20
30
-30
-20
-10
0
10
20
30
NERI Nov -6.71 Dec-11.05 Jan -6.90
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
BELGIUM MSCI INDEX NET EARNINGS REVISIONS*
Figure 16.
Countries A-Z
Page 10 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
-25
-20
-15
-10
-5
0
5
10
NERI Nov -4.35 Dec -6.39 Jan -7.95
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
BRAZIL MSCI INDEX NET EARNINGS REVISIONS*
Figure 17.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
-50
-40
-30
-20
-10
0
10
20
NERI Nov 2.48 Dec 1.92 Jan 2.24
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
CANADA MSCI INDEX NET EARNINGS REVISIONS*
Figure 18.
Countries A-Z
Page 11 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-20
-15
-10
-5
0
5
10
15
20
-20
-15
-10
-5
0
5
10
15
20
NERI Nov 12.30 Dec 12.40 Jan 5.57
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
CHILE MSCI INDEX NET EARNINGS REVISIONS*
Figure 19.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
15
20
-25
-20
-15
-10
-5
0
5
10
15
20
NERI Nov -2.83 Dec -3.19 Jan -3.90
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
CHINA MSCI INDEX NET EARNINGS REVISIONS*
Figure 20.
Countries A-Z
Page 12 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
NERI Nov 19.83 Dec 23.83 Jan 25.90
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
CZECH REPUBLIC MSCI INDEX NET EARNINGS REVISIONS*
Figure 21.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-20
-10
0
10
20
30
-30
-20
-10
0
10
20
30
NERI Nov 5.03 Dec 4.29 Jan 6.83
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
DENMARK MSCI INDEX NET EARNINGS REVISIONS*
Figure 22.
Countries A-Z
Page 13 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
NERI Nov 11.76 Dec 18.37 Jan 20.33
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
EGYPT MSCI INDEX NET EARNINGS REVISIONS*
Figure 23.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
NERI Nov 4.95 Dec 5.36 Jan 8.63
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
FINLAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 24.
Countries A-Z
Page 14 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
30
-50
-40
-30
-20
-10
0
10
20
30
NERI Nov 12.22 Dec 11.60 Jan 13.58
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
FRANCE MSCI INDEX NET EARNINGS REVISIONS*
Figure 25.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 5.72 Dec 5.11 Jan 4.51
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
GERMANY MSCI INDEX NET EARNINGS REVISIONS*
Figure 26.
Countries A-Z
Page 15 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 2.73 Dec 2.56 Jan 3.95
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
GREECE MSCI INDEX NET EARNINGS REVISIONS*
Figure 27.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov -7.96 Dec -8.52 Jan -9.96
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
HONG KONG MSCI INDEX NET EARNINGS REVISIONS*
Figure 28.
Countries A-Z
Page 16 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
NERI Nov 22.50 Dec 21.90 Jan 21.60
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
HUNGARY MSCI INDEX NET EARNINGS REVISIONS*
Figure 29.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
NERI Nov 0.78 Dec 0.94 Jan -0.46
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
INDIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 30.
Countries A-Z
Page 17 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-20
-10
0
10
20
-30
-20
-10
0
10
20
NERI Nov 0.26 Dec 2.21 Jan 1.98
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
INDONESIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 31.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
NERI Nov 9.68 Dec 6.57 Jan 9.55
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
IRELAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 32.
Countries A-Z
Page 18 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-20
-10
0
10
20
30
-30
-20
-10
0
10
20
30
NERI Nov 3.62 Dec 3.07 Jan 1.40
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
ISRAEL MSCI INDEX NET EARNINGS REVISIONS*
Figure 33.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 11.12 Dec 11.26 Jan 11.95
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
ITALY MSCI INDEX NET EARNINGS REVISIONS*
Figure 34.
Countries A-Z
Page 19 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 7.73 Dec 5.73 Jan 4.61
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
JAPAN MSCI INDEX NET EARNINGS REVISIONS*
Figure 35.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-20
-10
0
10
20
-30
-20
-10
0
10
20
NERI Nov 0.85 Dec 1.83 Jan 0.91
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
KOREA MSCI INDEX NET EARNINGS REVISIONS*
Figure 36.
Countries A-Z
Page 20 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov -3.84 Dec -8.92 Jan -9.05
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
MALAYSIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 37.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
15
20
-25
-20
-15
-10
-5
0
5
10
15
20
NERI Nov 6.32 Dec 6.89 Jan 5.91
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
MEXICO MSCI INDEX NET EARNINGS REVISIONS*
Figure 38.
Countries A-Z
Page 21 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 5.22 Dec 1.83 Jan 1.24
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
NETHERLANDS MSCI INDEX NET EARNINGS REVISIONS*
Figure 39.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov-16.04 Dec -5.32 Jan -3.57
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
NEW ZEALAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 40.
Countries A-Z
Page 22 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
30
-50
-40
-30
-20
-10
0
10
20
30
NERI Nov 15.16 Dec 12.43 Jan 10.34
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
NORWAY MSCI INDEX NET EARNINGS REVISIONS*
Figure 41.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
40
-40
-30
-20
-10
0
10
20
30
40
NERI Sep 2.21 Oct -2.19 Nov 3.47
Nov
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
PAKISTAN MSCI INDEX NET EARNINGS REVISIONS*
Figure 42.
Countries A-Z
Page 23 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-60
-40
-20
0
20
40
60
-60
-40
-20
0
20
40
60
NERI Nov -9.98 Dec -6.08 Jan -6.08
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
PERU MSCI INDEX NET EARNINGS REVISIONS*
Figure 43.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 4.00 Dec 2.80 Jan 1.31
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
PHILIPPINES MSCI INDEX NET EARNINGS REVISIONS*
Figure 44.
Countries A-Z
Page 24 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 7.41 Dec 4.55 Jan 4.01
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
POLAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 45.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 4.23 Dec 5.77 Jan 7.23
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
PORTUGAL MSCI INDEX NET EARNINGS REVISIONS*
Figure 46.
Countries A-Z
Page 25 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
-30
-25
-20
-15
-10
-5
0
5
10
15
20
25
NERI Nov 3.87 Dec 4.01 Jan 5.85
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
RUSSIA MSCI INDEX NET EARNINGS REVISIONS*
Figure 47.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov -3.35 Dec -1.40 Jan 0.48
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
SINGAPORE (FREE) MSCI INDEX NET EARNINGS REVISIONS*
Figure 48.
Countries A-Z
Page 26 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
15
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov -1.93 Dec -0.56 Jan 2.57
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
SOUTH AFRICA MSCI INDEX NET EARNINGS REVISIONS*
Figure 49.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-35
-30
-25
-20
-15
-10
-5
0
5
10
15
-35
-30
-25
-20
-15
-10
-5
0
5
10
15
NERI Nov 2.02 Dec 0.68 Jan 1.20
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
SPAIN MSCI INDEX NET EARNINGS REVISIONS*
Figure 50.
Countries A-Z
Page 27 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
30
-40
-30
-20
-10
0
10
20
30
NERI Nov 8.02 Dec 9.44 Jan 11.34
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
SWEDEN MSCI INDEX NET EARNINGS REVISIONS*
Figure 51.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov 3.62 Dec 1.16 Jan 2.33
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
SWITZERLAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 52.
Countries A-Z
Page 28 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
30
-50
-40
-30
-20
-10
0
10
20
30
NERI Nov 2.75 Dec 2.24 Jan 5.01
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
TAIWAN MSCI INDEX NET EARNINGS REVISIONS*
Figure 53.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-40
-30
-20
-10
0
10
20
-40
-30
-20
-10
0
10
20
NERI Nov -3.06 Dec -1.20 Jan -0.56
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
THAILAND MSCI INDEX NET EARNINGS REVISIONS*
Figure 54.
Countries A-Z
Page 29 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-25
-20
-15
-10
-5
0
5
10
15
20
-25
-20
-15
-10
-5
0
5
10
15
20
NERI Nov 16.22 Dec 19.71 Jan 20.65
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
TURKEY MSCI INDEX NET EARNINGS REVISIONS*
Figure 55.
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24-50
-40
-30
-20
-10
0
10
20
-50
-40
-30
-20
-10
0
10
20
NERI Nov 5.03 Dec 5.11 Jan 5.02
Jan
yardeni.com
* Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentageof the total number of forward earnings estimates.Source: I/B/E/S data by Refinitiv.
UNITED KINGDOM MSCI INDEX NET EARNINGS REVISIONS*
Figure 56.
Countries A-Z
Page 30 / February 9, 2022 / Net Earnings Revisions www.yardeni.com
Yardeni Research, Inc.
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