Amid a selloff that erased more than two years of gains -- about $14 trillion
-- from global stocks now on the brink of a bear market, at least earnings stood
as a potential bright spot. Those hopes are fading: analyst profit downgrades
outnumbered upgrades by the most since 2009 last week, according to monthly
data from a Citigroup Inc. index that tracks such changes.
“The momentum in the global economy is slowing down to such an extent that
people are seriously talking about recession,” said Zimmermann, a strategist at
Bankhaus Lampe in Dusseldorf. “This is not just China, it’s far more widespread.
There are few places to hide. Even defensives will feel the pain.”
