Deutsche Bank has reported on the progress of the earnings season to date. For companies that have reported so far, June half earnings are ~0.5% below DB expectations.The change to FY14F earnings is a little larger at ~1½%, but that is still not particularly large, especially given there is still good growth being forecast. The note also broke down performance by broad sections. Resources have surprised negatively while banks were at the other extreme in delivering positive surprises. Industrials were in the middle - FY13 broadly in-line with modest cuts to FY14F earnings. (VIEW LINK)
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