Global Earnings Revision Ratio: Broadening upgrades

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Global Earnings Revision Ratio: Broadening upgrades

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Global Earnings Revision Ratio

Broadening upgrades

The Global Earnings Revision Ratio reaches 6-month high 25 June 2026

In June, the Global Earnings Revision Ratio improved from 0.91 to 1.00, which is highest Quant Strategy

level in six months, as earnings upgrades broadened globally. The Ratio remained strong Global

in the USA (1.80 to 1.40), improved in Europe (0.81 to 1.02) to the highest level in 34

months, and jumped in Japan (1.07 to 1.38). The Ratio also improved in Asia Pac ex-

Japan (0.68 to 0.78) and Emerging Markets (0.69 to 0.78) where the Ratio in Taiwan

(1.78) and Korea (1.30) remains strongest.

Nigel Tupper >>

The Tech Hardware Ratio reached at a 15-year high QuantMerrill StrategistLynch (Australia)

+61 2 9226 5735

By global sector, the Ratio remains highest for Tech Hardware (1.99) which is highest nigel.tupper@bofa.com

level in 15 years. The Ratio also remains high for Energy (1.92) and reached a 51-month Amar Vashi >>

high for Semiconductors (1.41). In contrast, the Ratio is lowest for Telecom (0.50 is a Quant Strategist

Merrill Lynch (Australia)

43-months low), Media & Entertainment (0.60 is a 31-month low), and Consumer amar.vashi@bofa.com

Staples (0.66). By global style, the Ratio is highest for Momentum (2.38), Risk (2.07), Sumuhan Shanmugalingam >>

and Growth (1.96). Quant Strategist

sumuhan.shanmugalingam@bofa.com

Asia: Taiwan and Korea lead. India, China and Australia lag

Among major countries in Asia, the Ratio remains highest for Taiwan (1.78) and Korea

(1.30). The Ratio remains below 1.00 but improved in China (0.56 to 0.70), India (0.54 to

0.68), and Australia (0.47 to 0.64). The Ratio weakened in ASEAN countries, including