Global Earnings Revision Ratio: US-led rebound

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Global Earnings Revision Ratio: US-led rebound

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Global Earnings Revision Ratio

US-led rebound

The Global Earnings Revision Ratio rebounded in May 20 May 2026

The Global Earnings Revision Ratio improved from 0.76 to 0.91 in May led by a Quant Strategy

significant rebound in the US following a strong reporting season. The Ratio jumped to Global

almost a 5-year high in the US (0.77 to 1.80) and improved in Europe (0.66 to 0.81), but

moderated in Japan (1.15 to 1.07), Asia Pac ex-Japan (0.69 to 0.68), and Emerging

Markets (0.70 to 0.69). The Ratio improved for most global sectors, remains highest for

the Energy sector, and is lowest for the Consumer Discretionary and Consumer Staples

Nigel Tupper >>

sectors. Globally, strong consensus growth forecasts for 2026 and 2027, coupled with Quant Strategist

positive earnings revisions in the major economies bodes well for global equity markets. Merrill Lynch (Australia)

+61 2 9226 5735

nigel.tupper@bofa.com

Strong global sectors: Energy, Materials, Tech, Financials Amar Vashi >>

By global sector, the Ratio remains high for Energy (2.20), Materials (1.03), Tech Quant Strategist

Merrill Lynch (Australia)

Hardware (1.38), Semis (1.37), Software (1.04), and Diversified Financials (1.27). In amar.vashi@bofa.com

contrast, the Ratio is lowest for Consumer Discretionary (0.60), Consumer Staples (0.68), Sumuhan Shanmugalingam >>

and defensives, including Health Care (0.76) and Utilities (0.78). Quant Strategist

sumuhan.shanmugalingam@bofa.com

Taiwan and Korea remain standouts

Among major countries in Asia, the Ratio is highest for Taiwan (2.10) and Korea (1.31),

and Singapore (0.93). The Ratio fell in China (0.56) and Australia (0.47), and remains low

in India (0.54).