India led Asia’s earnings downgrades over the past month with analysts expecting more troubles this year due to a consumption slowdown and liquidity crunch in the financial sector.
Over the past 30 days, analysts have slashed Indian firms’ 2019 earnings forecasts by 4.3 per cent - the highest cut in Asia, Refinitiv data shows.
The cut comes as more than 60 per cent of Indian firms missed their consensus earnings estimates in the June quarter, underscoring a lacklustre earnings performance.
India’s economy grew at its weakest pace since 2013 between April and June, largely hit by falling demand for consumer goods such as automobiles and food items, and lower government spending.
Analysts also cut Malaysian firms’ 2019 earnings by 4 per cent and Australian firms by 2.8 per cent.
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