Asia analysts expect biggest profit drop since 2018

Asian stocks just cannot catch a break. Fresh from being whipsawed by rising geopolitical tensions over Taiwan, they now face what is forecast to be the worst earnings season since the start of the COVID-19 pandemic.

Earnings per share for MSCI Asia Pacific Index members slid 16 percent in the three months through June from a year earlier, the steepest decline in eight quarters, analyst estimates compiled by Bloomberg Intelligence showed.

That contrasts with a 9 percent gain for companies in the S&P 500 Index even as the US economy edged toward a recession.

Photo: AFP

The prospect of dwindling profits adds to the negatives that have dragged the MSCI Asia Pacific Index down almost 16 percent this year, putting it on course for its worst annual…

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