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Global Stocks Pin Hopes of Year-End Rally on Earnings Resilience
Investors are primed for any bit of good news to help them forget a brutal quarter for stocks that took this year’s value destruction to $24 trillion. A resilient corporate earnings season might give them that. The MSCI All-Country World Index just wrapped up its third straight quarter of declines, the first time that’s happened since the global financial crisis in 2008. The 7% drop came as investors grappled with persistently high inflation, a surging dollar and jumbo interest-rate hikes across the world that threaten to choke economic growth. Alongside that, analysts have slashed profit estimates, and a chorus ... (full story)