Resilience With a Dose of Caution

About this episode

The episode discusses earnings calls highlighting resilience with caution, the impact of the Iran war, and shifts in funds flows towards Financials and Growth.

The big things you need to know: First, the three things that stuck out to us in our review of earnings calls last week included outlooks that emphasized resiliency but contained a dose of caution, the conversation on Iran war impacts (present and future) getting underway, and descriptions of cautious but stable consumers. Second, with US equities breaking out to a new 2026 high relative to non-US equities, we note that valuations suggest there’s room for this trade to run and that weak earnings revisions breadth is not a problem unique to the US. Third, funds flows are shifting back to Financials and Growth, which we think makes sense from a valuation and earnings growth perspective.

Topics covered

• earnings calls
• US equities
• Iran war impacts
• consumer behavior
• financial markets

Keywords

• earnings calls
• US equities
• Iran
• consumer stability
• financial markets
• valuation
• fund flows

Mentioned in this episode

Organizations: RBC Capital Markets, Financials, Growth

Places: Iran

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