Latest macro: A deep dive into US profit margins and earnings. When detrending margins, they don’t look so hot for this stage of the cycle

via @ericbeebo:

Companies with fatter margins may be maintaining them for not-so-good reasons: declining competition

Watch trends in NIPA earnings and margins — they lead the S&P, and the S&P in turn leads the MSCI World

A top-down macro view of the earnings outlook…ain’t too darn pretty