Deutsche Bank-Asset Allocation What Companies Are Saying Signs Of A Turn...-106565097

DeutscheBankStrategyDateResearch16February2024AssetAllocationGlobalStrategyUpdateWhatCompaniesAreSaying:SignsOfBinkyChadhaATurnUpChiefStrategist+1-212-250-4776Thisreportpresentsacollectionofmanagementcommentaryfrom130earningscallsintheQ4reportingseason.Wepresentthekeythemesthatemergedbelow.MatthewBarnardHeadofUSCompanyResearchCompaniescontinuetociteatoughmacrobackdropbutseveralnowseesignsofa+1-212-250-5111turnupemerging.TheyarehoweverkeepingalidonexpectationsandareatpainstonotethattheyarenotmacroforecastersandgiventhecontinuedpessimismandParagThatteuncertaintyaroundfactorsoutsidetheircontrol,theyremaincautious.AkeydraginStrategistrecentquartershasbeeninventorydestocking,butseveralcompaniesnowseelight+1-212-250-6605attheendofthetunnelwiththeprocesswelladvanced,evenifrestockingisnotyetonthecards.TheUScontinuedtobearelativeoutperformer,Europewasmixed,KarthikPrabhuwhileChinaaclearsourceofweakness.Onthelatter,manycompaniesdrewaStrategistcontrastbetweenneartermcyclicalheadwindsandlong-termpotential.Mostsee+1-212-250-1246costandpricingdynamicsasbeinginbalance,indicatingareturntonormal.CompaniesareincreasinglycomfortablewiththelabormarketevenastheyexpectBenLipsiusthepressurefromwageinflationtopersist.ManyareofcoursecountingonthestrongStrategistlabormarketandwagegrowthtocontinuedrivingdemandfortheirproducts.Partof+1-2...