Given the context, Q4 2020 corporate earnings proved resilient. The regions least impacted by the pandemic, such as EM (+25%) and Japan (+20%), experienced notable increases. In the rest of the world, where the pandemic was more virulent, the US still managed to post a positive gain (+4%) while Europe was more affected (-20%). However, even in the most affected regions, the results were far better than expected, with the most significant progress coming from cyclical sectors.
Ibra WANE, Debora DELBÓ