期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：While the recovery in equity prices over the last year has been underpinned by improvements in aggregate short-term earnings expectations (Chart A), developments in the latter have varied greatly across sectors (Chart B). Compared with the situation before the pandemic, expected earnings remain persistently subdued in sectors such as travel and tourism, while growing rapidly in the technology, utilities and non-bank financial services sectors. As a result, current earnings expectations are in line with what is called a cross-sectoral K-shaped recovery (where the paths of the best and worst-performing sectors resemble the two arms of the letter “K”). Similar dispersion holds true across countries (see also Box 3 of this issue of the Economic Bulletin and the May 2021 Financial Stability Review), in line with the idea that some countries are economically more dependent on particular sectors than other countries.
