Grim economic outlook overtakes solid earnings

Pressure builds: An employee counts inventory in a Walmart outlet in Austin, Texas. The company says consumers could begin to see price hikes as early as later this month due to the various tariffs. — AFP

New York: One thing is clear as the first-quarter earnings season draws to a close: The uncertain outlook for the global economy is superseding better-than-feared results even as stocks rally on signs of easing trade tensions.

Corporations across the United States, Europe and China are pulling their forecasts for the year or providing grim outlooks, citing rising costs, weak consumer sentiment and a lack of business confidence as a result of President Donald Trump’s worldwide trade offensive.