Earnings Momentum- light at the end of the tunnel?

The last few years have been a triumph of hope over reality for expected earnings growth as forecasts have tended to wither over each year. For example over the last six months FTSE 350 forecasts have in aggregate subsided by around 5%. However there are signs that this trend is now reversing. This note examines the outlook for earnings in 2016 and 2017 and tries to anticipate where the risk to consensus forecasts lies, either on the upside or downside.
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