Many analysts are forecasting a light recession if we see a recession at all. Looking further ahead, there seems to be real structural headwinds which might dampen corporate profits. There is less appetite for deficit funded tax cuts for corporations and money is no longer free. Both of these long term tailwinds that are subside over the coming years could present an additional challenge to corporate profits.
Fixing the complex, creaking pension system remains central to President Emmanuel Macron’s agenda of reforms. But leaving it alone is central to French identity—so workers are striking, again, in huge numbers. Our correspondent lays out why 2023’s first earnings season is so gloomy. And America is providing more legal protections for polyamorous “throuples”.
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