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As we head further into earnings season, it is becoming more and more apparent that our thesis on Growth Slowing and Earnings Slowing is correct. With companies like FedEx (FDX), Caterpillar (CAT) and Chevron (CVX) offering cautious or lower guidance, the market is looking more negative day after day. 

While we consider JP Morgan’s (JPM) Q3 earnings report on Friday to be the “true” kickoff of earnings season, yet another big company is offering guidance with caution. Rio Tinto (RIO) said the company would defer large capital programs due to cautious outlook on the next few quarters and a delay in Chinese stimulus spending - keep in mind China isn’t keen on seeing higher fuel and food prices anytime soon.The company is also expecting to materially reduce spending over the next few years.

Global Slowdown Continues  - Chart of the Day