Not much sign of volatility in euro zone analyst earnings estimates
While the outcome of the euro zone crisis seems almost impossible to predict, this level of uncertainty is yet to show up in analyst earnings estimates in the region.
As this chart shows, in times of high market volatility the dispersion of analyst estimates (the level of disagreement) tends to go up. However looking at how closely analysts agree at the moment you would be hard pressed to spot a euro zone crisis.
Earnings estimates have been cut aggressively especially in Spain, Greece and Portugal and dispersion has also gone up in those countries, but so far this is yet to translate into a more disorderly earnings picture for the region in aggregate.