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think that divergences continues to be the case. to india where tech companies will have to brace for a tough 2024 after a banking giant predicted after a banking giant predicted a bleak outlook in a new report. almost all of india s it companies reported poor results in the quarter gone by and now things are expected to get worse this year. that s because of weakened global demand for it services like in europe and the us, jpmorgan expects project referrals as a result of lower discretionary spending in these markets which will negatively impact it revenues here in india. this growth is unlikely to return in a hurry for the $250 billion industry which is the biggest contributor to india s services exports. the brokerage expects mode it services to ms current earnings expectations and says the industry will grow at less than 5% of the current fiscal
is already trending towards recession slowing. this is a scenario that is historically always challenging for the banks and so coming out through the first quarter think we re going to see those banks really try to guide earnings expectations. we re probably moving negative earnings growth for them remained of this year for them remained of this year for them remained of this year for the financial sector and probably the us economy as a whole. , . , ., ., whole. the picture you are painting whole. the picture you are painting is whole. the picture you are painting is pretty - whole. the picture you are painting is pretty grim, - whole. the picture you are painting is pretty grim, a l painting is pretty grim, a healthy banking centre is the oxygen of any strong economy, it pumps life and credit through the economy, right, so when you talk about the issues facing the banking sector, the challenges going ahead what does that mean for economic growth in these major economies, the u
that will result in slower credit growth for the us economy and all of this is coming at a time when the us economy is already slowing, is already trending towards recession. this is a scenario thatis recession. this is a scenario that is always challenging for the banks and so coming out through the first quarter we re going to those banks really try to guide earnings expectations, we re probably working towards negative earnings over the remainder of this year and probably the us economy as a whole. ., ., , probably the us economy as a whole. . .,, , ~ whole. that was issak poole from the whole. that was issak poole from the oriana whole. that was issak poole from the oriana financial - from the oriana financial services firm. india s largest private bank reported a 20% jump private bank reported a 20% jump in net profit for the quarter ending march. for more on how the banking sector is doing we cross to my colleague who joins doing we cross to my colleague whojoins me now from
putting money elsewhere in higher deposits. outside the big banks. money market funds and things like that. it will be really focused on the banks. it is always a bit of a, unlike other businesses they tend not to pre release their earnings expectations so we are always on tenterhooks waiting for the banks report. on tenterhooks waiting for the banks report- on tenterhooks waiting for the banks report. and overall, s&p 500, listed banks report. and overall, s&p 500, listed in banks report. and overall, s&p 500, listed in the banks report. and overall, s&p 500, listed in the states, - banks report. and overall, s&p 500, listed in the states, it - 500, listed in the states, it is expected this time around their earnings will be down 5.2% year on year, a stark reversal on the growth we saw in the last quarter. nearly 1.5% growth. that doesn t bode well for the world s biggest economy. well for the world s biggest economy- well for the world s biggest economy. well for the world s
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