JPMorgan Says Firms Avoid Raising Forecasts Due to War Concerns

Doubts triggered by the Middle East conflict are feeding into US earnings, with some companies refraining from increasing forecasts despite a strong start to the year, according to strategists at JPMorgan Chase & Co.

The clearest pressure points are in industries directly exposed to the war’s effects, with airlines, transport companies and manufacturers facing a hit from rising oil prices, the team led by Dubravko Lakos-Bujas said in a client note.