Anil Rao

November 4, 2020

MSCI Research has shown that dividends and earnings growth were principal drivers of equity returns, particularly in the long run. Dividend yields are still off considerably from pre-COVID-19 levels. However, analyst earnings growth estimates have rebounded from their June lows, particularly in Europe. While the Pacific and emerging-markets regions, led by firms in China, Japan, Korea and Taiwan, did not see earnings estimates fall as sharply earlier this year, they have also participated in analyst revisions.