--- title: A solid 7% EPS growth is expected in 3Q25 for US stocks description: Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September image: https://blog.syzgroup.com/hubfs/e959e35a-a379-4e3b-826d-be6a1319db2f%20(002).jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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[Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) ### A solid 7% EPS growth is expected in 3Q25 for US stocks Global equity markets rebounded last week, recovering from 3 consecutive days of declines in late September [**Gaël Combes**](https://blog.syzgroup.com/fast-food-for-thought/author/gaël-comb) **Friday, 10/17/2025** | - ![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png) - - - - Global equity markets were under pressure last week, with the MSCI AC World Index down 2.1% in USD. The S&P 500 and the STOXX 600 both finished the week down 2.4% in USD as the euro weakened. In the US, the “Mag 7” declined 2.5%, with Apple the weakest performer, falling almost 5% over the week. Smaller-cap stocks underperformed, with the Russell 2000 down 3.3%, and the energy sector was the weakest, finishing the week down 4.2%. China fell 3.3%, with Chinese technology stocks under heavy pressure, while Japan gained 2.7% in local currency and declined only 0.6% in USD making it an outperformer. Markets sold off as trade tensions resurfaced between the US and China, while a trade deal has still not been reached. Tensions escalated after China announced potential restrictions on rare earth exports, launched an antitrust investigation into US chipmaker Qualcomm, and announced curbs on shipments of certain battery components. The potential rare earth restrictions could have significant implications for global supply chains, as China mines about 70% of these minerals and currently accounts for 90% of global refining capacity. Rare earth materials are critical in the manufacturing of smartphones, electric vehicles, and military equipment, among other applications. Although the tone softened over the weekend, these developments highlight the relatively balanced power dynamic between the US and China, as the latter has been preparing for this trade confrontation for years. Last week, AMD (+30.5%) rallied after it and OpenAI announced a multiyear agreement under which AMD will supply AI chips (GPUs) to OpenAI, deploying 6 gigawatts of compute over time. Most other semiconductor names declined during the week, with semiconductor equipment maker KLA down 10.8% and Qualcomm down 9.2%, also affected by the investigation news flow in China. Meanwhile, Oracle sold off early in the week on news that profitability would be lower than expected in its AI cloud business but recovered in the second half of the week as investors anticipated margins to improve with scale. The debate continues amongst investors about the AI circular economy. There is also more companies such as Oracle or CoreWeave that rely on debt to fuel their organic growth. In Europe, ABB sold its Robotics division to SoftBank, underscoring that robotics is increasingly dominated by Asian players. BMW (-9.2%) issued a profit warning, revising its 2025 automotive EBIT margin to 5–6% from 5–7% due to US tariffs and continued headwinds in China. Ferrari (-19.4%) sold off after presenting medium-term targets at its capital markets day that fell short of expectations, particularly regarding its fully electric vehicle lineup. Defense stocks were also under pressure in Europe, as were technology names such as ASML. The second-quarter earnings season will begin this week, with S&P 500 earnings expected to grow 7% year over year. This would mark the ninth consecutive quarter of year-over-year earnings growth for the index. The Technology and Healthcare sectors are expected to exhibit the strongest growth during the quarter. Investors’ focus will be on the resilience of consumer spending and how corporates are navigating the impact of tariffs. In contrast, the near-term outlook in Europe is less encouraging, with earnings projected to contract 2% year over year in the second quarter (and still -1% excluding energy). The automobile and construction sectors are expected to show the weakest growth. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Oct-17-2025-09-19-06-5813-AM.png?width=921&height=199&name=image-png-Oct-17-2025-09-19-06-5813-AM.png)       --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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