Standard & Poor’s 500 Index companies are exceeding analyst sales forecasts by the most since 2012, a sign rising consumer demand is fueling economic growth as the bull market approaches its sixth year.
U.S. stocks fell a third day and the gauge for emerging-market shares dropped to a four-month low while the yen gained with Treasuries as data showed growth in the services industries in America and China slowed.
Royal Bank of Canada hired Jonathan Golub from UBS AG as chief U.S. market strategist for its investment-banking unit, filling a role left vacant since Myles Zyblock’s April departure. The firm also added two former UBS analysts to cover the consumer industry.
Jonathan Golub, chief U.S. market strategist at UBS AG, said stocks of consumer-focused companies are becoming attractive as they manage costs better and lower gasoline prices encourage Americans to spend.