BlackRock’s Jewell Says Earnings Estimates Are Overly Optimistic

Earnings expectations will need to be tempered because of the inflationary fallout from the war in the Middle East, according to BlackRock Inc.’s Helen Jewell.

“If you look at earnings forecasts at the moment for the year, they’re still well into double digits — 15, 16, 17, 18% — so there’s a lot of headroom for the earnings to come down a little bit,” Jewell, who is international chief investment officer for fundamental equities at the world’s largest asset manager, said in an interview with Bloomberg Television.