Citigroup 11 月 15 日长篇，英文20页。
       Q3 2017 Headline Earnings Beats—European & US Financials’Q3 2017reporting is largely complete and，while consensus forecasts are yet to fully filterthrough，market cap weighted beats & misses suggest near-term earningsmomentum marginally favours the US over Europe.Euro Banks，our current toppick sector in GFAM（see Global Financials Strategy：Adding Japan & Aus to GFAM–Euro Banks STILL lead the pack），has fared better than we expected even ifforward earnings momentum looks like it will slow after successive positive earningsrevisions since mid-2016.