# The war takes a toll on growth; but more on economic than earnings Page: https://stenobird.com/podcast/global-research-unlocked-4488149/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings Text version: https://stenobird.com/podcast/global-research-unlocked-4488149/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings.md Podcast: [Global Research Unlocked](https://stenobird.com/podcast/global-research-unlocked-4488149) Published: 2026-04-06T17:55:02+00:00 Episode link: https://bofaglobalresearch.podbean.com/e/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings/ Audio file: https://mcdn.podbean.com/mf/web/9a78vz8e3tmsecsp/Econ_Equity_Strategy_final.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/global-research-unlocked-4488149/episodes/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings Duration seconds: 677 ## Resource Equities drop but S&P earnings resilient for now Global markets are recalibrating as higher energy prices shift the macro outlook and force a reassessment of growth and inflation. Our commodity strategy team raised forecasts for oil prices and other commodities due to Middle East supply challenges, leading the Global Economics team to lower their global growth estimates. While higher oil prices offer a modest tailwind to energy production and fiscal revenues for some countries, they also mean higher costs and tighter financial conditions, with the net effect being that 2026 GDP estimates were cut in the 0.3-0.5 ppt range. Savita Subramanian highlights that U.S. corporate earnings have remained resilient, supported by strength in energy and tech, and discusses how the recent selloff, combined with positive earnings revisions, informs her view on the S&P 500 and whether earnings are likely to remain relatively unfazed. She also outlines preferred sectors, while we cover the key risks to economic and earnings forecasts from here. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United St… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/global-research-unlocked-4488149/episodes/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/global-research-unlocked-4488149/the-war-takes-a-toll-on-growth-but-more-on-economic-than-earnings.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.