US EPS growth was narrowly based
TRAILING EARNINGS, US$, 2008=100
1400
1400
* MANAMA = META (FROM 2012), ALPHABET, NVIDIA, APPLE, MICROSOFT, AMAZON & TESLA (FROM 2010). † S&P500 EX -MANAMAT.
1200
1200
1000
1000
800
800
PRE- PANDEMIC TREND
MANAMAT STOCKS*
600
600
400
400
S&P493†
200
200
MSCI ALL COUNTRY EX-UNITED STATES
0
0
08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1
Sources: DataStream, Bloomberg, MSCI, NBER
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