Corporate earnings rose a blistering 24% in Q1 led by Energy, Materials, Financials and IT with revenues also up a stonking 8%. Whilst a portion of the earnings uplift can be attributed to the Trump tax cuts, US companies are also benefitting from strong domestic and global growth and, for the multinationals, the tailwind of a weak dollar in 2017. Earnings growth for 2018 as a whole is forecast to be in the region of 20%. Despite the strong earnings season, share price reaction has been muted with concerns that Q1 will prove to be the peak earnings quarter of the cycle and as good as it gets. However, whilst last years ‘positive surprise’ nirvana may be over, the strong earnings growth should provide a healthy support for stock prices for the remainder of the year.