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Expectations for U.S. stock earnings in the first quarter are the lowest since the global financial crisis, and may suffer more than global peers this year.

What's happening: Blended estimates imply a -13.7% decline in S&P 500 earnings, while in Europe, Japan and emerging markets the fall has been much bigger, "of the order of -31 to -34%," Deutsche Bank research analysts write in a note to clients.

But, but, but: Having been hit earlier by the coronavirus outbreak, companies in Europe, Japan and emerging Asia are on pace to deliver horrific Q1 numbers but are expected to see better earnings than the U.S. as the year progresses.

  • "Since earnings season began, the bottom-up analyst consensus has downgraded earnings for Q2 and for 2020 as a whole by more for the US (-10.5%) than it has for Europe (-8.8%) and EM (-7.6%)," Deutsche's chief global strategist Binky Chadha and other top strategists note.
  • "For EM, led by China, the bottom up consensus sees earnings as having already bottomed in Q1, with a strong rebound expected in Q4 this year."

Watch this space: As earnings have tumbled, U.S. companies' price-to-earnings ratios have soared to near the highest since the dot-com bubble burst.

  • The S&P's 12-month forward P/E ratio has risen to 20.4, well above its five-, 10- and 20-year averages and the highest since 2001, but still below a peak of 23.4 touched in September 2000, according to FactSet data.

Go deeper: States face economic death spiral from coronavirus

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Updated 29 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Aug 11, 2020 - Health

Georgia reports 137 coronavirus deaths, setting new daily record

Georgia Gov. Brian Kemp puts on a mask after speaking at a press conference. Photo: Elijah Nouvelage/Getty Images

A record 137 people have died from the coronavirus in Georgia on Tuesday, surpassing the state's record from last week, according to the Georgia Health Department.

By the numbers: Georgia is one of several states in the South that saw spikes in daily deaths on Tuesday, including Florida which had a record 276 deaths. Alabama and Tennessee recorded their second-highest daily death tolls at 50 and 38, respectively.

Aug 11, 2020 - Health

Florida reports another daily record for coronavirus deaths

Nurse practitioner Barbara Corral and a research assistant conduct a COVID-19 vaccination study on August 7 in Hollywood, Florida. Photo: Joe Raedle/Getty Images

Florida's health department on Tuesday reported 276 new coronavirus deaths, surpassing the state's record from July 31.

The big picture: The state also recorded over 5,800 new cases — on the low side for a state that is one of the domestic epicenters for the virus.