Earnings prospects, one of last few stock catalysts, fade

London

STOCKS are losing their last line of defence.

Amid a selloff that erased over two years of gains - about US$14 trillion - from global stocks now on the brink of a bear market, at least earnings stood as a potential bright spot. Those hopes are fading: analysts' profit downgrades outnumbered upgrades by the most since 2009 last week, going by a Citigroup Inc index.