Deborah Lambie: Milford Asset Management Global Equities Analyst on the start of US first quarter reporting - Heather du Plessis-Allan Drive

Over in the US, first quarter earnings reporting season has officially kicked off.

Despite many US companies facing a raft of challenges between interest rates, inflation, and banking turmoil, the S&P index is up by 8 percent.

Milford Asset Management's Deborah Lambie says analysts are forecasting profits will be down by 6.5 percent, making it the second consecutive quarter of negative growth.

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