Earnings estimates still too optimistic

Consensus estimates for companies around the world are still too optimistic and shouldn't be relied upon when making investment decisions, according to JP Morgan Asset Management. Globally, earnings per share (EPS) is expected to show a 14% decline for 2008 and a further 2.3% drop in 2009, according to the fund house. For the US, the consensus estimate is -13.1% for 2008 and -1.6% for 2009. For Asia ex-Japan, it is -18.6% and -4.5%, respectively. "We still have a long way to go in t…