Bank of America is anxious about the effects Brexit will have on corporate America and, as a result, the bank has downgraded its S&P 500 earnings forecast for 2016 and 2017. BoA believes that following the UK referendum global real GDP growth will slow to 3% year-on-year for 2016, down from 3.1% in 2016. US GDP real GDP growth is expected to fall 0.5% to 1.9% year-on-year for 2016 and to 1.8% year-on-year for 2017. Also, a stronger dollar, driven by safe haven flows will also work to curb earnings growth. After a tailwind of four percentage points during 2016,…
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