More grim news for the US economy comes tonight as a new report indicates that US companies face another bleak earnings season with analysts forecasting the longest profit recession since the financial crisis. Energy groups are expected to weigh heavily on S&P 500 results while a number of other sectors such as financials are struggling to increase profitability.

Earnings of the major groups that comprise the S&P 500 index are seen falling 5 per cent in the second quarter from the same three-month period in 2015. That forecast is slightly lower than the 6.8 per cent decline seen during the first quarter, but will mark the fourth-straight quarterly decline, according to data from S&P Global Market Intelligence. READ MORE