Downstream weakness could dampen upstream gains in Total's 4Q.
We expect PepsiCo's 4Q earnings to lack sparkle due to the difficult economic environment, but we anticipate a more prosperous year ahead for the firm.
Smokers in emerging markets may have switched to competitors' cheaper brands, but we expect the weaker dollar to have provided a boost to PM's 4Q performance.
The benefit of higher oil prices may be offset by lower refining margins and natural gas volumes.
Credit Suisse will continue to benefit from its relative strength during the crisis.