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It’s going to be bad

For most stock markets around the world, the first quarter was one of the worst in history. The start of the second isn’t looking any better, with Asian and European markets opening lower and U.S. futures implying that they will follow suit.

The outlook for corporate earnings is bleak, with the average analyst forecast calling for a 10 percent year-over-year decline for S&P 500 companies in the second quarter, according to FactSet. This would be the first double-digit percentage fall in earnings since 2009. At the start of the year, analysts thought earnings would grow 6 percent this quarter.