The left hand chart shows earnings expectations for the next 12 months for the ASX 200 on the left hand axis compared to the performance of the ASX 200 on the right hand axis. The market should track the expected earnings from the individual companies. In Australia, the higher income on offer from equities means that the market can be higher than the aggregate of just the earnings expectations. The right hand chart shows the revisions to consensus earnings for the market as well as the largest sectors.