The top and bottom charts show the earnings expectations for 2021 and 2022 by market and sector, respectively. The COVID-19 pandemic has hit cyclical sectors hard in 2020, but they are expected to rebound in 2021 as the global economy gradually normalizes.

Meanwhile, the tech, health care and defensive sectors weathered the pandemic well with positive earnings in 2020 and are expected to keep growing in 2021. This could bode well for China, South Korea and Taiwan, which are the leading markets in Asia for these sectors.