Bank of America Merrill Lynch Equity & Quant Strategist Savita Subramanian looked at what to expect going into next week’s earnings season kickoff. Savita believes soft data points to a modest earnings beat in the second quarter. Subramanian noted that analysts have not cut estimates as much as usual, and industrials is the only sector where expectations have been raised. “We forecast $32.00 for 2Q EPS, implying +8% YoY growth, a 2% beat vs. consensus, half as much as the average post-crisis average beat magnitude. Continued weakness in the US dollar – down 5% in the 2Q – is a positive, as are corporate commentary, management guidance and revision trends,” Subramanian said.Source