Earnings are showing signs of stabilizing. The global Q4 2023 results season for rated nonfinancial corporates is now 80% complete, and results to date suggest annual revenues are near flat (-0.8%) and EBITDA is down 3.4%. Assuming the soft- or no-landing arrives, further deterioration is likely to be limited and this earnings recession will have been remarkably modest by historical standards. Europe appears to be struggling, with growth weaker and results disappointing market expectations. Growth has turned positive in Latin America and APAC's large downturn is close to ending. Regional differences are also apparent in our new transcript and investor presentation sentiment analysis. Amidst a global improvement, median net positivity scores are highest for North American companies. Nearly all North American industries have net positive transcript sentiment; in Europe, roughly half are negative.