Yesterday we noted here the fact that EPS estimates have fallen versus 3 months ago for most stocks in the developed world. In a similar vein, today we note that top line estimates are rising for only 37% of stocks in the MSCI developed world index, meaning they are falling for 63% of stocks. The only region in which more than half of stocks are seeing rising sales estimates is North America, where 62% of companies have seen top line estimates rise versus three months ago. In Europe only 8% of companies are seeing rising sales estimates and in the Pacific the number is 24%. A quick look at the data at the country level reveals that in France, Germany and Japan a single digit percent of companies have rising estimates while in the US 60% of companies do.