Below we highlight the bottoms up estimated 2008 earnings growth estimates for the S&P 500 and Europe's Stoxx 600. As shown, estimates for growth in S&P 500 earnings are expected to be 10.8% in 2008, while estimates for Europe are at -0.1%.

There are some big discrepancies between sectors as well. Telecom is expected to see the biggest growth in Europe and the smallest growth in the US. Technology is expected to be the best sector in the US, but estimates for growth are twice as high for Tech in Europe. Energy stocks rank 2nd for growth in the US at 14%, but earnings are expected to decline 9% in the Oil & Gas sector in Europe. Finally, while earnings in the US Financial sector are expected to grow by 10.7% in 2008 (a number that many think is unlikely especially given today's news from Wachovia), analysts in Europe are expecting a decline of 8.8%.

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