Investors will be left disappointed by a soft earnings season despite a rally that has pushed the local sharemarket to all-time highs.

That is the view of equity strategists, whose earnings forecasts have slid more than 10 per cent. The warning comes after the benchmark S&P/ASX 200 Index rallied almost 2 per cent last week as traders ramped up bets that the Reserve Bank may cut interest rates at least twice this year.