European companies "rebound" amid trade tensions - Corporate profits expected to grow by 2.3% in the first quarter
European corporate profits are expected to rise by 2.3% in the first quarter, beating analysts' expectations. More than half of companies reported figures higher than forecasts, despite global trade tensions.
Recent earnings forecasts showed that the outlook for European corporations has improved.
European companies are expected to report a 2.3% increase in first-quarter profits, on average, according to the latest data. That beats the 1.9% increase analysts had expected a week ago.
About 60.1% of the 271 companies in the STOXX 600 index have already published first-quarter earnings that exceed analysts' expectations.
Consensus forecasts for first-quarter earnings are unchanged from last week, with an expected 2.3% increase. That compares with a 3.3% decline in profits and a 4.6% decline in revenue a year ago, the data showed.
At the time of US President Donald Trump's inauguration on January 20, forecasts had been for a 3.5% rise in first-quarter earnings, according to LSEG data. The forecasts were reversed to a decline of up to 3.5% after the US leader's tariff announcements in April.
Following the easing of a 90-day tariff pause announced last week, investors are awaiting trade deals before Trump's reciprocal tariffs go into effect again in early July.
But economic uncertainty and the prospect of trade tensions continue to weigh on companies' outlook, a global survey by Allianz Trade showed. Some 42% of companies now expect a significant drop in export revenue, compared with just 5% before Trump's tariff announcement on April 2.
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