Expectations for European corporate earnings plummet


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© Reuters. The German DAX Index graph is pictured during a trading session at Frankfurt’s stock exchange in Frankfurt

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LONDON (Reuters) – Europe Inc’s profit expectations for the second and third quarters continued to deteriorate sharply, Refinitiv’s data showed on Tuesday, as countries such as the UK, Italy and France implemented lockdowns to fight the coronavirus outbreak.

Companies listed on the pan-European STOXX 600 () are now expected to report a 21.9% decline in earnings in the second quarter, down from a 14.9% drop forecast the week before.

For the third quarter, expectations are now set for a 15.4% fall versus a 6.5% a week ago.

Before the virus outbreak, analysts were expecting Europe to end its corporate recession, which lasted throughout 2019, but those hopes have since been quashed.

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