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Europe's fourth quarter company earnings growth expectations slashed yet again

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Europe's fourth quarter company earnings growth expectations slashed yet again
FILE PHOTO: A man is seen in front of a sheet of five Euro notes at the opening of the new Central Bank of Ireland offices in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne   -   Copyright  Clodagh Kilcoyne(Reuters)
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LONDON (Reuters) – European companies listed on the STOXX 600 index are expected to report 3.6 percent year-on-year earnings growth in the fourth quarter, sharply lower than the 4.8 percent forecast last week, according to I/B/E/S Refinitiv.

The new estimate confirms a sharp downward trend and amounts to about a third of the earnings growth levels forecast in November. On January 15, the forecast still stood at 6 percent.

The revision comes after 26 STOXX 600 companies reported results so far this earnings season with 50 percent exceeding analyst estimates. This is in line with a typical quarter, Refinitiv analysts said in a note.

(Reporting by Julien Ponthus, editing by Helen Reid)

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