Europe’s best earnings quarter in three years is an energy story, not an AI one
European companies are heading into their strongest quarterly earnings season in more than three years, and almost none of it is about AI.
STOXX 600 constituents are forecast to grow second-quarter profits by 15.3% year on year, according to LSEG I/B/E/S data compiled by analyst Tajinder Dhillon and published on 9 July.
That works out at €156.8bn against €136.1bn a year earlier, across the 318 constituents with comparable data. If it lands, it would be the strongest quarter since the final three months of 2022.
Strip out energy and the number collapses to 6%. The equivalent ex-energy figure for the S&P 500, on the same LSEG methodology, is 19.6%. T
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hat is the gap,...
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