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July 31 2018

NN IP SNAPSHOT: US earnings season starts strongly while Europe’s stutters

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The US earnings season has started strongly, with 90% of the companies that have reported so far outstripping expectations, NN Investment Partners says.

Earnings grew by 25% and beat expectations on average by 5.2%, although this is based on less than 20% of all companies’ reports.

In Europe, the picture has been less impressive after reports from around a fifth of companies. The average sales surprise was nil and the average earnings surprise was around 4% negative, which was the weakest number in almost two years. Only 44% of companies beat their earnings estimates.

Patrick Moonen, Principal Strategist Multi Asset, NN Investment Partners, commented:

“The positive drivers in the US are strong domestic growth (up 4%), the lower USD and the 47% rise in the average oil price compared to Q2 2017, which contributed to a 29% rise in sales in the energy sector.

“Q2 will most likely represent the peak in absolute earnings growth. In Q3, the tailwind of the weaker USD will fade and the quarterly comparison in industrial metal prices will also be less favourable.

“However, it is encouraging that very few companies so far have referred to a negative impact of trade tariffs on their businesses.”

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