July 23, 2019 / 3:10 PM / a month ago

European second quarter earnings estimate cut again, now expected to fall - Refinitiv

LONDON (Reuters) - Companies listed on the pan-European STOXX 600 index are expected to report a 0.5% drop in second-quarter earnings, a reversal from 0.2% growth estimated a week ago, according to data from I/B/E/S Refinitiv on Tuesday.

That would be the first back-to-back quarterly earnings decline since the second and third quarters of 2016, marking an earnings recession.

It’s also down from more than 3.6% growth expected two months ago and a sharp decline versus the same quarter of last year when earnings rose 9.7%.

Europe’s STOXX 600 second-quarter revenue is seen rising 0.9%, an increase from 0.7% seen a week ago and 3.2% growth last year.

Reporting by Thyagaraju Adinarayan; editing by Josephine Mason

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