Consensus is for good Q3 European earnings, but bad Q4
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CONSENSUS IS FOR GOOD Q3 EUROPEAN EARNINGS BUT BAD Q4
Second quarter results season in Europe is pretty much done, and in terms of the biggest picture, things looked alright, more companies beat expectations than missed.
Expectations for the rest of the year, seem a bit odd, however, as HSBC flag in a Wednesday note.
Sell side analysts have meaningfully raised their estimates for the third quarter, and consensus year on year earnings per share growth in Europe for Q3 is now at 8% as compared to 4% before Q2 earnings, according to HSBC's sums.
However, this optimism is balanced by analysts lowering their EPS estimates for Q4, and as a result, consensus EPS estimates for Q4 as a whole are at their lowest level this year.
What's going on is a little hard to say. HSBC suggest it is a result of positive takeaways from Q2 running into near term pessimism.
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