Earnings Growth Under Pressure in the US, Negative in Europe
Alongside the pressure on top-line sales, earnings growth for companies in the S&P500 and Eurostoxx50 has clearly deteriorated. On a per share basis, US year-on-year earnings growth has been steadily declining, from a multi-year peak made at 27% in September 2018, to the latest June reading of 6%. Worse still, Eurozone EPS growth is negative since last December, reflecting consistent earnings contraction compared to levels recorded a year earlier.
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