European firms near record profit season

European companies are heading into one of their strongest earning seasons in years, with markets expecting total profit growth of 23.4% for the second quarter. This is primarily driven by a surge in energy sector profits, which may double compared to last year, and the basic materials sector, projected to see an increase of around 70%. This comes after eight consecutive weeks of upward revisions in profit expectations, even though other sectors show signs of weakening demand. Revenue growth is expected to be more modest, estimated at an 11.4% increase in sales, as companies continue to focus on maintaining earnings momentum into the second half of the year amid economic and geopolitical challenges.

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