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Virus hit on Europe’s corporate profits seen growing further

Expectations for second- and third-quarter corporate profits have deteriorated in Europe, Refinitiv data showed on Wednesday, as fears grow over the extent of the recession triggered by the coronavirus pandemic.

Companies listed on the pan-European STOXX 600 are now expected to report a decline of 46.7% in second-quarter earnings, down from a drop of 44.9% forecast the week before.

For the third quarter, analyst expectations are now set for a 35.1% fall in earnings versus 32.7% a week ago.

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