FLEE - STOXX 600 Q1 2022 Earnings Preview: Earnings Growth Remains Resilient

• As we enter 22Q1 earnings season, the market will be adapting to ‘a new normal’ as we exit 2021 which saw STOXX 600 earnings growth increase by 76.6%, a record-year in large part to base effects.
• Using Refinitiv Datastream, the GFK U.K. Consumer Confidence Index reading has sharply declined from -7 in July 2021 to -31 in March 2022, which is the third lowest reading since the height of the pandemic.
• In attempting to answer our original question as to whether analysts have been too slow in downgrading estimates, we turn to the STOXX 600 Earnings Outlook report.

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