Europe Profit Estimates Cut Most Since ’09 as Crisis Hits Danone

Europe Profit Estimates Cut Most Since ’09 as Crisis Hits Danone

Antoine Antoniol/Bloomberg

Corporations from French dairy producer Danone SA to SKF AB, the world’s largest maker of ball bearings, have reduced their forecasts and strategists at Macquarie Group Ltd. and Morgan Stanley, who base their predictions on the economy rather than individual companies, say earnings will drop as much as 10 percent this year.