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Worst Earnings Letdown Since Crisis Add to Europe Stock Woes

  • Profit results disappointing by the most since at least 2007
  • Investors are turning to defensive stocks on growth concerns
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Stoxx Europe 600 Index Driven Higher By Earnings

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Europe’s earnings season is only half-way through, but so far even stable profit generators are showing signs of capitulation.

Banks, industrial companies and even health-care companies are surprising the market with the widest earnings misses since even before the financial crisis. Analysts are dialing back their 2015 outlooks -- they see zero income growth for Stoxx Europe 600 Index members on average, down from an estimate of more than 4 percent three months ago.