© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 25, 2023. REUTERS/Staff/File Photo
This week has seen shares in a raft of blue-chip companies get slammed, not just for missing forecasts, but even for excessive optimism given how weak the outlook for growth is. European companies that missed earnings per share expectations this reporting season have seen their share prices fall by an average of 6.18% in the five days after reporting, versus a 2.04% average gain for those that beat them, according to Morgan Stanley.
"The market forgives nothing at this time," Angelo Meda, a portfolio manager at Banor SIM in Milan, said.
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