What to look out for as Europe’s earnings season begins, according to the experts

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Europe's corporate earnings season began in earnest last week, with analyst consensus projecting a 140% year-on-year increase in earnings per share for the second quarter.

Given the sharp decline in the second quarter of 2020 as the Covid-19 pandemic took hold, second-quarter earnings across the European blue chip index this year are still set to remain 2% below their pre-pandemic peak.

"This would bring the total increase from last year's trough to 50%, broadly in line with the EPS rebound after the global financial crisis." "The 12-month forward EPS for resources has been revised up by almost 60% over the past six months, the strongest earnings momentum on record, with energy's relative EPS momentum close to a 25-year high, at 45%," they said.

The latter trend has driven the energy sector's price-to-earnings ratio to an all-time low, BofA highlighted, while mining is at its lowest since 2008.expects the second quarter to bring more capital expenditure announcements, share buybacks and M&A.

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