Analysis: Europe's earnings optimism dwindles with resurgent virus

A sudden tightening of social restrictions to tackle the resurgent coronavirus pandemic across Europe threatens to spoil any stock market boost third quarter earnings might bring.

"In the grand scheme of things, this quarter is one of overall recovery," said Sylvain Goyon head of equity strategy at Oddo BHF in Paris. They will be closely watching outlook statements to see how businesses fared in the weeks following the reporting period and what the impact of a potential failure of the European Union and the UK to strike a free trade agreement might be.Investors will also be analysing how companies are controlling costs and dealing with headwinds such as a stronger euro.

Also encouraging were the results of Daimler <DAIGn.DEW which published forecast-beating third-quarter results, buoyed by a better-than-expected rebound in sales of luxury cars in September.

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