Barclays strategists said that European and American earnings reports for the third quarter started well, but the number of cases where the performance exceeded expectations is declining, and macroeconomic concerns are suppressing the stock price response. Consolidated earnings per share grew at a year-on-year rate of about 25% in Europe and 30% in the US. The energy sector clearly contributed to the performance. The team, led by Magesh Kumar Chandrasekaran, said that the ratio of performance exceeding expectations fell from the previous quarter; European banking earnings were mixed, and technology companies had a strong start. Profit increases in both regions have slowed. With the exception of energy and semiconductors, profit momentum has weakened in most sectors.

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