Results for the first quarter of 2017 came out largely as promised, with double-digit earnings growth for all developed regions and substantial revisions to EPS.
In Europe, earnings figures, up 23%, are even more encouraging on second glance. The net balance of upside surprises is at its highest in seven years. Virtually all sectors took part in this trend. Furthermore, not only is this rise attributable to cost cutting, it has been accompanied by a powerfulrebound in economic activity (+4%, excluding energy and foreign exchange effects). Lastly, this earnings rebound is expected to last, with a comparative advantage to Europe and the eurozone in particular.