Europe’s largest publicly traded companies closed the gap to the US over the past year.
(Image: Unsplash [M])
Dusseldorf European companies presented themselves as stronger than their US competitors in the past fiscal year. The 500 largest companies in Europe by sales increased their net profits to a total of 808 billion euros. According to Handelsblatt’s calculations, this is a record. Profits more than quadrupled in two years.
This narrowed the gap to the 500 largest US companies. However, their total profit, which doubled over the same period, is still much higher at €1.3 trillion.
“Given the close trade ties with China, European companies in particular benefit from the end of the no-Covid policy, and the associated boost to the economy,” says Ulrich Stefan, chief investment analyst at Deutsche Bank. According to Stefan, American companies generate on average just under five percent of their sales in the People’s Republic of China, and by Handelsblatt’s calculations it is twice that in Europe.
Read now
Get access to this and all other articles at
the web and in our app.
tracking
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”
More Stories
Simply the funniest photos and videos of the week
D-AIXT: This is what Lufthansa's first Airbus A350 with the Allegris cabin looks like
USA: It is clear that the economy is losing momentum at the beginning of the year