Europe’s largest publicly traded companies have closed the gap to the US over the past year.
(Photo: Unsplash [M])
Dusseldorf Europe’s corporations presented themselves as more robust than their American competitors in the past financial year. The 500 largest companies in Europe in terms of sales increased their net profit to a total of 808 billion euros. According to Handelsblatt calculations, this is a record. Profits have more than quadrupled within two years.
This narrowed the gap to the 500 largest US corporations. However, their total profit, which has doubled over the same period, is still significantly higher at the equivalent of 1.3 trillion euros.
“Because of the close trade links with China, European companies are benefiting in particular from the end of the zero-Covid policy and the associated boost for the economy,” says Ulrich Stephan, Chief Investment Strategist at Deutsche Bank. According to Stephan, US companies only generate an average of just under five percent of their sales in the People’s Republic, according to Handelsblatt calculations it is twice as much in Europe.
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