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4、ortant disclosures on page 18 to 20.12860476 European Earnings Season Q2 earnings:financials mask broader weakness European Q2 EPS growth moderates to 0%but remains well above expectations thanks to financials:with around two-thirds of companies having reported,Stoxx 600 Q2 EPS growth is running at

5、0%year-on-year,moderating from 8%seen earlier in the season,yet still well ahead of the 7%decline that sell-consensus had expected at this stage.Financials are once more the key differentiator,with strong results across the board,accounting for three quarters the upside surprise.Given financials out

6、sized share in index earnings,better-than-expected Q2 EPS for the sector has helped to lift consensus estimates for the market overall by 5%since mid-July,which reverses nearly all of the cut seen since early April.Consensus now expects EPS to grow by 1%year-on-year for the Q2 season as a whole,up f