Europe Inc has weathered the turbulence sparked by U.S. President Donald Trump's tariff policies to deliver resilient first-quarter earnings, but in spite of the newly-minted trade truce, opens new tab, investors still face a fog of uncertainty. According to LSEG I/B/E/S, first quarter earnings are expected to have increased 1.9% from the same quarter a year ago, marking the fourth straight quarter of growth. Excluding the energy sector, earnings are expected to have risen 7.3%. The impact of Trump's tariffs and macro-economic uncertainty dominated corporate communications, while some companies warned about the strong euro and its impact on revenue. Cyclical parts of the market struggled, while bank earnings remained robust. Here are five key takeaways: UNCERTAINTY REIGNS Trump's tariff plans cast a shadow over earnings and companies mostly reacted by maintaining or pulling guidance, even as business got off to a relatively strong start to the year. "The last time we had this kind of uncertainty around guidance and companies pointing to a lack of visibility was Q1 in 2020 when COVID started," said Magesh Kumar Chandrasekaran, equity strategist at Barclays.
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