Commuting less means working more for J. Stern’s Kosmopoulou
Investors and analysts are preparing for the busiest day so far this year for European corporate results when firms worth more than $2 trillion report their latest figures on Thursday. This time, many will still be working from kitchen tables, living-room desks and home offices.
Not only are the firms numerous, with more than 60 companies in the Stoxx 600 Index set to report, they are also large: their combined market value amounts to nearly a quarter of the benchmark. That’s more than three times the market value of April 30, the busiest earnings day of the previous reporting period, according to data compiled by Bloomberg. Nestle SA, AstraZeneca Plc and Royal Dutch Shell Plc are the headliners.
“It’s like a tsunami,” Michael Hewson, chief market analyst at CMC Markets UK Plc, said by phone. “It’s an easy way for companies to bury news and I’ve only got one set of eyes, especially when there’s also macroeconomic data to look at.”