Europe's listed companies are expected to generate 1.2 trillion euros (£1.0...
LONDON - Europe’s listed companies are expected to generate 1.2 trillion euros in revenue from the United States this year, highlighting what’s at stake as global trade tensions grow and earnings and economic growth stall.
U.S. President Donald Trump is due to decide by Saturday whether to impose duties on car imports, potentially posing another significant threat to global growth and denting Europe’s prized auto sector. The impact on Europe’s top firms could be profound — with slowing economic growth and some countries like Italy struggling with bulging budget deficits, the region may not be as resilient to a prolonged dispute as China has so far proven.
According to Europe’s top asset manager Amundi Asset Management, U.S sales average about 20% of MSCI Europe companies’ aggregate turnover, while European sales average about 14% of turnover for companies in MSCI’s U.S. share index,Typically, Europe’s carmakers are considered particularly vulnerable to Trump’s protectionism.
Average European company exposure to the United States in those sectors ranges from 10 to 20% in terms of sales, compared with 33% for healthcare. An analysis by Refinitiv based on companies’ estimates of 2019 revenue shows they draw some 133.3 billion euros in revenue from the world’s No. 1 economy and top drug market.While healthcare has not been implicated in the tit-for-tat between Washington and Brussels so far, some investors worry about the potential fall-out from souring relations between the two economic powerhouses.
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