Dusseldorf European companies presented themselves as stronger than their US competitors in the past fiscal year. The 500 largest companies in Europe by sales increased their net profits to a total of 808 billion euros. According to Handelsblatt’s calculations, this is a record. Profits more than quadrupled in two years.
This narrowed the gap to the 500 largest US companies. However, their total profit, which doubled over the same period, is still much higher at €1.3 trillion.
“Given the close trade ties with China, European companies in particular benefit from the end of the no-Covid policy, and the associated boost to the economy,” says Ulrich Stefan, chief investment analyst at Deutsche Bank. According to Stefan, American companies generate on average just under five percent of their sales in the People’s Republic of China, and by Handelsblatt’s calculations it is twice that in Europe.
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