ANALYSIS: Europe's food, drink, technology and financial companies are set to be the stars of the second-quarter earnings season thanks to a nascent regional recovery, while those selling to emerging markets may disappoint.
Market positioning and analysts' expectations suggest the results, which start in earnest next week, will be an improvement on the first three months of 2013 - when STOXX Europe 600 earnings undershot forecasts by 0.8 percent.
Although a weak euro ate into exporters' profits, oil prices sank and metals weakened during the quarter, the European economy finally showed signs of growth.
Consensus earnings expectations and forecasts from the historically most accurate analysts point to consumer staples - the makers and sellers of food, drink, household products and tobacco - delivering the biggest upside surprises.
