Amid the grim recent headlines it was easy to miss what has been a spectacular European earnings season. With that season almost over, earnings growth is running at 68 per cent – almost double the 35 per cent growth expected last September, notes Barclays.

This is driven by soaring energy revenues, although FactSet data shows all but one sector beat estimates. Compared to the last 20 quarters, companies have reported the highest percentage of earnings beats and the lowest percentage of earnings misses.

The same is true of revenues, with the revenue beat rate “significantly higher” than any of the past five years.

Despite war in Ukraine, analysts now expect 2022 earnings growth of 11 per cent – more than double the 5 per cent growth rate estimated in December, and some consolation for investors worried by the stressful geopolitical backdrop.