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Europe, Middle East & Africa

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  • 18 May 2017
    • EMEA Manufacturing: Global Cyclical Recovery, Ongoing Profit Growth Support Positive Outlook
      Improving operating conditions lead to outlook change. We are changing our outlook for the EMEA manufacturing sector to positive from stable due to our expectations of more benign macroeconomic conditions, improved business sentiment, growth in operating profits and improving conditions in some end markets, most notably in the mining sector. We forecast that operating profits (EBITA) for EMEA manufacturers will grow by nearly 5% in 2017, and by 5.7% in 2018, as the measures companies took in the past few years to cut costs and streamline operations flow through to the bottom line. This is further supported by strong PMI Manufacturing readings, which at 56.8 are at a cyclical high, and accelerating global GDP growth of 3%. Press Release l Full Report​​​
  • 17 May 2017
    • Outlook Update: Automotive Parts Suppliers – Europe: Slowing European Auto Production Growth, Weak US Demand to Offset Strong Q1
      We are maintaining a stable outlook for European automotive parts suppliers. We expect global light vehicle production to be virtually flat this year, despite better-than-expected growth in the first quarter. The strong start to 2017 will be offset by a slowdown in Europe and softening demand in North America. While our estimate for global light vehicle sales volume remains at 93 million vehicles, we now forecast growth of just 0.2% in 2017, compared with our previous 1.1% estimate. The difference reflects higher 2016 baseline volume because of better-than-expected sales at the end of the year. Press Release l Full Report​ ​
  • 12 May 2017
    • Pharmaceuticals - Europe: Solid Pipelines to Spur Revenue Growth Beyond 2017 as Patent Headwinds Abate
      All of Europe’s drug makers are working on blockbuster-potential products, particularly Roche and AstraZeneca, which can fuel sales growth post-2017 as revenue headwinds from patent expiries recede. Full Report
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  • Moody’s Credit Assessment™ is provided by Moody’s Credit Assessment, Inc. Moody’s Credit Assessment™ is not a Moody’s Investors Service credit rating and is solely based on publicly available information.