Some interesting Macquarie commentary on the European earnings season: With almost 30% of companies having reported results we review the 3Q13 reporting season so far. In 3Q so far 33% of companies have beaten expectations and 39% have missed, an outcome that is better than what occurred in both 1Q and 2Q. The results on the average size of the beat/miss also support the broad conclusions that there has been an improvement in 3Q relative to 1Q and 2Q.


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