Profits of global companies will drop 10 percent in 2020

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Analysts at Citigroup said that the profits of the major international companies may decrease ten percent this year, as fears grow over an economic slowdown after the outbreak of a price war between two major oil producers Saudi Arabia and Russia.

“The risks remain on the downside, with a potential contraction in earnings per share between 15 and 20 percent. This is consistent with the result of global GDP growth of 1.5 percent,” said Citadel analyst Robert Buckland in a note last night.

One of the main reasons for lowering the bank’s expectations was the sharp drop in oil prices and the economic consequences of the Corona virus.

Buckland predicted last week that global earnings per share would fall by about ten percent if the Corona virus slowed global growth to two percent in 2020.

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