Analysts at Citigroup expected that the profits of major international companies will decrease by 10% this year in light of an economic slowdown and the outbreak of oil price war between Saudi Arabia and Russia.
According to Reuters news agency, Robert Buckland, an analyst at Citigroup, said in a note last night that risks remain on the downside, with a possible contraction of earnings per share between 15 and 20 percent. This is consistent with the result of global GDP growth of 1.5 percent.
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.
