Through the weakening of the euro, early-reporting companies based in Europe gained some relief in the fourth quarter of 2014 from the currency headwinds they . had been battling all year. However, they continued to face relatively weak demand in European markets and slowing demand in the major emerging markets. Companies do not yet report improved margins due to lower input costs stemming from the fall in oil prices. As a result, they remain focused on ongoingrestructuringprograms.Meanwhile, earnings visibility for the year ahead is not clear, companies say.
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