Deutsche Bank, UBS See 3% Q1 Growth

Deutsche Bank projects European Q1 earnings growth of about 3% YoY, slightly above the 2% consensus but below long‑term average beat rate.
UBS trims 2026 EPS outlook to ~7% and flags margin compression as key risk, citing 15‑20‑point input‑price rise versus modest output‑price gains.
Energy sector upgraded to 20% earnings growth on $80 oil price assumption, while autos, chemicals and consumer discretionary face steep headwinds.
Weaker dollar down 11% YoY in Q1 pressures US‑exposed sectors like healthcare, and higher energy costs expected to bite from Q2 onward.