Europe's Big Banks and Pharma Giants Defy Odds of Decline.

European banks and pharmaceutical companies have exceeded expectations in the first quarter, with financials and healthcare being the only sectors to show earnings growth. Companies such as AstraZeneca, Novartis, GSK, and Novo Nordisk performed well due to higher sales and lower operating costs. These positive results may lead to potential upgrades in guidance. European banks also performed better than expected, with 71% of lenders beating their net interest income consensus. However, challenges lie ahead, including potential rises in loan provisions and a deceleration in net interest income growth. [Extracted from the article]