The negative performance trend started in Q411, following the euro and sovereign crisis. At the time, results revealed already hesitant end-markets for early-cycle industries in sectors such as trucking (AB Volvo, 'BBB+'/Stable) and steel (ThyssenKrupp AG 'BBB-'/Negative). This trend continued in H112 and profitability in early-cycle segments such as electrical (ABB) dropped materially year-on-year. Fitch expects margin squeezes to persist, due to ongoing price competition in combination ...
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