Expects FY profit at lower end of market view
US earnings rise 3 but CEO cautions on sustainability
Shares at more than 412 year low, drags peers lower

Jan 13 Reuters British recruiter PageGroup issued its second profit warning in six months on Monday, citing deteriorating conditions especially in France and Germany and continuing uncertainty in its other main markets.

The FTSE 250 firm39;s stock fell as much as 5 to 295.8 pence, the lowest level since May 2020, pulling Londonlisted rivals Hays and Robert Walters to their lowest since June 2013 and April 2020, respectively.

France has endured a year of political upheaval while Germany is mired in an economic downturn and also faces a snap election. The two countries together make up more than a quarter of PageGroup39;s earnings.

Potential trade tariffs by the incoming administration of U.S. Presidentelect Donald Trump are another concern for European firms.

With the threat of Trump39;s trade tariffs hovering over Europe, and the potential impact of AI on a whole host of jobs still unclear, it39;s not surprising that firms are staying cautious about hiring, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

PageGroup noted that earnings in the United States grew for the first time in two years in the fourth quarter but Chief Executive Nicholas Kirk cautioned that it was too soon to label it a sustained recovery.

Clearly, we39;re pleased to see growth…but…I wouldn39;t call it a trend…