Consumer non-cyclical stocks, such as food giant Nestle, are expected to post the highest earnings growth rate for the quarter, expanding by 52.8 percent with earnings of $7.2 billion.
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The utilities sector, on the other hand, is seen struggling, with earnings growth expected to slip almost 13 percent from the second quarter last year. The sector is expected to post earnings of $239.9 million, relative to last year's $275.4 million.
Two companies on the Stoxx 600 index have already reported second-quarter earnings, and both have beaten estimates.
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Analysts expect positive earnings growth from 17 of the 20 countries represented on the Stoxx 600, Thomson Reuters' analyst Greg Harrison said in a report.
Luxembourg and Italy have the highest estimated earnings growth rates, with some 1044 percent and 282 percent growth expected respectively.
Earnings growth in Austria and France, however, is expected to fall by 18 percent and 5 percent respectively.