Credit conditions are tightening in both Europe and the United States. Our analysis follows in our mid-quarter update, Tightening Credit. Prefer to download this presentation in PDF? Please click here. 1. Summary -Credit conditions in both Europe and the United States tightened significantly recently. -We had our AI engine...
While earnings season in the US is winding down, European companies generally take a bit longer to report, which puts us squarely in the middle of Europe’s earnings season. Today, we will examine trends in fully reported developed Europe large-cap companies by sector. Our basket...
With the European Market's earning season fully upon us, let's look at expectations for the month ahead. According to our proprietary analytics, the European energy and real estate sectors have experienced the highest level of downward revision to sales of all sectors on both a...
Earlier this week, Steve wrote about developed market performance since the low on 10/12/22. Here, I take a deeper dive into the performance of European stocks since that date. The Bloomberg Europe DM Large-Mid Index bottomed on 9/26/22 at 854.46, and after a short blip upwards,...
Investor concerns over the potential for poor European growth in the foreseeable future have eased thanks to the flurry of economic data coming out stronger than expected this year. That same data though has led investors to again fear what they thought was behind them...
Last week, I dissected developed markets EMEA (DM EMEA) stock performance by sector and found that the consumer discretionary sector was driving upward performance. This week, I dig into emerging markets across the European, Middle East and Africa region. We use our Mid-Large emerging markets...
As inflation fears have receded somewhat—though we’ll see in next week’s US CPI report how much they really have receded—European stocks have had a good start to the year. In the table below, I take the top 85% by market cap of large-mid firms from European...
We got consumer price reports for many European countries this week. The main story for the Eurozone is still one of sticky inflation driven by elevated food and fuel prices, though there are some differences emerging among the major European economies. In this analysis we...
With winter not fully upon us, European industrial production has benefitted from lower energy prices. The mild weather has led economists to predict less dire economic scenarios, where recession fears have receded. November’s industrial production highlights the economic benefit realized from this winter’s mild weather. In...
We believe highly innovative companies, when accounted for properly, are cheaper than their non-innovative peers in all regions of the world. Below in our Mid-Quarter Update, we map the spheres of innovation in the developed world. Prefer to download this presentation in PDF? Please click here. 1.Summary We...
The 1,000 or so participants in Sentix's monthly survey of whether or not a country will leave the euro collectively decided that the risk has subsided (slightly): The decline to 41% (from nearly 50% in April) was mostly attributable to risks related to Greece's membership in...
Having fallen from the recent highs earlier this year, various metrics of volatility in Europe have risen abruptly in the last few days– especially when viewed in the context of a rather subdued VIX (a measure of expected market volatility conveyed by S&P 500 options...
Since euro QE began in earnest at the beginning of March it seems we’ve heard nothing but the positive merits of investing in Europe now that the central bank has finally stepped up to the plate and delivered long overdue unconventional monetary stimulus....
The recent (more than 10% QoQ) slide in the euro is a two-standard deviation event, the likes of which we have not seen since 2010. And, as we can see in the chart above, the only time the euro has declined more versus the USD...
The odds of a Eurozone break-up remained unchanged at 38% in the most recent Sentix survey, conducted over the last three days of February– a level not seen consistently since 2012 and up considerably from last July’s 7% reading....
