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Global Equity Ratings

2Q: Highest US earnings growth expected since 1Q22

Rating changes: Cheniere Energy, Abbott Laboratories, Marathon Petroleum, ConocoPhillips

The upward momentum of the global equity market remains intact. Over the next three weeks, the markets will focus on the US quarterly results. The signs are currently good with expected earnings growth of +8.8% Y/Y. If this growth rate is achieved, it would be the highest growth rate since 1Q22 with +9.4% Y/Y. Profits should rise in nine of the eleven sectors. Only the industrial sector (-3%) and the commodities sector (-10%) are expected to see a decline in profits. The technology (+16%) and healthcare (+18%) sectors should achieve the highest earnings growth rates.

Before the big tech stocks report from July 25 (Alphabet, Microsoft), the financial sector (JPMorgan, Bank of America) will be the focus of market activity. 40% of the companies in the S&P 500 that will announce results in the coming week belong to this sector.

Nike: Decline in revenues in the USA, stagnation in Europe

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2024/07/12 / Erste Group Research

2Q: Highest US earnings growth expected since 1Q22

Rating changes: Cheniere Energy, Abbott Laboratories, Marathon Petroleum, ConocoPhillips

The upward momentum of the global equity market remains intact. Over the next three weeks, the markets will focus on the US quarterly results. The signs are currently good with expected earnings growth of +8.8% Y/Y. If this growth rate is achieved, it would be the highest growth rate since 1Q22 with +9.4% Y/Y. Profits should rise in nine of the eleven sectors. Only the industrial sector (-3%) and the commodities sector (-10%) are expected to see a decline in profits. The technology (+16%) and healthcare (+18%) sectors should achieve the highest earnings growth rates.

Before the big tech stocks report from July 25 (Alphabet, Microsoft), the financial sector (JPMorgan, Bank of America) will be the focus of market activity. 40% of the companies in the S&P 500 that will announce results in the coming week belong to this sector.

Nike: Decline in revenues in the USA, stagnation in Europe

PDF Download Download PDF (8.5MB)

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