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Global Equity Ratings

3Q reporting season slightly positive
In Europe, more than half of the companies have already published 3Q reports. Of these, 59% of companies have reported better-than-expected earnings. 79% of companies have beaten consensus expectations on sales. Earnings forecasts have improved for European equities over the next few quarters. Earnings are expected to rise +20.1% (y/y) in 4Q and +9.1% (y/y) in 1Q. The technology, financials, consumer staples, and healthcare sectors should see the largest earnings gains in Europe in 2023. In contrast, the energy, materials, and industrial sectors should see earnings decline in 2023. We expect the global stock market index to a slight increase in the medium term.

Rating changes: Mercedes-Benz Group, Schneider Electric, Taiwan Semiconductor, Amazon.Com, Diageo, Hershey Co.

Taiwan Semiconductor: expected US fab expansion reduces geopolitical risk, technology lead over Samsung grows

NVIDIA: Sales decline in gaming segment, but data center segment growing very strongly
Allianz: 3Q very successful in property and casualty insurance segment

PDF Download Download PDF (5.7MB)
2022/11/18 / Erste Group Research

3Q reporting season slightly positive
In Europe, more than half of the companies have already published 3Q reports. Of these, 59% of companies have reported better-than-expected earnings. 79% of companies have beaten consensus expectations on sales. Earnings forecasts have improved for European equities over the next few quarters. Earnings are expected to rise +20.1% (y/y) in 4Q and +9.1% (y/y) in 1Q. The technology, financials, consumer staples, and healthcare sectors should see the largest earnings gains in Europe in 2023. In contrast, the energy, materials, and industrial sectors should see earnings decline in 2023. We expect the global stock market index to a slight increase in the medium term.

Rating changes: Mercedes-Benz Group, Schneider Electric, Taiwan Semiconductor, Amazon.Com, Diageo, Hershey Co.

Taiwan Semiconductor: expected US fab expansion reduces geopolitical risk, technology lead over Samsung grows

NVIDIA: Sales decline in gaming segment, but data center segment growing very strongly
Allianz: 3Q very successful in property and casualty insurance segment

PDF Download Download PDF (5.7MB)

Erste Group related products

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Name  ISIN# Erste Group products
-IE00BZ12WP820
-PTEDP0AM00090
-US05675210850
-CH00246088270
-CH00301704080
-US27886510060
-DE000ENAG99933
-CH04187929220
-US51843910440
-GB00BH4HKS390
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ABBCH00122217160
Abbott LaboratoriesUS00282410000
AbbVieUS00287Y10910
AdidasDE000A1EWWW034
AdobeUS00724F10120
Advanced Micro DevicesUS00790310780
AlibabaUS01609W10270
AllianzDE000840400536
AlphabetUS02079K30590
Amadeus IT GroupES01090670190



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