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2022/04/14 / Erste Group Research

Neue Impulse durch US-Berichtssaison

Der globale Aktienmarkt bleibt in einem Seitwärtstrend. Das positive erwartete globale Gewinnwachstum von +7,5% in 2022 steht stark gestiegenen Rohstoffpreisen, erhöhten Renditen in den USA (2J Staatsanleihen: 2,4%) und den Sanktions-Unsicherheiten aufgrund des russischen Kriegs in der Ukraine gegenüber.

Mit der beginnenden Berichtssaison in den USA in dieser Woche kommen neue Impulse für den Aktienmarkt. Für Q1 2022 beträgt die geschätzte Gewinnwachstumsrate für den S&P 500 +4,5% (j/j). In den letzten fünf Jahren haben im Durchschnitt etwa 77% der Firmen besser als erwartete Gewinne berichtet. Die positive Überraschung des Wachstums lag dabei bei ca. +9%. Es kann also historisch davon ausgegangen werden, dass das tatsächliche Wachstum am Ende der Berichtssaison deutlich über +4,5% liegen wird.

Empfehlungsänderungen: Allianz, Novartis, Nutiren, AMD, TSMC, SVB Financial

Allianz: Gewinn 2021 stieg auf EUR 9,98 Mrd. (+35% j/j), positiver Ausblick
Novartis: Operative Marge steigt auf 22,1%, Effizienzsteigerungen & Aktienrückkaufprogramm

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General information

AuthorErste Group Research
Date2022/04/14
Languagede
Product nameEmpfehlungsliste
Topic in focusEquities
Economy in focusEurozone, United Kingdom, United States
Currency in focusBritish Pound, Euro, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities
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Bank of America US06050510461
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