Research Detail

2023/11/17 / Erste Group Research

Q3 Gewinne: USA zieht Europa davon

In der Berichtsaison für das 3Q hat in Europa circa die Hälfte der Unternehmen ihre Ergebnisse veröffentlicht. Der Anteil an positiven Gewinnüberraschungen lag geringfügig über dem langjährigen Durchschnitt. Bei der Umsatzentwicklung konnte nur ein unterdurchschnittlich hoher Anteil an Unternehmen Erlöse ausweisen, die über den Konsensus-Schätzungen lagen.

Aktien Global: Für das 3Q wird bei den europäischen Unternehmen insgesamt ein Umsatzrückgang um -7,7% (J/J) erwartet. Die Konsensus-Prognose für die Gewinnentwicklung im 3Q ist ein Rückgang um -11% (J/J).

Ausblick: Der europäische Aktienmarkt sollte sich aufgrund der signifikant schwächeren Gewinndynamik im Vergleich zum US-Aktienmarkt schwächer entwickeln. Wir erwarten, dass nach den jüngsten starken Ansteigen der globale Aktienmarktindex in der nächsten Woche seitwärts tendieren wird.

Aktien Österreich: Der ATX legte diese Woche in einem günstigen Börsenumfeld weitere 1,9% zu. Niedriger als erwartete Inflationsdaten aus den USA und damit fallende Zinserwartungen ließen Anleger wieder stärker bei Aktien zugreifen. Besonders stark profitierten davon Technologie- und Immobilienwerte. In Österreich lag der Fokus erneut auf vielen Quartals-Updates sowie der Ankündigung von AT&S, eine Kapitalerhöhung mit Einstieg der Staatsholding ÖBAG zu sondieren.

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General information

Author	Erste Group Research
Date	2023/11/17
Language
Product name	Equity Weekly
Topic in focus	Equities
Economy in focus	Austria
Currency in focus	Euro
Sector in focus	Automobiles & Parts, Basic Resources, Construction & Material, Industrial Goods & Services, Technology, Travel & Leisure
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