Research Detail

2022/07/25 / Erste Group Research

Positive quarterly earnings support the equity market
Rating changes: Cadence Design Systems, Intuit, Elevance Health (previously: Anthem)

The Global Equity Index posted a +8% gain so far in July (EUR). Stocks from the consumer cyclical, healthcare and technology sectors outperformed. The outlook for corporate earnings growth is broadly stable for 2022 (2022e: +7.3%). However, 2023 earnings growth is then expected to be lower (2023e: +3.3%) than this year. The forecasts for 2023 have stabilized after the declines in 2Q in July.

The solid quarterly earnings of numerous major companies so far have led to a decline in volatility on the stock markets and ultimately to an improvement in investor sentiment. The proportion of investors with a positive market assessment has increased slightly in the USA in recent weeks, but remains below the long-term average. We see this - coupled with the positive quarterly results - as a positive sign for the stock market.

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General information

Author	Erste Group Research
Date	2022/07/25
Language
Product name	Recommendation List
Topic in focus	Equities
Economy in focus	Eurozone, Germany, United States
Currency in focus	Euro, US Dollar
Sector in focus	Automobiles & 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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Erste Group related products

Page 2 of 6

Name	ISIN	# Erste Group products
Amazon.Com	US0231351067	1
AmBev	BRABEVACNOR1	0
Amgen	US0311621009	0
Anheuser Busch Inbev	BE0974293251	0
Apple	US0378331005	0
ASML	NL0010273215	0
AT&T	US00206R1023	0
Bank of America	US0605051046	0
BASF	DE000BASF111	31
Bayer	DE000BAY0017	37
Beiersdorf	DE0005200000	26
BHP Group	GB00BH0P3Z91	0
BMW	DE0005190003	36
BNP Paribas	FR0000131104	0
Booking Holdings	US09857L1089	0
BP	GB0007980591	0
Bristol-Myers Squibb	US1101221083	0
Caterpillar	US1491231015	0
Chevron	US1667641005	0
China Construction Bank	CNE1000002H1	0
Cie Financiere Richemont	CH0210483332	0
Cisco	US17275R1023	0
Citigroup	US1729674242	0
Coca-Cola	US1912161007	0
Colgate-Palmolive	US1941621039	0

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