|2023/03/16 / Erste Group Research|
Outperformance of US markets begins
In the current market situation characterized by increased uncertainty, the US leading indices are again showing relative strength compared with the European stock market. The outperformance of European markets, which has lasted since 4Q 2022, has probably come to an end.
An important reason for the incipient relative strength of the US market is the expected higher earnings growth of US companies. Profits are expected to rise by +9.9% (y/y) in 2023. European companies are expected to be able to increase profits by only +0.6% (y/y).
Rating Changes: Hershey, Ryanair, Royal Bank of Canada, ICICI Bank, KBC
Download PDF (7.8MB)
|Author||Erste Group Research|
|Product name||Recommendation List|
|Topic in focus||Equities|
|Economy in focus||Eurozone, Germany, Poland, Switzerland, United Kingdom, United States|
|Currency in focus||British Pound, Euro, Polish Zloty, Swiss Franc, 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|
|Name||ISIN||# Erste Group products|
|Advanced Micro Devices||US0079031078||3|
|Amadeus IT Group||ES0109067019||0|
|Anheuser Busch Inbev||BE0974293251||1|
|Bank of America||US0605051046||0|
Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).
The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.
Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.
The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.
By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.
(iV) It is no consumer.