Live Markets-UBS' four reasons for liking European stocks
VGK•Market context and earlier posts
ASML up 4%, Richemont up 6% after results
STOXX 600 up 0.1%
U.S. futures slightly higher
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Earlier live markets posts:
- ASML can't stem the selling tide in Europe
- Before the bell: Europe's brief AI party
Banks and other sectors stabilising
- Bank earnings have continued to be revised higher. Again that's an old story, financials were among the big European winners last year, but UBS said think there is room for this to continue.
"Valuations remain supportive and (banks and insurers) both continue to benefit from a rate environment that is substantially better than investors had become accustomed to over the previous decade."
- Sectors that previously had been struggling have stabilised and are no longer a drag on the index. As examples they point to consumer Staples, luxury and pharma are all of which are seeing their negative revisions stabilise. "We think Pharma at least may turn the corner into upgrades in 2H."
