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2022/06/29 / Erste Group Research

Health Care and Consumer Staples Stocks preferred

The global equity market index fell -11% in EUR terms in Q2. On July 14, JP Morgan starts the Q2 reporting season. Corporate earnings should be much lower this year (y/y) due to exceptionally high profits last year. Only energy companies should see very strong earnings growth (+220% y/y). Excluding US energy company earnings, US 2Q earnings would fall -1.8% (y/y) instead of rising +5.8% (y/y).

We expect the global equity market to move sideways in 3Q. Volatility should remain high. Equities from the energy and consumer staples sectors, as well as regionally from emerging markets, have the most attractive risk/reward profile.

Recommendation changes: Nestle, Sanofi, Colgate-Palmolive, Rio Tinto, Freeport-McMoRan, Baidu, Tencent, Alibaba, Costco Wholesale.

NVIDIA: 1Q revenue record with +46% increase (y/y)

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General information

AuthorErste Group Research
Date2022/06/29
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, United States
Currency in focusEuro, 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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Erste Group related products

Page 3 of 6
Name  ISIN# Erste Group products
EDPPTEDP0AM00090
Edwards LifesciencesUS28176E10820
Eli LillyUS53245710830
EquinorNO00100969850
Estee Lauder CompaniesUS51843910440
Exxon MobilUS30231G10220
GeberitCH00301704080
General ElectricUS36960410330
General Motors US37045V10080
GlaxoSmithKlineGB00092528820
Home DepotUS43707610290
HSBCGB00054052860
IBMUS45920010140
ICICI BankUS45104G10400
InditexES01483960070
Infineon DE00062310043
InfosysINE009A010210
IntelUS45814010010
IntuitUS46120210340
Intuitive SurgicalUS46120E60230
Johnson & JohnsonUS47816010460
JPMorganUS46625H10050
KeringFR00001214850
KoneFI00090134030
LindeIE00BZ12WP820



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