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2024/01/23 / Erste Group Research

2024: Strong start for technology and healthcare equities

Rating changes: Hermes International, Marathon Petroleum, LVMH, Shell, ConocoPhillips.

Coverage terminated: Alfa Laval, Bayer.

The global equity market index rose by +1.2% in EUR terms in the first three weeks of 2024. The USA gained +2.9% in EUR terms. This was due in particular to strong demand for shares in the technology (+5.3%) and healthcare (+3.2%) sectors. In regional terms, however, shares from Europe (-1.8%) and the emerging markets (-2.9%) performed negatively. In China, the decline since the beginning of the year has been particularly sharp (-7.2%).

The positive performance of the NASDAQ 100 Index was supported by the strong sales performance of the largest global semiconductor manufacturer Taiwan Semiconductor Manufacturing. The company announced sales of USD 19.7 bn for the fourth quarter on January 18. This was flat year-on-year, but an increase of almost +14% compared to 3Q23. 4Q business was supported by the continued strong growth of 3-nanometer technology, in which TSM is the industry leader. 15% of TSM's revenue already comes from this segment.

JPMorgan: 4Q23 Net interest income +19% (y/y), provisions increased, EPS fell by -15% y/y
Hermes International: High sales growth of +22% y/y in the first three quarters of 2023. Profitability well above average

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General information

AuthorErste Group Research
Date2024/01/23
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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BPGB00079805910
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Fomento Eco. MexicanoUS34441910640
General Motors US37045V10080
Gilead SciencesUS37555810360
GlaxoSmithKlineGB00092528820



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