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2022/05/25 / Erste Group Research

Valuations down significantly

In our view, the historically slightly below-average valuations of equities and the slight drop in US interest rates for 10Y government bonds (2.8%) last week should have a positive impact on the further development of the global equity market index. At the same time, economic uncertainties due to high inflation, the COVID situation in China, and the recent somewhat weaker global leading indicators are weighing on investors' risk appetite. We expect a volatile sideways trend on the global stock market in the coming weeks.

Rating changes: Dow, Cisco, SAP.

LOreal: Market share gains in all regions and segments

Kering: Yves Saint Laurent and Gucci as growth drivers
Volkswagen: Rising margins due to more expensive cars and cost savings

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General information

AuthorErste Group Research
Date2022/05/25
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Switzerland, United States
Currency in focusEuro, Swiss Franc, 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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BNP ParibasFR00001311040
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Cie Financiere RichemontCH02104833320
CiscoUS17275R10230
CitigroupUS17296742420
Coca-ColaUS19121610070
Colgate-PalmoliveUS19416210390
ColoplastDK00604485950
ConocoPhillipsUS20825C10450
Daikin Industries JP34818000050



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