Research Detail
| 2024/07/24 / Erste Group Research |
USA with strong 2Q24 earnings, Europe with weakness Rating changes: Caterpillar, D.R. Horton, Morgan Stanley, UnitedHealth Group, LOreal, Merck & Co, Taiwan Semiconductor, Broadcom While the 2Q reporting season got off to a clearly positive start in the US, the outlook in Europe is only very slightly positive. For 2Q24, earnings growth for the STOXX 600 is only a small +0.8% y/y for the index as a whole. Excluding the volatile energy sector, a decline in earnings of -1.8% y/y is now forecast. Forecasts have deteriorated in the last four weeks. A month ago, market expectations were for an increase of +1.8%. The medium-term upward trend on the global markets is intact, as the earnings trend in the US remains almost double-digit positive (2Q24e: +9.3% Y/Y). For the year as a whole, earnings growth of +8% is expected in the US. An acceleration to +14% y/y is forecast for 2025. In Europe, the 2025 earnings forecast is +7% y/y. D.R. Horton: Largest US home builder significantly improves EBIT margins in 2Q, solid outlook for 3Q24 UnitedHealth Group: Strong growth in new customers since the beginning of the year |
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General information
| Author | Erste Group Research |
| Date | 2024/07/24 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Germany, United Kingdom, United States |
| Currency in focus | British Pound, Euro, 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 |
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Related financial instruments
Page 2 of 5
| Name | ISIN | # Erste Group products |
| BHP Group | GB00BH0P3Z91 | 0 |
| BMW | DE0005190003 | 5 |
| BNP Paribas | FR0000131104 | 0 |
| Booking Holdings | US09857L1089 | 0 |
| BP | GB0007980591 | 0 |
| Bristol-Myers Squibb | US1101221083 | 0 |
| Caterpillar | US1491231015 | 0 |
| Chevron | US1667641005 | 0 |
| China Construction Bank | CNE1000002H1 | 0 |
| Cie Financiere Richemont | CH0210483332 | 0 |
| Cisco | US17275R1023 | 0 |
| Citigroup | US1729674242 | 0 |
| Coca-Cola | US1912161007 | 0 |
| Daikin Industries | JP3481800005 | 0 |
| Danone | FR0000120644 | 0 |
| Deere & Co | US2441991054 | 0 |
| Deutsche Bank | DE0005140008 | 4 |
| Deutsche Boerse | DE0005810055 | 0 |
| Deutsche Telekom | DE0005557508 | 0 |
| DHL Group | DE0005552004 | 0 |
| Diageo | GB0002374006 | 0 |
| Eli Lilly | US5324571083 | 0 |
| Equinor | NO0010096985 | 0 |
| Exxon Mobil | US30231G1022 | 0 |
| Fomento Eco. Mexicano | US3444191064 | 0 |