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2022/04/14 / Erste Group Research

New impulses with starting US reporting season

The global equity market remains in a sideways trend. The positive expected global earnings growth of +7.5% in 2022 is set against sharply higher commodity prices, increased yields in the US (2Y government bonds: 2.4%) and sanctions uncertainties due to the Russian war in Ukraine.

With the reporting season starting in the US this week, new impetus is coming to the stock market. For Q1 2022, the estimated earnings growth rate for the S&P 500 is +4.5% (y/y). Over the past five years, on average, about 77% of companies have reported better-than-expected earnings. The positive growth surprise has been about +9%. So, historically, we can expect actual growth to be well above +4.5% at the end of the reporting season.

Recommendation changes: Allianz, Novartis, Nutiren, AMD, TSMC, SVB Financial.

Allianz: 2021 profit rose to EUR 9.98 bn (+35% y/y), positive outlook
Novartis: operating margin rises to 22.1%, efficiency gains & share buyback program

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General information

AuthorErste Group Research
Date2022/04/14
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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