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 1 of 5
| Name | ISIN | # Erste Group products |
| - | US16411R2085 | 0 |
| - | US90353T1007 | 0 |
| - | CA4530384086 | 0 |
| - | US79466L3024 | 0 |
| - | US23331A1097 | 0 |
| - | US0404131064 | 0 |
| ABB | CH0012221716 | 0 |
| Abbott Laboratories | US0028241000 | 0 |
| AbbVie | US00287Y1091 | 0 |
| Adidas | DE000A1EWWW0 | 3 |
| Adobe | US00724F1012 | 0 |
| Advanced Micro Devices | US0079031078 | 0 |
| Alibaba | US01609W1027 | 0 |
| Allianz | DE0008404005 | 0 |
| Alphabet | US02079K3059 | 0 |
| Amazon.Com | US0231351067 | 0 |
| Amgen | US0311621009 | 0 |
| Anheuser Busch Inbev | BE0974293251 | 0 |
| Apple | US0378331005 | 0 |
| ASML | NL0010273215 | 0 |
| AT&T | US00206R1023 | 0 |
| Banco Santander | ES0113900J37 | 0 |
| Bank of America | US0605051046 | 0 |
| BASF | DE000BASF111 | 2 |
| Beiersdorf | DE0005200000 | 0 |