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
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| Name | ISIN | # Erste Group products |
| Morgan Stanley | US6174464486 | 0 |
| Nestle | CH0038863350 | 0 |
| Netflix | US64110L1061 | 0 |
| NextEra Energy | US65339F1012 | 0 |
| Nike | US6541061031 | 0 |
| Novartis | CH0012005267 | 0 |
| Novo Nordisk | DK0060534915 | 0 |
| NVIDIA | US67066G1040 | 0 |
| Oracle | US68389X1054 | 0 |
| PepsiCo | US7134481081 | 0 |
| Pfizer | US7170811035 | 0 |
| Porsche AG | DE000PAG9113 | 0 |
| Procter & Gamble | US7427181091 | 0 |
| Qualcomm | US7475251036 | 0 |
| Rio Tinto | GB0007188757 | 0 |
| Roche Holding | CH0012032113 | 0 |
| Royal Bank of Canada | CA7800871021 | 0 |
| RWE | DE0007037129 | 3 |
| Ryanair | IE00BYTBXV33 | 0 |
| Samsung Electronics | KR7005930003 | 0 |
| Sanofi | FR0000120578 | 0 |
| SAP | DE0007164600 | 4 |
| Schneider Electric | FR0000121972 | 0 |
| ServiceNow | US81762P1021 | 0 |
| Shell | GB00B03MLX29 | 0 |