Research Detail
| 2024/08/12 / Erste Group Research |
Volatility on the stock markets falls again Rating changes: Pfizer, Roche Holding, S&P Global, Banco Santander, Booking Holdings, Uber Technologies The global equity markets reacted very strongly to the Bank of Japan's (BOJ) surprise interest rate hike on July 31. Above all, the interest rate hike led to a significant strengthening of the yen. As a result, investors had to liquidate yen-financed carry trades. Due to the negative effects caused, the BOJ is refraining from raising interest rates for the time being. The recent market turbulence should be of a temporary nature. Volatility on the markets is already falling significantly. The VIX index is at 21 points after last week's high of 39 points. The long-term average is 19.4 points. The expected earnings growth for the global equity market index is +6.2% (y/y) this year and +11.7% (y/y) next year. On a positive note, earnings estimates for this year are stable and the trend in earnings forecasts for next year is upwards. The global equity market index is appropriately valued with an expected P/E ratio 2024e of 18.3x. Pfizer: Higher profitability with new products and cost-cutting programs Roche Holding: Sales stabilization in H1 2024, positive growth expected in FY 2024 |
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General information
| Author | Erste Group Research |
| Date | 2024/08/12 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Eurozone, Germany, Japan, Switzerland, United Kingdom, United States |
| Currency in focus | British Pound, Euro, Swiss Franc, 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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| 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 |