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2022/11/18 / Erste Group Research

3Q reporting season slightly positive

In Europe, more than half of the companies have already published 3Q reports. Of these, 59% of companies have reported better-than-expected earnings. 79% of companies have beaten consensus expectations on sales. Earnings forecasts have improved for European equities over the next few quarters. Earnings are expected to rise +20.1% (y/y) in 4Q and +9.1% (y/y) in 1Q. The technology, financials, consumer staples, and healthcare sectors should see the largest earnings gains in Europe in 2023. In contrast, the energy, materials, and industrial sectors should see earnings decline in 2023. We expect the global stock market index to a slight increase in the medium term.

Rating changes: Mercedes-Benz Group, Schneider Electric, Taiwan Semiconductor, Amazon.Com, Diageo, Hershey Co.

Taiwan Semiconductor: expected US fab expansion reduces geopolitical risk, technology lead over Samsung grows

NVIDIA: Sales decline in gaming segment, but data center segment growing very strongly
Allianz: 3Q very successful in property and casualty insurance segment

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General information

AuthorErste Group Research
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

Related financial instruments

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Name  ISIN# Erste Group products
Abbott LaboratoriesUS00282410000
Advanced Micro DevicesUS00790310780
Amadeus IT GroupES01090670190


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