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Daily Insights 

August 5, 2015

European equities rally despite hawkish Fed talk

  • European equities are rallying despite hawkish Fed talk, helped by robust PMI prints, solid earnings growth and a weaker EUR. Euro area final composite PMIs came in at 53.9, slightly above consensus (53.7), led by Germany and Spain. Finally, earnings results have been solid. With roughly half of the companies in the STOXX 600 having reported, 76% have beaten or are in line with estimates on sales, and 73% have beaten or are in line on EPS. The median stock has beaten EPS estimates by a margin of 3.6%, well above the 1.4% beat last quarter.
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