European Style Guide "Growth pushes stocks higher" Winter

研报英文原文证据摘录

European Style Guide "Growth pushes stocks higher" Winter

Global Research

1 July 2026ab

European Style Guide Equities

Europe including UKGrowth pushes stocks higher

Quantitative

Paul Winter

Stocks extended winning streak to three months, Growth led, Value and Low Analyst

Volatility lagged paul-j.winter@ubs.com

European equities were up in June (+3.2%) and were up YTD (+10.3%). Growth (12- +61-2-9324 2080

month EPS Growth +4.1%, Fundamental Growth +2.2%) and Momentum stocks Oliver Antrobus, CFA

(Momentum Composite +3.5%, 12-month Price momentum +2.5%) outperformed, Analyst

while Value (12-month forward Dividend Yield -3.1%, 12-month forward Earnings Yield oliver.antrobus@ubs.com

-2.6%) and Low Risk (12-month Low Price Beta -3.6%) stocks continued to +61-3-9242 6467

underperform. Size (Float Adj Market Cap +2.1%) stocks up with Quality mixed. Amanda Belcaid

Analyst

Valuations remain elevated, Quality and Growth expensive, Value still cheap amanda.belcaid@ubs.com

+44-20-7568 3072

For the continent as a whole, P/E ratios remained elevated, with valuations in continental

Europe remaining well above their long-run average P/Es. By contrast the UK (the Sebastian Hohmann

traditional value play) saw no material change in valuations and remained in line with its Analyst

long-run average. By factor, Fundamental Growth and Quality looked the most sebastian.hohmann@ubs.com

+41-44-234 2542

expensive in absolute terms with Size and Quality (Delta Quality and High Quality)

valuations looking stretched relative to their long-run averages. Value continued to look Cathy Fang, PhD

cheap. Analyst

S1460518100001

cathy.fang@ubs.com

The overall importance of macro factors moderated, Crude Oil and USD Index

+86-21-3866 8891

still important