Europe Multi-Industry: Food for Thought: Global data points, end-market commentary and latest research

研报英文原文证据摘录

Europe Multi-Industry: Food for Thought: Global data points, end-market commentary and latest research

Goldman Sachs Europe Multi-Industry

report on Revisiting estimates and Multis Toolkit screens.

What worked in Multi-Industry recently

n Machinery outperformed Electricals stocks by 171bps this week. The top five

performers this week were: Traton (13.1%), Daimler (6.9%), Assa (3.5%), Koencranes

(3.1%) and Volvo (3.1%). The bottom five performers this week were: Sandvik

(-7.8%), Schindler Holding (-7.1%), GVS (-5.7%), Prysmian (-4%) and KONE (-3.9%).

Recent global data points

n USA

o Import Prices Above Expectations; Estimating 0.18% for June Core PCE;

Housing Starts Rebound Sharply; Industrial Production Slightly Below

Expectations; Boosting Q2 GDP Tracking Estimate to +2.5%: Core import

prices rose 0.5% in June, slightly above consensus expectations. The

international airfares component of import prices, which is the source data for

the foreign travel component of core PCE, increased 3.4% (SA by GS). We

estimate that the core PCE price index rose 0.18% in June (vs. our expectation

of 0.17% prior to today’s import prices report), corresponding to a

year-over-year rate of +3.32%. Housing starts rebounded 19.0% in June,

above expectations, after falling 15.2% in the prior month on the back of an

outsized decline in multifamily starts. More

o UMich Sentiment Rises; Short-Term Inflation Expectations Decline: The

University of Michigan’s index of consumer sentiment increased by more than

expected in the July preliminary report. The report’s 1-year inflation

expectations measure decreased by 0.4pp to 4.2% and the 5–10-year

measure was unchanged at 3.3%. US MAP: University of Michigan consumer

sentiment +1 (1, +1) KEY NUMBERS: University of Michigan sentiment