Mixed Q3 earnings won't derail equities - Barclays
STOXX 600 up 0.2%
Luxury, miners lead gains
China Q3 GDP disappoints
Upside surprise in UK retail sales
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MIXED Q3 EARNINGS WON'T DERAIL EQUITIES - BARCLAYS
Q3 earnings season has got underway in earnest this week, with beats lower than usual and misses punished in Europe, but results so far don't look bad enough to derail this year's rally in equities, Barclays said in a note on Friday.
While it's still too early to draw any conclusions, the bank expects more downgrades in the coming weeks, given the high consensus estimates for 2025.
The ongoing weakness in the Chinese economy, which grew at the slowest pace since early 2023 in the third quarter, is still a burden for European earnings as demand, especially in manufacturing, remains sluggish.
"We believe that more data weakness will bring more stimulus, but recent communication suggests we haven't reached the 'whatever it takes' moment just yet", said Barclays equity strategist Emmanuel Cau.
With the U.S. election two weeks away, markets may also tread water as investors are likely to stay on the sidelines until that uncertainty goes away, he added.
However, equity investors haven't been too troubled by the prospect of economic slowdown this year, with some European indexes such as the benchmark STOXX .STOXX and German's DAX .GDAXI trading close to record highs.
And the mixed bag in third-quarter earnings season is not expected to hamper their direction of travel, according to Cau.
"This reporting season could even turn into a clearing event, as incoming data keep the U.S. soft landing narrative well on track into 2025", he said.
(Matteo Allievi)
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FOR FRIDAY'S OTHER LIVE MARKETS POSTS
AMPLE UK HOUSEHOLD SAVINGS BRIGHTEN CONSUMER SPENDING OUTLOOK - INVESTEC CLICK HERE
LUXURY AND MINERS LIFT EUROPE CLICK HERE
EUROPE BEFORE THE BELL: A CALMER END TO THE WEEK CLICK HERE
LOTS OF CHINA NEWS, LITTLE CLARITY CLICK HERE
China GDP growth slows in Q3 https://reut.rs/4dR2BoP
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