16 mayo 2019
Solid earnings season
European equities once again delivered positive returns. Unlike last month, the move higher was led by the cyclical sectors and by 2018 beaten-up stocks, with oversold cyclicals and euro zone banks the outperformers in Europe. Markets were driven by: 1) the ECB, which stayed dovish; 2) the improvement in global economic data; and 3) the earnings season which surprised positively.