Europe Inc earnings offer market optimists more hope
ASML results exceeded expectations
STOXX 600 set for best January since 2015
Hopes grow for soft economic landing
EasyJet shares jump after upbeat outlook
Microsoft results spread gloom on Wall Street
LONDON, Jan 25 (Reuters) -Earnings from major European companies on Wednesday offered some reasons for optimism about the region's corporate health, even as investors worry about the slowing global economy.
Fourth-quarter earnings from ASML Holding NV ASML.AS exceeded expectations and the Dutch technology company, Europe's largest, forecast a rise of more than 25% in 2023 sales despite possible new curbs on exports to China.
CEO Peter Wennink said that although economic uncertainty and growing semiconductor inventories were clouding the outlook, customers see conditions improving towards the end of the year and China's economy recovering after COVID-19 curbs were ended.
"That means that the demand is still higher than what we can make," he said. Shares in ASML were lower after the results, having rallied recently to hit their highest since last April.
Shares in budget airline easyJet EZJ.L shot up more than 10% to their highest since June after it said it expected to beat market expectations this year based on the strength of bookings into summer.
Rivals Ryanair RYA.I, Wizz Air WIZZ.L and BA-owner IAG ICAG.L got a lift too, as investors cheered the latest evidence that people will not sacrifice their holidays even as double-digit inflation leaves them with less money to spend.
Helped by strong orders in Europe, French train maker Alstom ALSO.PA posted an 8% rise in third-quarter sales. Its shares fell after hitting their highest in almost a year in early trade.
While it is still early in the corporate earnings season, the results offer some hope that recent economic data which has buoyed equities this month is grounded in reality.
Expectations that the economy will make a soft landing in 2023 have grown as a result of China's reopening from three years of zero-COVID policies and the fact that Europe has managed to keep the lights on through the winter, helped by warmer weather and ramped-up energy capacity.
IMF Managing Director Kristalina Georgieva said last week that the Fund's new 2023 global growth forecast, due soon, could be revised upwards slightly from a current 2.7% - a turnaround from the gloomy tone she had struck at the start of the year.
Even Germany, one of the economies most exposed to last year's soaring energy prices, is now expected to dodge a recession in 2023.
French central bank chief Francois Villeroy de Galhau said last week that the euro zone was looking more resilient than expected and should avoid a recession this year.
On Monday, a key U.S. survey showed businesses see lower odds that the United States is already in or will fall into recession this year.
That greater economic optimism has in turn raised hopes that the corporate downturn may not be as severe as feared just a few weeks ago.
The pan-European STOXX 600 index .STOXX is up more than 6% since the start of the year, hitting its highest since April last week after better-than-expected economic data.
The index is on course for its best January since 2015. It ended the day down 0.45%.
Results on Thursday from heavyweights SAP SAPG.DE, Nokia NOKIA.HE, Diageo DGE.L and LVMH LVMH.PA will be a further test.
BARELY ANY GROWTH
Expectations for fourth-quarter 2022 earnings and revenues have dimmed further, however, with Refinitiv I/B/E/S data on Tuesday suggesting European companies will see barely any revenue growth.
Sentiment on Wall Street took a turn too, as Microsoft's MSFT.O outlook weighed down technology stocks, and after a bleak quarterly report from Boeing. .N
"After a couple of strong days for Wall St on expectations the Fed is about to pause, earnings are just looking a bit wobbly," said Market.com analyst Neil Wilson.
AT&T Inc T.N forecast annual profit below expectations while U.S. defence contractor General Dynamics GD.N reported better-than-expected fourth-quarter profit, boosted by higher demand for weapons at its unit that produces Abrams tanks and combat systems.
Tesla TSLA.O will report after market close later on Wednesday.
Not everything was rosy in Europe. Swiss fragrance and flavour maker Givaudan GIVN.S posted a slowdown in end-year sales, putting further strain on margins in a year marked by high input costs and supply chain disruptions.
Swiss asset manager GAM GAMH.S meanwhile warned on profits after experiencing negative asset flows, knocking its shares 2.5% lower in early morning trading.
($1 = 0.8115 pounds)
Reporting by Reuters newsroom; Writing by Josephine Mason; Editing by Catherine Evans
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
