18Q3 earnings season is underway with 69 companies reporting last week ending November 9, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 47% beat EPS expectations and 50% missed EPS expectations.  In addition, 52% beat Revenue expectations and 53% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Banco Bpm SpA (BAMI.MI) with a positive 556% surprise.  The company who missed EPS expectations by the largest amount was EDP Energias de Portugal SA (EDP.LS) with a negative -600% surprise. The

18Q3 earnings season is underway with 54 companies reporting last week ending November 2, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 57% beat EPS expectations and 41% missed EPS expectations.  In addition, 54% beat Revenue expectations and 50% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Orsted A/S (ORSTED.CO) with a positive 358.3% surprise.  The company who missed EPS expectations by the largest amount was Telefonica Deutschland Holding AG (O2Dn.DE) with a negative -300% surprise. The company who

Ryanair (RYA.I) reported 18Q3 earnings on October 22nd, showing a positive EPS and Revenue surprise of 4.6% and 2.4% which can be seen in Exhibit 1: Exhibit 1: Ryanair 18Q3 Results However, profits were down due to lower airfares, higher oil prices, and higher passenger compensation costs.   Key Performance Indicators (KPIs) appeared strong with an increase in traffic growth of 6% to 77 million passengers, an impressive load factor of 96%, and ancillary revenues up 27% (pre-booking seats, in-flight Wi-Fi, food and drink on-board). Higher Costs due to Passenger Compensation Part of the reason for lower profits was due to

18Q3 earnings season is underway with 72 companies reporting last week ending October 26, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 54% beat EPS expectations and 44% missed EPS expectations.  In addition, 50% beat Revenue expectations and 50% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Galapagos NV (GLPG.AS) with a positive 145.3% surprise.  The company who missed EPS expectations by the largest amount was Saipem SpA (SPMI.MI) with a negative -77.8% surprise. The company who beat Revenue

18Q3 earnings season is underway with 22 companies reporting last week ending October 19, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 48% beat EPS expectations and 52% missed EPS expectations.  In addition, 50% beat Revenue expectations and 52% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Husqvarna AB (HUSQb.ST) with a positive 151.8% surprise.  The company who missed EPS expectations by the largest amount was Fabege AB (FABG.ST) with a negative -56.7% surprise. The company who beat Revenue

As we roll into 18Q3 earnings season, let’s take a closer look at growth expectations for the STOXX 600.  18Q3 growth projections are poised to deliver the highest growth rates in 2018 thus far, with EPS and Revenue growth coming in at 14.2% and 7.4% respectively. Exhibit 1 highlights 2018 year-to-date EPS and Revenue growth rates on a quarterly basis which shows the substantial increase in growth expectations this quarter compared to 18Q2. Exhibit 1: 2018 STOXX 600 Growth Rates So where is the growth coming from this quarter? If we take a look at which sectors are contributing to

18Q2 earnings season is wrapping up with 24 companies reporting last week ending August 17, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 50% beat EPS expectations and 50% missed EPS expectations.  In addition, 50% beat Revenue expectations and 50% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Schindler Holding AG (SCHP.S) with a positive 31.7% surprise.  The company who missed EPS expectations by the largest amount was K&S AG (SDFGn.DE) with a negative -446% surprise. The company who

18Q2 earnings season is underway with 34 companies reporting last week ending August 10, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported last week, 44% beat EPS expectations and 56% missed EPS expectations.  In addition, 66% beat Revenue expectations and 32% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Genmab A/S (GEN.CO) with a positive 45.7% surprise.  The company who missed EPS expectations by the largest amount was Thyssenkrupp AG (TKAG.DE) with a negative -122.5% surprise. The company who beat Revenue

18Q2 earnings season is underway with 84 companies reporting last week ending July 27, 2018.  Exhibit 1 provides a summary of reporting results. Exhibit 1: Earnings Season Results Overall Recap Of the companies that reported this week, 44% beat EPS expectations and 37% missed EPS expectations.  In addition, 57% beat Revenue expectations and 40% missed Revenue expectations. The company who beat EPS expectations by the largest amount was Banco de Sabadell SA (SABE.MC) with a positive 257.1% surprise.  The company who missed EPS expectations by the largest amount was Saipem SpA (SPMI.MI) with a negative -130.6% surprise. The company who

Given that we have witnessed many headlines concerning passive investing and the popularity of ETFs, confirmed by the inflows and increasing assets under management in the European ETF industry, one could conclude that European investors like index products. It seems European investors follow the academic research and invest in products that appear from the scientific evidence to be superior at helping them achieve their investment goals. But a look at the underlying trends shows that Europeans don’t like all kinds of index products. Mutual funds that track an index seem to no longer be in the favor of European investors.

This Monday Morning Memo reviews the main topics of the panel discussions at the Frankfurt road show of the association of the Luxembourg fund industry (alfi) on July 7, 2016. All the panels were composed of experts from different parts of the industry. Below is a sort of anonymous summary of the conference that does not reflect all the topics or all the statements made by the panellists. The first topic discussed at the conference was, as was to be expected, the “Brexit.” The main view of the panellists was that it is still unclear what will happen, whether the