Bursele europene: inca subevaluate vs Wall Street - 24 ianuarie 2023: Diferență între versiuni

<p>Din septembrie incoace, indicele pan-european Stoxx 600 [https://www.reuters.com/markets/europe/after-long-cold-year-investors-are-flocking-back-europe-2023-01-24/#:~:text=European%20stocks%20have%20vastly%20outperformed%20their%20U.S.%20peers.%20The%20euro%20STOXX%20(.STOXXE)%20benchmark%20has%20beaten%20its%20U.S.%20peer%2C%20the%20S%26P%20500%20(.SPX)%2C%20by%20over%2018%20percentage%20points%20since%20September.%20Morgan%20Stanley%20says%20this%20is%20its%20best%20outperformance%20in%2020%20years%20relative%20to%20Wall%20Street. a batut] indicele S&amp;P 500 cu peste 18 puncte procentuale, marcand cel mai mare ecart favorabil burselor de pe continentul nostru din ultimii 20 de ani.</p><p>Totusi, indicele Stoxx 600 [https://www.reuters.com/markets/europe/after-long-cold-year-investors-are-flocking-back-europe-2023-01-24/#:~:text=In%20terms%20of%20valuations%2C%20European%20blue%2Dchips%20are%20trading%20at%20a%20multiple%20of%20around%2013%2C%20compared%20with%20a%20ratio%20of%20around%2020%20for%20the%20S%26P%20500%2C%20according%20to%20Refinitiv%20data.%20That%207%2Dpoint%20premium%20is%20well%20above%20the%20five%2Dyear%20average%20of%201.5%2C%20suggesting%20that%20European%20shares%20look%20cheap%20compared%20to%20the%20U.S. se tranzactioneaza] in prezent la un multiplu de pret de circa 13 relativ la profiturile nete estimate pentru urmatoarele 12 luni, comparativ cu un multiplu de circa 20 in cazul indicelui S&amp;P 500. Ecartul de 7 puncte este semnificativ peste media ultimilor 5 ani, de 1.5, sugerand ca bursele europene continua sa fie subevaluate vizavi de bursa americana.</p><p>Potrivit cifrelor publicate astazi, activitatea in sectorul industrial si cel al serviciilor din zona euro [https://www.bloomberg.com/news/articles/2023-01-24/euro-area-business-activity-unexpectedly-grows-at-start-of-year inregistreaza] in ianuarie prima expansiune dupa luna iunie a anului trecut.</p><p>Presedintele Bancii Centrale Europene, Christine Lagarde, [https://www.bloomberg.com/news/articles/2023-01-23/lagarde-says-ecb-will-stay-the-course-to-return-inflation-to-2 a indicat] ieri ca institutia va face tot ceea ce este necesar pentru a aduce inflatia anuala inapoi la targetul oficial de 2%. In decembrie, rata anuala a inflatiei in zona euro [https://tradingeconomics.com/euro-area/inflation-cpi a fost] 9.2%.</p><p>(DE.EXSA) (DE.SXR8)</p>