Dagelijkse update over de markten vanuit Quintet Private Bank (Europe) S.A. (alleen in het Engels beschikbaar)

InsingerGilissen, 26 JUN 2020

WHAT’S NEW - Yesterday’s filing for insolvency by Wirecard was the first event like this for a German DAX company. But it means much more: the end of one of the few German, and therefore European, tech stories plus considerable doubts about auditors and also regulators. In that respect, it's a clear wake-up call. While Wirecard’s game – its stock price has plummeted by -98% from its high – is over, the stock markets are doing pretty well overall. Based on the earnings revision cycle, which is now turning, this looks increasingly supported: in June, the global revision ratio finally improved broadly in all sectors and across all major regions except Japan. It is now the highest in the US, driven not least by techs, especially semiconductors. In addition, it improved remarkably for some defensive sectors and regions, including Europe, as well as for Asia-Pacific ex Japan.

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