EMEA Q4 Stock Market Outlook | Interest Rate Cuts Have Begun, But We’re Not Out of the Woods Yet

With nine months of the year under our belts, inflation broadly under control, and interest rates on the way down, the last quarter of the year should be plain sailing, right? Recent equity market shocks have dented investor confidence, but we believe an undervalued European equity market and an improving macroeconomic outlook mean that investors should stay the course. One of the big opportunities in Europe right now is in consumer facing stocks, and particularly the luxury sector. This area has been hit hard over the last year or so, on the back of reduced consumer spending, but this has thrown open many opportunities to pick up Moaty stocks at massive discounts to our fair value estimates. We will cover: • We will look at major price movements across the EMEA coverage universe and opportunities this has created. • How sector valuations have shifted over the last quarter, and where we see value • Relative valuation of the European market versus other regions • Our top stock picks across the European coverage universe