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Search resuls for: "UBS O'Connor"


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"The recent decline in European luxury stocks reflects the uncertainty over the European economy and also the uneven growth outlook for the Chinese economy," Garnry said. Reuters GraphicsTHE LUXURY GAPAlthough luxury valuations have come down, they are still well above the rest of the market. The end of the French luxury group's 2-1/2 year-long reign was widely put down to investors losing appetite for luxury stocks as well as the growth of Novo's anti-obesity drug Wegovy. Some analysts have turned cautious on the luxury sector, with UBS last week reducing its estimates to account for the risk of slowing Chinese consumption. Gerry Fowler, head of European equity strategy and global derivative strategy at UBS, said risks in luxury stocks started to become more apparent in May.
Persons: Louis, Stephanie Lecocq, Bernard Ahkong, Peter Garnry, Garnry, LVMH, Morgan Stanley, Gerry Fowler, Bernstein, Gilles Guibout, Lucy Raitano, Mimosa Spencer, Amanda Cooper, Alexander Smith Organizations: REUTERS, Paris Fashion, U.S, UBS O'Connor Global, Alpha, Saxo Bank, Reuters Graphics, GAP, Novo Nordisk, UBS, Bank of America, AXA Investment Mangers, Thomson Locations: Paris, France, PARIS, Europe, U.S, China, United States
It overtook Europe's STOXX 600 (.STOXX), which is up 9%, in late May for the first time this year. In dollar terms, the STOXX 600 (.STOXXD) is still lagging, having gained 11.3% in 2023, while the euro is up 1.1%. "Relative to the U.S., European equities are looking less interesting and attractive," said Bernie Ahkong, co-chief investment officer at fund manager UBS O'Connor Global Multi-strategy Alpha. The euro zone economy was in technical recession in the first quarter, data from European statistics agency Eurostat showed last week. "But Europe looks even more unattractive than the U.S., because the temporary good data from Europe is really going to turn."
Persons: Europe's, Bernie Ahkong, UBS O'Connor, Ahkong, Geoffroy Goenen, Candriam, Graham Secker, Morgan Stanley, Hani Redha, Alex Richardson Organizations: UBS, UBS O'Connor Global, Alpha, U.S, Bank of America's, Eurostat, Barclays, Thomson Locations: U.S, Europe, China, PineBridge, United States
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