As of June 30, 2023, European stocks are nearly on par with U.S. stocks, with the Euro Stoxx 50 index up 8.2% this year, compared to a 9.3% increase in the S&P 500. This marks a bullish trend for European stocks that began in October 2022, aided by factors such as a weaker dollar relative to the Euro and increased defense spending in the European Union.
Key performers include ArcelorMittal, up over 90% in the past 12 months, and valued near its price target, with expected earnings growth of over 49%. ARM Holdings, a significant player in AI infrastructure, has surged more than 220% in 2023, despite recent volatility, with analysts predicting a 77% earnings growth in the next year. Novartis, based in Switzerland, is seeing a 14% increase in stock value, with a projected 11% earnings growth amid high R&D costs.
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