Bright Spots Ahead: Risks, Rewards, and Elections Impact

The first half of the year has had its ups and downs, but finally we have the first interest rate cut in the bag, with the promise of more to follow. The macroeconomic picture in Europe is brighter than it was in 2023, but with equity markets fully valued investors must look a bit harder to find value in European stocks. Of the risks to equities in H2, elections in the UK and France are front and center. We look specifically at European utility stocks and the effect that both elections could have on valuations, with many investors struggling to get to grips with the ever-changing landscape, a topic our European analyst Tancrède will happily guide us through. • 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