Swiss industry will soon recover according to expert
Published: Thursday, Oct 10th 2024, 14:30
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Companies in Europe and Switzerland are unlikely to have made large profits in the third quarter of 2024. Nevertheless, according to Wolf von Rotberg, investment strategist at J. Safra Sarasin, there are rays of hope for the ailing industrial sector.
Von Rotberg expects relatively weak profit growth in Europe in the third quarter, but does not anticipate any major disappointments. A slight acceleration in the global economy, driven primarily by the USA in September, could have a positive impact on results.
Highly cyclical companies in particular, which came under pressure in the second half of the year, could show some potential for profit growth. In Switzerland, this applies primarily to the industrial sector.
"We don't expect any more profit warnings across the board. I think we have bottomed out," says the expert. An emerging global recovery in the USA and China should also benefit European industrial companies.
Little potential
The technology sector and energy suppliers have performed well since the beginning of the year. However, due to the high valuations, von Rotberg sees little potential for further price increases here.
As far as the Swiss stock market is concerned, the expert notes that it has hardly been able to benefit from the technology boom, as the proportion of technology companies in the SMI is very low.
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