According to data from Thomson Reuters StarMine, 52 percent of companies on the European STOXX 600 index
have beaten or met market forecasts with their third quarter results so far, although earnings guidance has been cut for the fourth quarter.
In Europe, Euro Stoxx 600 index
closed higher, but major bourses were largely flat after a volatile session.
The real valuation re-rating in Europe happened in 2012 after Draghi's "whatever it takes speech" to defend the euro triggered a 18-point rally in euro/dollar and a 25 per cent rise in the Euro Stoxx 600 index
This is the reason the DAX Index trades at a lower valuation multiple at 12 times earnings, while the Europe Stoxx 600 index
trades at 13.
Around 53 per cent of companies on the pan-European STOXX 600 index
that have reported so far have beaten or met market expectations with their results, Thomson Reuters Starmine data showed.
Its shares are also included in the Dow Jones STOXX 600 index
8 percent in Tokyo and Europe's benchmark Stoxx 600 Index
The financial sector of the Stoxx 600 index
of European shares was up 3 percent around midday, against the broader index, which added just 0.
Consequently, Societe Generale analysts identified 16 European shares that have historically outperformed or at least been in line with the DJ Stoxx 600 Index
during a World Cup.
This might be one reason why the combined market capitalisation of companies in the Dow Jones Stoxx 600 index
(which comprises only European firms) is still significantly below its 2007 peak.
Referring to the relative undervaluation of company shares, TEO currently trades at about eight times estimated earnings, compared with about 16 for the Dow Jones Stoxx 600 Index
, an index of leading European companies.
ones so far, albeit with only about 5 percent of the STOXX 600 index