European shares retreated in early trading, under pressure from a continued rise in bond yields, with pan-European
STOXX 600 index down 0.
In Europe, I expect profit-taking in the Euro
Stoxx 600 index to test 384.
The pan-European
STOXX 600 index was flat in percentage terms by 0817 GMT, while euro zone blue chips were also steady.
8% increase in the pan-European
STOXX 600 index along with a similar increase in the pan-European FTSEurofirst 300 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.
Its shares are also included in the Dow Jones
STOXX 600 index.
According to Thomson Reuters data, financial companies on the European benchmark DJ
STOXX 600 index have so far reported earnings that are 8.
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 having reported.
