UBS lifts forecasts for European earnings, with stocks in the grips of the longest winning streak since June

The Stoxx Europe 600 was set to match its longest winning streak since June on Wednesday, and log another record close, as a major investment bank lifted its forecasts for the region’s earnings.

Some of the best revenue beats in more than a decade and a fifth straight quarter of earnings surprises from European companies have lifted consensus 2021 earnings growth estimates to 55% from 36% in March, said UBS strategist Matthew Gilman. He raised his own forecast to 60% from 50%, but trimmed his 2022 outlook to 8% from 12%.

Financials were in focus for Wednesday, with ABN Amro ABN, +7.21% shares soaring 5%, after the Dutch bank said it swung to a net profit for the second quarter of 2021 and that its capital position was strong.

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