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

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Up nearly 18.5% so far this year, the Stoxx Europe 600 index has just edged past the S&P 500's 18.1% gain.

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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