LIVE MARKETS-Granolas: Is this the bottom?
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The STOXX 600 is up 0.2%, with gold reaching a new record and Nasdaq futures rising. Europe's "Granolas"—top stocks like ASML, Nestle, SAP, and Novo Nordisk—have underperformed MSCI Europe by 25% since early 2024. J.P. Morgan suggests they may be undervalued, trading at a 6% discount to their 10-year median PE. Despite concerns, earnings are stable, with projected 8% EPS growth for 2025. The strategists favor ASML, Novo, AstraZeneca, SAP, and Sanofi, questioning if this marks the bottom for Granolas, whose market cap share has dropped from 27% to 20%.
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