Europe Multi-Industry Food for Thought

This weekly report covers performance trends in the Multi-Industry sector, highlighting recent global manufacturing PMI data and increased competition from Chinese capital goods exporters.

Key Takeaways

• 1.Machinery stocks outperformed Electricals by 49bps in the recent week.
• 2.China's global capital goods export share rose from 7% in 2005 to 24% in 2025, presenting increased competition for European firms.
• 3.Wartsila was upgraded to Neutral following material estimate upgrades and capacity expansion announcements.

Table of Contents

• What worked in Multi-Industry recently
• Recent global data points
• Multi-Industry Research this week
• Global Research
• Disclosure Appendix