Europe Multi-Industry Food for Thought

This report covers global multi-industry data trends, highlighting machinery sector outperformance and updates on US, European, and Chinese economic metrics. It also provides specific company notes on firms including Volvo, Epiroc, Halma, and CNH Industrial.

Key Takeaways

• 1.Machinery stocks outperformed Electricals by 108bps, while global inventory levels show variations with US machinery/auto lean and European inventories remaining steady but elevated.
• 2.US May core PCE estimated at 0.31% monthly (+3.38% yoy), with existing home sales up 3.2% and new home sales volume volatility noted.
• 3.Tariff adjustments for CNH Industrial under Section 232 provide a margin tailwind estimated at c.150bps for Agriculture and c.410bps for Construction Equipment.

Table of Contents

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