Food for Thought: Global Data Points and End-Market Commentary

This report provides a weekly update on the European Multi-Industry sector, highlighting a 151bps outperformance of Machinery over Electricals and a broad softening in global macro indicators.

Key Takeaways

• 1.Machinery stocks outperformed Electricals by 151bps during the week, with FLSmidth and Sandvik leading performance.
• 2.Global macroeconomic indicators show a softening trend, with European PMIs and China Industrial Production missing expectations, while US manufacturing indices saw sharp declines.
• 3.Specific industry sub-segments like China Grid Technology and US Data Centers (via Alfa Laval) show resilience and demand acceleration despite broader macro headwinds.

Table of Contents

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

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