Bloomberg Surveillance · Tuesday, September 15, 2026
Marina Zavalac reported that European aggregate earnings growth is running at 19% for the year, with the median stock showing 12% growth. She attributed this strength, despite the valuation discount to the US, to inflation benefiting companies with real assets and banks. Zavalac noted that European companies are attractive when compared to US counterparts.
“I mean, it's not quite as strong as the S & P, but it's very strong by European standards. So aggregate earnings growth for this year is now running at 19%. The median stock is doing 12.”
“This is all coming at a 20% discount, as I mentioned, to the US. The median isn't that dramatically lower.”
“So I think if you do that for comparisons, quite attractive. And I would summarize what's driving the earnings and how sustainable it's inflation. Companies in Europe benefit from inflation because we have a lot of real assets and we have banks that benefit from inflation.”