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Global Index Briefing:EMU MSCI Sectors
Yardeni Research, Inc.
December 8, 2020
Dr. Ed Yardeni516-972-7683
Joe Abbott732-497-5306
Mali Quintana480-664-1333
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
EMU Sectors Stock Price Indexes 3EMU Sectors Versus 200-Dma 4EMU Sectors Forward Earnings 5EMU Sectors Forward Revenues 6EMU Sectors Forward Profit Margin 7EMU Sectors Forward P/Es 8EMU Sectors Relative Forward P/Es 9EMU Sectors Market Cap & Earnings Shares 10EMU Sectors Net Earnings Revisions Index 11EMU Sectors STRG vs STEG vs LTEG 12
Figure 1.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2275
125
175
225
275325
12/8
EMU MSCI*
200-day moving average
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2280
140
200
260
320380
12/8INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2240
70
100
130160190220
12/8CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230
60
90
12015018012/8INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2260
100
140
180
220260
12/8CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2275
125
175
225
275325
12/8MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2250
75
100
125150175200225250
12/8
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22300
600
900
120015001800
12/8
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2225
50
75
100125150175
12/8
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230
50
70
90
110130
12/8
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2270
120
170
220
270320
12/8
HEALTH CARE
* EMU MSCI price indexes in euros on ratio scales. Source: MSCI and Haver Analytics.
200-day moving average
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2250
100
150
200
250
12/8
UTILITIES
yardeni.com
EMU Sectors Stock Price Indexes
Page 3 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 2.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-45
-30
-15
0
15
30
45
12/8
EMU MSCI*(price index as percentage of 200-day moving average)
% from 200-dma (13.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60
-45
-30
-15
0
15
30
45
12/8
INDUSTRIALS
(19.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-40
-20
0
20
40
12/8
CONSUMER DISCRETIONARY
(20.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-45
-30
-15
0
15
30
12/8
INFORMATION TECHNOLOGY
(11.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-30
-20
-10
0
10
20
30
12/8
CONSUMER STAPLES
(7.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60
-40
-20
0
20
40
12/8MATERIALS
(17.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60-50-40-30-20-10
0102030
12/8ENERGY
(16.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60
-40
-20
0
20
40
60
12/8
REAL ESTATE
(9.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60
-40
-20
0
20
40
60
12/8
FINANCIALS
(18.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-30
-20
-10
0
10
20
30
12/8
COMMUNICATIONS SERVICES
(5.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-30
-20
-10
0
10
20
30
12/8
HEALTH CARE
(-1.7)
Source: MSCI and Haver Analytics.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-40
-20
0
20
40
12/8
UTILITIES
(9.6) yardeni.com
EMU Sectors Versus 200-Dma
Page 4 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 3.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
202530
20 2122
11/26
EMU MSCI*(Forward earnings)
AnnualForward**
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 228
12
16
20
2420 21
22
11/26
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
6
10
141822
20 2122
11/26
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
20 2122
11/26
INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
7
9
11
1320 21
2211/26
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 227
12
17
22
27
2021
22
11/26
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
8
1420263238
20 21
22
11/26
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230
45
60
75
90
20
11/261819
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
5
8
111417
20 2122
11/26
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
3
4
56789
2021
2211/26
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 228
10
12
14
16
18
2021 22
11/26
HEALTH CARE
Source: MSCI and Thomson Reuters I/B/E/S.
* Ratio scale.** Time-weighted average of the consensus estimates for current and next year.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
7
10
13
16
2021 22
11/26
UTILITIES
yardeni.com
EMU Sectors Forward Earnings
Page 5 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 4.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22180
190
200
210
220
230
240250
20 21
2211/26
EMU MSCI*(Forward revenues)
AnnualForward**
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22225
250
275
300
325
2021
2211/26
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22100
125
150
175
200225250
20 21
2211/26
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230
40
50
60
70
80
20 2122
11/26
INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22130
140
150
160
170
180
190
2021
2211/26
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22175
200
225
250
275
300
20 21
2211/26
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22150
175
200
225
250
275300
2021
2211/26
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2255
75
95
115
135
155
2018 19
11/26
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2240
50
60
70
80
20 21
2211/26
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2240
50
60
70
80
20
21 22 11/26
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2260
80
100
120
140
2021 22
11/26
HEALTH CARE
Source: MSCI and Thomson Reuters I/B/E/S.
* Ratio scale.** Time-weighted average of the consensus estimates for current and next year.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22100
120
140
160
180
2021 22
11/26
UTILITIES
yardeni.com
EMU Sectors Forward Revenues
Page 6 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 5.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223456789
1011
20 2122
11/26
EMU MSCI(Forward profit margin)
AnnualForward* (6.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223
4
5
6
7
8
20 2122
11/26
INDUSTRIALS
(5.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 221
2
3
4
5
6
7
820
2122
11/26
CONSUMER DISCRETIONARY
(5.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
1820 21 22
11/26
INFORMATION TECHNOLOGY
(14.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223
4
5
6
7 20 2122
11/26
CONSUMER STAPLES
(6.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223
4
5
6
7
8
9
20
2122
11/26
MATERIALS
(5.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
2
4
6
8
10
12
20 21
22
11/26
ENERGY
(3.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230
40
50
60
70
80
20 11/2618
19
REAL ESTATE
(58.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
5
10
15
20
20 21 2211/26
FINANCIALS(7.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
7
9
11
13
2021
2211/26
COMMUNICATION SERVICES
(5.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210
11
12
13
14
20 21 22
11/26
HEALTH CARE
Source: MSCI and Thomson Reuters I/B/E/S.* Time-weighted average of the consensus estimates for current and next year.
(11.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
2021 22 11/26
UTILITIES
(5.1)
yardeni.com
EMU Sectors Forward Profit Margin
Page 7 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 6.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
11/26EMU MSCI(Forward P/Es)
(17.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
11/26
INDUSTRIALS(22.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
11/26
CONSUMER DISCRETIONARY
(20.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
30
35
11/26INFORMATION TECHNOLOGY
(28.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210
15
20
25
11/26
CONSUMER STAPLES
(21.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
11/26
MATERIALS(20.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22468
101214161820
11/26ENERGY
(18.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
11/26
REAL ESTATE(16.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
16
11/26
FINANCIALS(10.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 225
10
15
20
25
11/26
COMMUNICATION SERVICES
(15.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 228
12
16
20
24
11/26
HEALTH CARE
Source: MSCI and Haver Analytics.
(15.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
9
12
15
18
21
11/26
UTILITIES
(16.1)
yardeni.com
EMU Sectors Forward P/Es
Page 8 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 7.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.7
.8
.9
1.0
1.1
1.2
11/26
EMU MSCI(Relative forward P/Es*)
(0.90)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.9
1.0
1.1
1.2
1.3
1.4
11/26
INDUSTRIALS
(1.25)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.50
.75
1.00
1.25
1.50
1.75
2.00
11/26
CONSUMER DISCRETIONARY
(1.14)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.75
1.00
1.25
1.50
1.75
2.00
2.25
11/26
INFORMATION TECHNOLOGY
(1.59)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.75
1.00
1.25
1.50
1.75
11/26
CONSUMER STAPLES
(1.19)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.6
.8
1.0
1.2
1.4
1.6
11/26
MATERIALS
(1.13)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.6
.8
1.0
1.2
1.4
11/26
ENERGY
(1.03)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.75
1.00
1.25
1.50
1.75
2.00
11/26
REAL ESTATE(0.91)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.5
.6
.7
.8
.9
1.0
11/26
FINANCIALS(0.61)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.6
.8
1.0
1.2
1.4
1.6
11/26
COMMUNICATION SERVICES
(0.85)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.6
.8
1.0
1.2
1.4
1.6
11/26
HEALTH CARE
* MSCI EMU relative to MSCI World, sectors are relative to MSCI EMU. Source: MSCI and Haver Analytics.
(0.88)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.8
1.0
1.2
1.4
1.6
11/26
UTILITIES
(0.90)
yardeni.com
EMU Sectors Relative Forward P/Es
Page 9 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 8.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.1
.2
.3
.4
.5
0
1
2
3
4
5
11/26
EMU MSCI(trillion euros)
Total Capitalization (4.1)Total Forward Earnings (0.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226
8
10
12
14
16
11/26
INDUSTRIALS(percent for sectors)
Market cap share (15.1)Earnings share (12.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22468
101214161820
11/26
CONSUMER DISCRETIONARY
(16.6)(14.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220
2
4
6
8
10
12
14
11/26
INFORMATION TECHNOLOGY
(11.5)(7.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
14
11/26
CONSUMER STAPLES
(9.6)(8.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 224
6
8
10
12
11/26
MATERIALS
(7.3)(6.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
12
14
11/26
ENERGY (4.1)(4.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22.0
.5
1.0
1.5
2.0
2.5
11/26REAL ESTATE
(1.9)(2.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210
15
20
25
30
35
40
45
11/26
FINANCIALS(13.8)(22.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
12
14
11/26
COMMUNICATION SERVICES
(4.6)(5.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222
4
6
8
10
12
14
11/26
HEALTH CARE
(8.2)(9.4)
* Using consensus 12-month forward earnings forecasts. Source: Thomson Reuters I/B/E/S.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223
6
9
12
15
11/26
UTILITIES
(7.3)(8.0) yardeni.com
EMU Sectors Market Cap & Earnings Shares
Page 10 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 9.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-50-40-30-20-100102030
Nov
EMU MSCINet Earnings Revisions Index*
NERI (-1.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
Nov
INDUSTRIALS
(-0.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
Nov
CONSUMER DISCRETIONARY
(8.2)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-60
-45
-30
-15
0
15
30
Nov
INFORMATION TECHNOLOGY
(-9.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-40
-20
0
20
Nov
CONSUMER STAPLES
(-6.5)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-45
-30
-15
0
15
30
Nov
MATERIALS
(7.1)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
Nov
ENERGY
(-15.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-40
-30
-20
-10
0
10
20
Nov
REAL ESTATE
(-7.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-40
-30
-20
-10
0
10
20
30
Nov
FINANCIALS
(-2.1)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-30
-20
-10
0
10
20
30
Nov
COMMUNICATION SERVICES
(-6.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-30
-20
-10
0
10
20
30
Nov
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: Thomson Reuters I/B/E/S.
(-4.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21-20
-10
0
10
20
Nov
UTILITIES
yardeni.com(-1.4)
EMU Sectors Net Earnings Revisions Index
Page 11 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
Figure 10.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
0
10
20
30
40
11/26
EMU MSCI(percent)
STRG* (4.6)STEG* (37.5)LTEG* (6.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-15
0
15
30
45
60
75
11/26
INDUSTRIALS (5.7)(67.1)(2.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-30
-15
0
15
30
45
60
11/26
CONSUMER DISCRETIONARYcapped at 40%
(9.5)(40.0)(9.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-45
-30
-15
0
15
30
45
60
11/26
INFORMATION TECHNOLOGY
(8.0)(14.8)(13.8)
capped at 40%
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
-5
0
5
10
15
20
11/26
CONSUMER STAPLES
(1.6)(9.6)(2.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-60
-40
-20
0
20
40
60
11/26
MATERIALS
(3.3)(40.0)(3.5)
STEG capped at 40%
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-40
-20
0
20
40
11/26
ENERGY
(8.2)(40.0)(-0.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
0
10
20
30
40
11/26
REAL ESTATE(2.3)(6.1)(2.0)
Capped at 30%
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-20-10
010203040506070
11/26
FINANCIALS capped at 40%
(0.8)(31.4)(3.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
0
10
20
30
11/26
COMMUNICATION SERVICES(3.3)(11.4)(11.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-10
-5
0
5
10
15
11/26
HEALTH CARE
(3.8)(6.6)(8.6)
* STRG: 12-month forward consensus expected revenue growth. STEG: 12-month forward consensus expected earnings growth. LTEG: 5-year forward consensus expected earnings growth. Source: Thomson Reuters I/B/E/S.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22-15
-10
-5
0
5
10
15
20
11/26
UTILITIES
(4.2)(12.5)(4.1) yardeni.com
EMU Sectors STRG vs STEG vs LTEG
Page 12 / December 8, 2020 / EMU MSCI Sectors www.yardeni.com
Yardeni Research, Inc.
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