Mind the Gap
The point spread between the S&P 500 and Euro Stoxx 50 has swung dramatically, now sitting around 1,500 points in favor of the U.S. index. After a brief compression to roughly 150 points early this year amid a “sell America” rotation, the gap widened again as geopolitical tension and divergent earnings forecasts reasserted U.S. dominance. Analysts project near‑20% forward earnings growth for the S&P 500 versus about 10% for the Euro Stoxx 50, reinforcing the valuation gap. The pattern underscores how sentiment, currency risk, and macro events drive cross‑regional equity allocations.
Major European Indices Close Mixed. Higher for the Week.
European equity markets ended the day with mixed moves, as Italy's FTSE MIB rose 0.59% to just below its 2000‑era peak and Spain's Ibex climbed 0.55% toward its historic high. Germany's DAX slipped 0.01% while France's CAC 40 edged up...
European Indices Close Week on a Down Note
European equity markets ended the day in the red, with France's CAC 40 falling 0.91% and Germany's DAX slipping 0.65%. The UK's FTSE 100, Spain's Ibex, and Italy's FTSE MIB also posted modest declines, ranging from 0.31% to 0.47%. Over...
![[Update & Reveal] John Wood Group: Buyer Lock-In via Lending Pays Off: Double-Digit Gains Since January](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://substackcdn.com/image/fetch/$s_!B5NZ!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F32978d04-1cd9-421d-91c4-d4ab686c7abd_577x577.png)
[Update & Reveal] John Wood Group: Buyer Lock-In via Lending Pays Off: Double-Digit Gains Since January
John Wood Group’s merger with Sidara has cleared all antitrust and regulatory hurdles, confirming the buyer’s lock‑in strategy that began with a $250 million loan injection. The regulatory green light on March 3 triggered a share price rise to 28.70 pence, delivering double‑digit...
Airbus: Repeatedly Missing the Mark on Delivery Guidance
Airbus has failed to meet its commercial aircraft delivery guidance for three consecutive years, with shortfalls driven by engine shortages, buyer‑furnished equipment delays, and quality‑control problems. The company repeatedly revised its outlooks as supply‑chain bottlenecks persisted, undermining the reliability of...
Munich Re’s Net Result Exceeds Target in 2025 at over €6.1bn
Munich Re posted a €6.121 billion net result for 2025, surpassing its €6.0 billion target and marking the fifth consecutive year of outperformance. The reinsurance arm contributed €5.204 billion, buoyed by strong property‑and‑casualty and life‑and‑health segments, while group insurance revenue held steady at...
![[ShareScope] Screening For My Next Quality Winner: AJ BELL](/cdn-cgi/image/width=1200,quality=75,format=auto,fit=cover/https://maynardpaton.com/wp-content/uploads/2026/02/AJB-image-800x.png)
[ShareScope] Screening For My Next Quality Winner: AJ BELL
Maynard Paton revisited his ShareScope quality‑stock screen, which filters for companies with both operating margins and return on equity of at least 20% and a net‑cash balance. The screen again produced 19 candidates; after reviewing Hollywood Bowl previously, Paton highlighted...
Why Pershing Square Holdings Trades At A Deep Discount To NAV
Pershing Square Holdings (PSH) trades about a 25 % discount to NAV, reflecting its closed‑end, London‑listed structure and a portfolio of public equities that investors can replicate. The lack of daily redemption limits arbitrage, while a 1.5 % management fee and 16 %...
CALNEX ON THE RECOVERY ROAD - 16/02/26
Calnex (LSE: CLX) is re‑emerging after a turbulent 2023‑24 period, prompting the author to re‑enter at 46‑47p. The company has shed its reliance on Spirent, building a broader channel network and a strategic partnership with VIAVI to supply integrated test‑beds...
Carl Zeiss Meditec: When the Thesis Gets Punched in the Mouth
In this episode, the host revisits his deep‑dive analysis of Carl Zeiss Meditec, using the company’s Q1 FY2025/26 earnings call as a live case study to demonstrate how investment theses should evolve with new data. He critiques the common practice...
Quick Updates: Frosta, Alimanetation Couche-Tard, Bombardier, Bouvet & Robertet
Frosta released a preliminary earnings update showing a 12% drop in net income for 2025, but its core brands delivered robust growth—16% for the Frosta brand and 18% for ready‑made meals, outpacing market averages. The company kept its dividend at...