UBS has upgraded its recommendation for UK and US equities, citing the UK"s significant P/E discount and resilient economic growth. While downgrading European stocks to "weight in line" due to weak growth and disappointing results, UBS maintains a cautious optimism, favoring quality stocks with attractive valuations like CapGemini, Brenntag, and Campari.
European stock markets are down as investors reduce equity positions ahead of significant macro data and the upcoming U.S. vote on November 5. Paris and Milan fell by 1%, while London and Frankfurt declined by 0.5% and 0.4%, respectively. Despite the overall downturn, UBS and Volkswagen saw gains of 1.3% and 1.7% due to better-than-expected earnings, while Campari plummeted by 16% after disappointing quarterly results. Energy and utilities remained stable amid a recovery in oil prices.
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