Christian Stocker

So far, European earnings have been better than expected, with investors focusing on company guidance to form a view on the market's likely direction, the market is definitely getting some boost, at least today, from some strong results from companies like SAP, with the technology sector leading the market higher.

Christian Stocker

We do not see any lasting potential for these sectors to outperform and believe any recovery might be short-lived, the trend of earnings estimates is declining strongly, relative valuation versus the overall market is still very high and a lasting trend reversal in commodity prices is not in sight. We recommend remaining underweight on commodity stocks.

Christian Stocker

We need a strong earnings momentum to justify the current lofty valuations and push share prices further higher, but that's not happening, i don't see a lasting positive impulse coming from the reporting season and see only a marginal increase in equities in the remaining weeks of the year.

Christian Stocker

Uncertainty about the Fed's likely decision continues. If there is no rate hike on Thursday, it could also give a signal that the Fed has some concerns about the health of the economy.

Christian Stocker

Chinese demand for industrial metals continues to be weak and there are some overcapacities in the mining sector. This is a combination which is negative for the sector.

Christian Stocker

The German economic growth has been solid and gives support to the stock market, i think the majority of analysts will be revising their 2015-16 earnings forecasts higher during the next six months.

Christian Stocker

The German data shows that the manufacturing activity is still expanding and concerns that a recent rise in the euro would hurt German companies are definitely overdone. The German economic growth has been solid and gives support to the stock market, i think the majority of analysts will be revising their 2015-16 earnings forecasts higher during the next six months.

Christian Stocker

We have seen some mixed earnings reports today, however disappointing results from companies such as UPM-Kymmene have eclipsed some positive results, the broader stock market's recent uptrend remains intact, but we need to see a further improvement in company earnings for the trend to remain firmly in place in the coming weeks.

Christian Stocker

We have seen some mixed earnings reports today, however disappointing results from companies such as UPM-Kymmene have eclipsed some positive results, the broader stocks market's recent uptrend remains intact, but we need to see a further improvement in company earnings for the trend to remain firmly in place in the coming weeks.

Christian Stocker

Industrial metals prices have probably seen the bottom. They have been in a phase of stabilisation over the last few weeks. We assume that the downside pressure on basic resources shares has come to an end for now, we like miners from a tactical point of view as margins are recovering swiftly and valuations look relatively attractive.

Christian Stocker

It's highly likely that the ECB will announce plans to purchase government bonds worth at least 500 billion euros, a number below that will disappoint markets and might trigger a sell-off in equities.

Christian Stocker