Los 'blue chip' europeos encaran su mejor agosto desde 2020

European blue chip stocks are experiencing their best August since 2020, with the Euro Stoxx 50 index climbing 2.71% this month, its highest since the 3.09% in 2020 during the pandemic. The rise is driven by technology and artificial intelligence (AI) linked stocks, as well as defense sector shares, which have reached record highs.

The index peaked at 6,551 points last week, and four stocks have jumped over 10% this month. Payment solutions provider Ayden surged 17.62% after improving its full-year forecasts, while Morgan Stanley highlighted how the company is no longer solely dependent on a few large clients, with growth coming from numerous businesses. SAP rose 13.81% despite lowering profit forecasts, thanks to significant updates to its systems and a 22% increase in cloud business revenues driven by its AI tool.

ASML climbed 13.04%, and Siemens Energy gained 10.42% due to growing demand for lithography machines and electricity consumption by AI, respectively. Biotecnological company Argenx also rose 14.79% after significant advancements in its star drug's clinical trials. Defense-related stocks like Safran, Rheinmetall, and Airbus gained 6.71%, 6.49%, and 5.96%, respectively.

The selective index, consisting of major eurozone stocks, has been positive for five months, advancing 16.86% since January. Despite a 12.76% increase since January, the index continues to receive support from Wall Street investors. JPMorgan and BlackRock have sent out reports to their clients, expressing their support for the European stock market, predicting a record-breaking year ahead due to Europe's shift towards security and strategic autonomy.

The index is now benefiting from AI, but its lower weight compared to the US market means Europe can act as a stabilizer against volatility in the sector, according to BlackRock. BlackRock's director of investments, Helen Jewell, advises building a portfolio with other market segments outside of AI to avoid excessively volatile trajectories for investors.

They recommend focusing on the healthcare sector due to its promising benefits, but at much lower multiples compared to the technology sector. Both JPMorgan and BlackRock see potential in the banking sector as well. The consensus among Bloomberg's panel of analysts is to open positions in the Euro Stoxx 50, with 30% recommending maintaining existing investments. The potential 12-month return is projected at around 15%.