European equities delivered a mixed week, with structural bulls colliding with fresh macro anxiety.
Early in the week, research leaned constructive: one thread argued international equities — Europe, UK, Japan, Korea — trade at valuations inconsistent with improving profitability and ongoing governance reforms, while another flagged broadening earnings growth as a reason to stay engaged across sectors. Single-name optimism came through in commentary on Hornbach (strong preliminary Q2 print, guidance confirmed), DWS (breakout on volume after a 51% twelve-month run), and Deutsche Börse (approaching record highs on supportive technicals). A UK income angle highlighted Supermarket Income REIT for its inflation-linked leases and 7%-plus covered yield.
Sentiment cooled midweek. Analysts described EuroStoxx 50 weakness tied to a renewed risk-off tone, repricing of ECB tightening expectations, and wider peripheral spreads, with rate-sensitive sectors hit hardest. DAX commentary was more tactical, pointing to tentative stabilization signals around 25,600 after the selloff.
Net: structural bull case intact per published research, but near-term rate sensitivity is back in focus.