As America grilled burgers on the barbecue, global manufacturers turned up some heat of their own, reporting higher monthly industrial output.
Europe is the clear standout, which may surprise some given the region's still record high unemployment of 12.1 percent. We admit some regions recorded PMI data below 50 (signaling contraction), though we emphasize August still represented across the board gains versus July. This is especially true for Europe, where August marked the fourth consecutive monthly gain.
Blog readers will recall we've highlighted European recovery several times since mid-summer: Capital inflows on 8/16; Sector sales growth on 8/12; the resurgent Pound on 8/5; and Europe's upside surprises on 7/25.
Today we're identifying European manufacturers behind the PMI gains. There are 122 industrial companies in Europe's Euro Stoxx 600 Index. Analysts tracked by Bloomberg forecast sales gains of at least 10 percent for 19 of them. We noted five on air, and provide the complete list for blog readers.
Abertis (ABE SM), Andritz AG (ANDR AV), Ashtead Group (AHT LN), Bollore (BOL FP), Boskalis (BOKA NA), Bunzl PLC (BNZL LN), Capita PLC (CPI LN), DCC PLC (DCC LN), DKSH Holding Ltd (DKSH SW), DS Smith Ltd (SMDS LN), Essentra PLC (ESNT LN), Kone OYJ-B (KNEBV FH), Melrose Industries (MRO LN), MTU Aero Engines (MTX GR), Rolls-Royce Holdings (RR/ LN), Rotork PLC (ROR LN), Safran SA (SAF FP), Wirecard AG (WDI GR), Zodiac Aerospace (ZC FP).
This group of European industrial companies is driving growth as well as returns, beating even the venerable S&P 500 Index here in the U.S.... A grilling indeed.