It’s only early in the financial-reporting season for European companies. But macro bears will already be able to find all the doom and gloom they could ever want. Three consumer-facing groups plunged in value on Thursday after disappointing announcements.
The surprise is that investors weren’t braced for the news. Granted, ubiquitous rate hikes in Western economies haven’t translated into soaring unemployment. But pricey recipe kits and premium toilet paper are relatively easy ways for pinched consumers to save money. Before the results, all three companies were priced at a premium to the STOXX Europe 600 Index
using 12-month forward price to earnings multiples, suggesting possible shareholder complacency. After Thursday’s bruising falls, investors are unlikely to get caught napping again.
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