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Last Trade - 14/05/21

Sector
Financials
Size
Large Cap
Market Cap £23.98bn
Enterprise Value £55.88bn
Revenue £5.01bn
Position in Universe 30th / 1832

STOCKS NEWS EUROPE-Citi favours European domestic plays

Fri 30th August, 2013 11:23am
Citigroup strategists recommend focusing on companies which have less 
exposure to broad emerging markets, as the pace of growth in these regions is 
slowing, with further risks seen on the downside. 
    Citi upgrades its stance on the media sector to 'overweight' while 
downgrading food and beverage to 'neutral'. 
    "Both sectors present defensive growth qualities. Media has a lot less 
emerging market exposure, 11 percent of sales versus 40 percent of sales for 
food and beverage," the strategists write in a note. 
    Citi remains 'underweight' on both industrials and chemicals sectors, which 
"provide a better hedge to a sharp fall in emerging growth expectations from 
here, although that is not our base case scenario." 
    Below is the top 10 stocks on Citi's list of European blue-chips with more 
than 90 percent sales exposure to Europe and North America and which also have 
positive relative earnings trends over the past six months. 
     
 Stock                               Exposure to   Exposure to 
                                     Europe        North America 
 Allianz               ALVG.DE                92%               8% 
 Generali              GASI.MI                94%               0% 
 AXA                   AXAF.PA                64%              21% 
 BSkyB                 BSY.L                 100%               0% 
 BT Group              BT.L                   93%               5% 
 Caixabank             CABK.MC               100%               0% 
 Centrica              CNA.L                  73%              27% 
 Credit Agricole       CAGR.PA                88%               4% 
 Danske Bank           DANSKE.CO              98%               0% 
 DNB                   DNB.OL                100%               0% 
    Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net 
 
 
Keywords: MARKETS EUROPE STOCKSNEWS
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