Two-thirds of the way through a third quarter that has been driven by corporate earnings across Europe, which sectors have been the biggest winners and losers so far?

Brussels

Europe's banking sector has emerged as the strongest performer this quarter, with shares reaching their highest levels since the 2008 financial crisis. This growth has been supported by positive earnings reports and ongoing discussions of potential deals within the sector. Commerzbank has notably led the gains, with its shares rising over 100% year to date.

Conversely, the media sector has experienced notable declines, with stocks falling over 8% in the past two months. Concerns about the impact of artificial intelligence have weighed on major European media companies, particularly the advertising group WPP, which reported a significant drop in pre-tax profits and subsequently lowered its full-year outlook.

In Charts: EU sector performance this quarter

We are also two-thirds of the way through a third quarter that has been driven no doubt by corporate earnings across the continent and continued global macro uncertainty. So which sectors have been the biggest winners and losers so far? Well, the biggest gainer has been Europe's banking sector. Shares hit their highest level since the 2008 financial crisis at the start of August as the sector continues the rapid growth it has seen so far this year. Boosted this quarter by positive earnings reports amid continued talk of potential deals in this space. Commerzbank has actually led Europe's bank's hires through the period so far. Shares adding to their impressive performance in the first half up over 100% year to date. Now, the flip side, on the downside, media stocks have been hit hard over the past two months. A decline of over 8% with concerns over the impact of AI hitting a number of the big European players. Of course, one of the companies we've discussed in this context has been the advertising group WPP. It has been the sector's worst performer. Shares slumping as it reported a 71% pre-tax profit fall in the first half and then decided to cut its full year outlook.

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