With four months left of 2023, returns on the S&P 500 boast about an eight percentage-point lead over the Stoxx Europe 600. The index is on course for its eighth year of outperformance in the past decade, as the artificial intelligence buzz overshadows economic recession fears and pricey valuations.
“It’s the economic resilience, the tailwinds from the weaker dollar, still fairly downbeat expectations on earnings. All of that plays in favor of the US,” Kettner added, in a reference to the view that dollar strength has finally topped out. Europe does have an edge on share valuations — on a price-to-earnings measure, the Stoxx 600 trades near a record low to the S&P 500. For some strategists such as David Groman at Citigroup Inc., that shows Europe is already pricing the bad news. Citi turned overweight on Europe in July and cut the US to neutral.
“I was talking with my team about what to buy in Europe as we are predominantly looking for growth and our conclusion was that there really wasn’t much indeed,” Domont added.
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