European stocks are a good place to seek shelter from the higher rates-fuelled global equity rout, according to strategists at Goldman Sachs.
A global market rout started in the US on Wednesday after the Federal Reserve signalled interest-rate hikes may be more aggressive than many had expected. Technology shares — valued on future growth expectations — saw particularly intense selling because of elevated valuations. Meanwhile, the “earnings gap is closing” with forward earnings per share estimates stronger in the last year for Europe than the US, Bell wrote. The strategists recommend European banks and energy stocks, and single out healthcare as their preferred “cheap” growth area.
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