Goldman, UBS bearish on European stocks

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 52 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 63%

Sverige Nyheter Nyheter

Strategists expect the worst year for the region’s equities since 2008

A trader works at the Frankfurt stock exchange in Frankfurt, Germany. Picture: REUTERS/TIMM REICHERT

While the 444 point target implies 5% upside from Wednesday’s close, the likelihood of a strong second-half rebound is fading, with strategists slashing estimates by 23 points since last month’s fairly optimistic survey as an energy crisis and concerns around gas flows add to challenges including rate hikes and a looming recession.

European equities have bounced back from an 18-month low reached in early July, but are down 13% this year amid a wall of worries that keeps building up. Elevated commodities prices continue to fuel inflation, which reached a record 8.6% for the euro area in June, prompting the European Central Bank to hike rates by 50 basis points on Thursday.

Bank of America strategist Milla Savova agrees that the Stoxx 600 has bottomed. “We see no further downside for the Stoxx 600 after the sharp decline since January, which is why we lifted our stance on the market from negative to neutral last month,” said Savova, who reiterated her year-end target of 430 index points.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 12. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Asian stocks head higher as dollar faltersAsian markets on course for best week in months after the European Central Bank raises rates
Källa: BDliveSA - 🏆 12. / 63 Läs mer »

Umgeni Water warns residents of interruptions in water supply - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Bulk water supplier Umgeni Water is cautioning residents against stock-piling water. It says hoarding water will put added pressure on its already strained system. I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you. I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo.
Källa: SABCNews - 🏆 37. / 51 Läs mer »