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Goldman Sachs adjusts outlook for Stoxx Europe
Global indices pick up momentum after mixed data from the US
Retail sales show large drop, sending stocks higher.
A sluggish start to consumer spending in 2024 after a robust performance in the fourth quarter of 2023.
Soros Fund Management completely liquidated its position in Apple, contributing to the downward trend in the stock.
On the Market Watch:
Goldman x BofA
Goldman Sachs strategists have revised their market outlook for Europe, establishing a new 12-month target for the Stoxx Europe 600 Index at 510, up from their earlier projection of 500.
The adjusted target, indicating a 5% potential price increase underpinned by optimism stemming from more attractive valuations and expected enhancements in the European economy.
However, a report from Bank of America earlier this week, reported the possibility of a 5% correction for US indices based on historical analysis.
Major indices x Economic data
US stocks closed higher overnight buoyed by larger than expected drop in retail sales. The retail and food services spending data for January presented a disappointing picture, primarily due to a decrease in unit motor vehicle sales and a decline in gasoline prices.
There was mixed data overall including positive labor market data including the unemployment claims that came in at 212K vs 219K previous.
Meanwhile, Apple shares dipped lower as Berkshire Hathaway led by Warren Buffett, reduced its significant stake in the iPhone-maker. Additionally, Soros Fund Management completely liquidated its position in Apple, contributing to the downward trend in the stock.
