Citigroup strategist Beata Manthey believes the European stock market will rise to a new record in 2024, reports Bloomberg.
In a new note, she points out that the balance between macroeconomic risks is improving, and that most bad news has already been priced in. She further argues that investors have become too pessimistic about the companies’ earnings prospects.
Manthey now estimates that the regional collective index Stoxx Europe 600 will rise to 510 points by the end of the coming year. According to the news agency, Deutsche Bank also has this as a price target for the index, which has never previously been above 500.
That suggests an upside of around 10 percent from today’s Stoxx Europe 600 level.
Others see sharp declines
The index is on Friday afternoon at approximately 464 points, up around half a percent for the day. This gives an increase so far in 2023 of approximately 8 per cent.
The year’s peak was reached in July, when the Stoxx Europe 600 was up to 471.74.
Bank of America and Société Générale are also among those predicting a decline for the European stock market in 2024, according to the news agency. The former estimates a 15 percent drop only during the first half of the coming year.
2023-12-01 13:31:55
#Tracks #record #Europe
