Throwing in the towel.
Deutsche Bank reckons European equities are all juiced out, and has cut its target for the end of the year for the pan-European Stoxx 600 index from 380 to 325. (It’s now at around 335.)
(Chart: Bloomberg.)
In a note, the bank says:
The combination of weak global growth, Fed risk, a likely fade in China’s growth rebound and uncertainty in the US high-yield credit market significantly undermines the upside case for European equities from current levels.
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