Goldman Sachs is doubling down on Europe's fortunes versus the U.S. this year — unless one specific market move occurs.
Goldman Sachs has already said that non-U.S. stocks will beat the S & P 500 this year . Now it's doubling down on Europe's fortunes, saying the region's outperformance has further to go. Peter Oppenheimer, chief global equity strategist at Goldman, said that the last few months represent "one of the few times since the Great Financial Crisis that European equity markets have been outperforming the U.S. in both local and U.S.$ term.
STOXX50 1Y line The Wall Street bank said Europe's "reversal of fortune" was due to relatively cheaper valuations, better fundamentals, and increased fund flows into the continent this year. It said the region will also benefit from a shift from so-called "growth" stocks to "value" European stocks, with companies on the continent better suited to navigate a higher interest rate environment than their American counterparts.
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