The falling PMI in the eurozone and the strong euro will affect the growth of European indices in the coming months, German Deutsche Bank strategists said. The bank's expectations are the Stoxx 600 to correct around 360 at the beginning a fourth quarter of the year. According to European revisions, the EPS of the Stoxx 600 companies have declined and the prospects for European stocks remain questionable. With regard to the dollar and oil, the bank believes it will end the end of the year with an increase.
"We think we will see oil growth, but we are negatively affected by the metals," said Sebastian Riderler, chief strategist at Deutsche Bank.
According to Deutsche Bank, sectors that will end the year with growth include pharmaceuticals, defense, food and beverages, and undervalued Italian and Spanish banks.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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