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Bruce Cockburn: 50 years of music, spirituality and social justice | SaltWire - Goldman Sachs said on Tuesday it expects earnings for companies in the pan-European STOXX 600 index to grow 3% in 2023, compared with its prior projection of no growth, on the back of higher oil prices.
According to Goldman Sachs, higher oil prices will feed into higher revenues, benefiting commodity-related sectors — for which analysts at the brokerage expect positive earnings upgrades. Europe's oil and gas sector hit nine-year highs on Monday, and leapt almost 7% since Oct. 6. The sector is up 8.3% so far this year, ahead of the STOXX 600's 6% gain during the period.
"We estimate that a 100-basis-point rise in the cost of debt would knock 3 percentage points off EPS ," said Lilia Peytavin, portfolio strategist at Goldman Sachs.
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