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- Goldman Sachs on Monday raised its 2024 year-end target for Europe's STOXX 600 index to 540 from 510, citing potential improvement in economic growth and monetary policy easing across central banks.
Major central banks such as the U.S. Federal Reserve and the European Central Bank have hinted at probable interest rate cuts in June. The Wall Street brokerage, which previously lifted its index target in mid-February, now estimates the STOXX 600's valuation can increase about 2.5% this year. Goldman argued that over the last six months, European equities climbed 12%, and all of this rally has been driven by an improvement in valuations rather than earnings growth.
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