By Lewis Krauskopf NEW YORK (Reuters) - The U.S. S&P 500 is set to rise into the end of the year as investors price in a more upbeat economic ...
SaltWire's Atlantic regional weather forecast for September 12, 2023 | SaltWireNEW YORK - The U.S. S&P 500 is set to rise into the end of the year as investors price in a more upbeat economic outlook, according to Societe Generale strategists, who also issued more gloomy projections for stock returns in 2024.
In the coming months, calls for a recession will be"deleted/delayed," the SocGen equity strategists said in a report."Put another way, we stay bullish near term." The S&P 500 has climbed about 16.5% so far in 2023, against a 7% rise for Europe's STOXX 600, a 2% gain for MSCI's emerging markets index and a 25% jump for Japan's Nikkei.
However, the firm's economists still view a U.S. recession as the"core scenario," even if delayed. SocGen gave an S&P 500 target of 3,800 for the second quarter of next year, saying they expected a"shock" to the index"likely driven by a contraction in U.S. consumer spending."
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SocGen equity strategists upbeat on S&P 500 near-term, cautious into 2024The U.S. S&P 500 is set to rise into the end of the year as investors price in a more upbeat economic outlook, according to Societe Generale strategists, who also issued more gloomy projections for stock returns in 2024. SocGen on Tuesday raised its S&P 500 price target for the end of 2023 to 4,750 from 4,300. In the coming months, calls for a recession will be 'deleted/delayed,' the SocGen equity strategists said in a report.
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