US investors pull out of ‘dark’ Europe
The US investment bank JPMorgan, which wants to move its employees to London because of the imminent danger of a blackout in Germany, is not an isolated case. Other foreign analysts also consider Europe to be increasingly at risk – and are avoiding doing business in Europe. US companies are already focusing on their domestic businesses.
Published: September 15, 2022, 9:47 am
Strategists at Goldman Sachs Group Inc believe a recession in Europe is a certainty. The US economy is safer than betting on Europe, they said. Even though the path of US growth may be “uncertain”, the economic situation in Europe was simply catastrophic.
“Despite investor concerns about the US equity market, we believe it offers greater absolute and risk-adjusted return potential than recession-hit European markets,” the statement said. It has been a tough year for business in Europe “amid a gas crisis, soaring inflation and tightening central-bank policy”.
And the business news service Bloomberg reported that a Goldman Sachs team said that while the path of US growth may be “uncertain,” the economic situation in Europe was “dire”.
“Despite concerns that investors have about the US equity market, we believe it offers greater absolute and risk-adjusted return potential than recession-plagued European markets,” they noted.
The Stoxx Europe 600 lagged the S&P 500, and a Goldman basket of US companies with 100 percent domestic sales has performed better than a basket of companies with high sales in Europe. Barclays Plc strategists expressed similar concern about European prospects.
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