Investors are increasingly skeptical about the prospects of the European stock market, expecting Germany to fulfill its promises of large-scale fiscal reforms. According to Goldman Sachs analysts, Europe is lagging behind the rapid growth of American stocks supported by artificial intelligence and China's dynamics in emerging markets. If at the beginning of the year the Stoxx 600 was ahead of the US indices due to Berlin's statements about major investments in infrastructure and defense, now the gap is growing again: the S&P 500 has gained 12% since the beginning of the year, updating records, while the Stoxx 600 has limited growth to 8.6%. Despite doubts about the effectiveness of the German spending program, Goldman Sachs considers it an important fiscal anchor that reduces risks for the region. Germany intends to invest hundreds of billions of euros in roads, bridges and the armed forces, but critics fear that some of the funds will only offset current budget items.
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