Booming European Stock Market Leaves Strategists in the Dust
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The European stock market’s rally to record highs has caught many strategists by surprise, leaving them racing to catch up and cautious on further gains.
The Stoxx Europe 600 Index has surged nearly 9% this year, breaking new ground this week above 550 points. That’s outstripped the average end-year target of 540 points in a Bloomberg survey of strategists published Friday — even though this is higher than the level seen in the survey last month. Investors have been moving faster, as they diversify out of US assets and bet on a ceasefire in Ukraine.