Rising profits will lift European stocks to new records by mid-2025, according to Citigroup strategists, who expect the STOXX 600 to rally 11% to 580 points after an already solid run this year.
The pan-European index is up 9% year-to-date after breaking into unchartered high levels in May, with the tech, banking and healthcare sectors leading the gains.
Strategists led by Beata Manthey say they remain encouraged by a positive earnings momentum and favorable macroeconomic conditions in the region with a first interest-rate cut from the European Central Bank last week.
Citi’s base case is for valuation multiples to remain steady at about 14 times forward profits but this might prove too conservative in a monetary easing cycle, they cautioned.
In terms of sectors, Citi continues to favor tech, industrials and health care and raises its recommendation for travel and leisure. Its analysts remain cautious cautious on autos, telecoms and utilities, while it cut its rating for construction materials.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
