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Via a note from DB favouring equities into next year. Analysts at the bank say their base case is no recession in the EUR zone.

DB favour European stocks over US.

In brief:

  • “We anticipated weaker growth, disappointing beats in earnings and disappointing central bank communication into Q3”
  • “By now, these risks seem adequately reflected in markets”
  • “Markets are still priced cautiously with respect to the macro environment, leaving upside potential from positive surprises”
  • remains neutral US equities vs. Europe

2024 forecasts:

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  • STOXX 600 510
  • Euro STOXX 50 4,850
  • DAX 40 18,000

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