Europe Agonistes

Check out the accompanying pdf and chart collection. Executive Summary: Will 2024 bring improved prospects for Europe’s economy and stock market? While analysts still project a resumption of earnings growth for Europe MSCI companies collectively next year, their 2023 earnings estimates have been falling and the Net Earnings Revisions Index turned negative in August. The outlooks for Europe’s economy and stock market hang in the balance of several uncertainties: whether the ECB can corral inflation without precipitating a recession, whether Europe’s shored up energy reserves will suffice this winter, whether Germany’s economic performance improves, and how well relying on China to meet green energy goals works out.