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Goldman Sachs predict stocks in London will continue to recover ground

By Matthew Roscoe • Published: 11 Nov 2020 • 18:31

THANKS to the encouraging Pfizer vaccine news, Goldman Sachs predicts stocks in London will continue to recover ground over the next year or so.

According to the American investment bank and financial services company, they predict that the FTSE 100 will reach 7200 points by the end of next year, which means it could be 13 percent higher than on Wednesday, November 11.

“Our economists expect growth to show a marked acceleration from the end of 1Q as lockdowns ease and populations start to be vaccinated; European and global growth next year should be close to 6 percent.

“The recent positive news on vaccine efficacy from Pfizer supports their view.”

And on the London market specifically, they believe it will benefit from a rotation into ‘value’ stocks (where the FTSE is relatively overweight), away from ‘growth’ stocks such as tech firms, which are struggling.

“FTSE 100 has underperformed European equities by about 15 percent YTD, dragged down by its exposure to commodity prices and the underperformance of Value for most of the year.

“However, we see the improved macro and commodities environment as supportive going forward, and forecast FTSE 100 to reach 7200 by the end of 2021.”

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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