Funding & Business
Goldman and Citi See European Stock Rally Surviving French Drama
The risk of another failed government in France is already priced in by markets and won’t be enough to derail the best year for European equities relative to US stocks in almost two decades, according to top Wall Street strategists.
While French Prime Minister Francois Bayrou’s surprise decision on Monday to call a confidence vote over a budget showdown has rattled investor sentiment, market strategists at Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Asset Management said contagion risks to the rest of Europe are low given historic fiscal reform in Germany and a resilient economic growth outlook for the region overall.
China’s factory activity remained stuck in contraction in August, as a government crackdown on price wars holds back production offset the boost for manufacturers of the US’ extended trade truce.
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While Chinese stocks traded in Hong Kong climbed for a fourth straight month, derivatives wagers show investors are skeptical about the market.
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Sales of corporate bonds to Japan’s mom and pop investors are booming, on track to surpass last year’s record as bigger returns draw buyers looking to protect their savings from inflation.
Well-known names such as railway operator Keio Corp. and supermarket giant Aeon Co. are among those tapping the retail bond market, with the latter selling its debut retail bond on Friday.
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