The more aggressive line of central banks adds to the headwinds of economic growth and equities. UBS economists have lowered their forecast for the S&P 500 to 3,900 points for December.
Euro Stoxx December target cut 15% to 3,400
“We now anticipate a Smallest ride up for stocks this year, as slowing economic growth weighs on earnings growth and rising bond yields depress valuations. this combination implies less travel to the upside for the S&P 500 Index, and we have lowered our base price target for December to 3,900“.
“In the eurozone, growth momentum is slowing, while renewed uncertainty about the future of Russian gas supplies and the risk of bond market fragmentation add to macro risks. As a result, we have cut our base case targets for the December Euro Stoxx 50 by 15% to 3,400“.
Source: Fx Street
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