高盛2024年欧盟投资环境分析报告英文版32页

HOW INVESTABLE IS EUROPE? ISSUE 130 | August 1, 2024 | 4:00 PM EDT’’’’’’V’’’’’’’’’’’’’Global Macro ResearchInvestors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.The Goldman Sachs Group, Inc.Just as Europe emerged from two years of stagnation, weak survey data, increased political risk, and structural issues have put the region’s outlook back in question. So, how significant are these challenges, and how investable is Europe? GS GIR’s Jari Stehn sees a dimmer cyclical outlook, which could become even more so if Trump is reelected and implements his proposed tariffs. Bruegel’s Jean Pisani-Ferry is slightly less concerned about potential Trump tariffs in the short term, but worries about the lack of cyclical momentum and risk of a more isolationist US. Politically, former EC President José Manuel Barroso argues that des