Institutional Investing / Macro Minutes

Macro Minutes: What’s Behind European Equities' Rally?

Macro Minutes What's Behind European Equities' Rally? Click to Play

In this month’s Macro Minutes video, Fisher Investments Research Analyst Larissa Murray explains why European stocks have rallied so much and why still-sour sentiment toward the region could be bullish.

Key Points

  • Last year, many presumed that, given Europe’s pre-war reliance on Russian natural gas, sanctions would cause high wintertime gas demand to outstrip supply—ultimately resulting in an energy shortage-driven recession in Europe.
  • Contributing factors to European equities’ rally this year likely include Europe’s focus on replacing Russian energy supply, lower consumption levels than anticipated, and accelerated liquid natural gas projects.
  • Though expectations for a European recession have weakened some as European energy supplies are more available than expected, sentiment in the region is still quite sour—especially in Germany.

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