Soft landing to benefit growth stock laggards - UBS CIO
STOXX 600 down 0.5%
Novo slips on Ozempic price cut concerns
Fed squarely in focus
Wall St futures steady
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SOFT LANDING TO BENEFIT GROWTH STOCK LAGGARDS - UBS CIO
An equity market rotation out of growth and into value is still in motion, evident both in the U.S. and in Europe.
But with the clock ticking down to the U.S. Federal Reserve's interest rate decision later today and recent data giving credence to slow-landing predictions, growth stocks could be in store for a boost.
That is at least according to Mark Haefele, global wealth management CIO at UBS.
In a note, he pointed to strength in recent industrial production data and retail sales out of the U.S.
"The results underline the continued resilience of US consumers, who have so far proved an important bulwark against a recession," write the UBS CIO.
This backdrop supports the UBS team's base case for an economic soft landing and 100 bps of Fed rate cuts by the end of the year.
"In this context, we believe equity gains will broaden, with continued potential for growth stocks, particularly in the technology sector, to rise further."
Solid corporate earnings across the S&P 500 and the longevity of the AI theme are more reasons for optimism in the growth space, says UBS.
In Europe, a basket of large cap STOXX 600 growth stocks .SLGP has fallen 3.5% since Sept 2., underperforming its value counterpart .SLVP, which is more or less flat since then.
(Lucy Raitano)
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EARLIER ON LIVE MARKETS
WHAT NEXT AFTER THE FIRST FED CUT? CLICK HERE
ALL GOOD FOR EURO AREA LIQUIDITY… FOR NOW CLICK HERE
NOVO WEIGHS, AWAITING THE FED CLICK HERE
EUROPE BEFORE THE BELL: THE FED, MIDDLE EAST AND UK CPI CLICK HERE
TRADERS STILL GUESSING IN FINAL FED COUNTDOWN CLICK HERE
EU open https://tmsnrt.rs/4d9zugf
INGMRO https://tmsnrt.rs/3XxTfbk
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