Bank of America Merrill Lynch analysts believe the pan-European Stoxx 600 index will reach 405 points by the end of March 2020.
The upward momentum will be led by European banks, on the premise that they tend to outperform the market when euro area PMI momentum is positive and German bund yields are rising. BAML analysis implies a 10% rise for banks' share price by December this year. European stocks will push higher over the next six months with banks providing the driving force, according toIn a note published Thursday, BAML analysts, led by head of European equity strategy Sebastian Raedler, said the upside potential for European equities would be driven by positive euro area Purchasing Managers' Index momentum, and cyclical stocks outperforming defensives.
"In combination with our assumptions of moderately higher real bond yields, a fade in European policy uncertainty and mild headwinds from EUR upside, this implies a rise in the Stoxx 600 to 395 by year-end and 405 by next March," the note said. The pan-European blue chip index was trading at around 389.4 points late Thursday morning, but recovered to around 390.6 following the announcement of a
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