🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Citi downgrades European banks; trims Stoxx 600, FTSE targets

Published 23/03/2023, 10:16
Citi downgrades European banks; trims Stoxx 600, FTSE targets
UK100
-
FTSE
-
STOXX
-

Sharecast - It said the swift policy response to recent events in the banking sector has managed to calm the market.

"But past week has reminded us of the consequences of monetary tightening," it said.

"We think investors’ attention will start shifting from higher rates to lower GDP and deteriorating fundamentals. Our sector strategy has a defensive tilt."

Citi downgraded banks and upgraded tech, to reflect its preference for "quality growth".

It also trimmed its 2023 year-end target for the Stoxx 600 to 445 from 475 and for the FTSE 100 to 7,600 from 8,000. This reflects "downside risks to growth and a volatile market environment", it said.

Read more on Sharecast.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.