Goldman Sachs The Markets
What we’re hearing from some of the world’s largest investors now
Sep 15, 2023
Oscar Ostund, global head of content strategy, market analytics & data science for Marquee in Goldman Sachs Global Banking & Markets, discusses institutional investors' expectations of a soft landing in the US despite inflation worries. Also covers investors' sentiments on different asset classes, changing sentiment towards the economic outlook for China and Europe, and the outlook for global currencies and the upcoming FOMC meeting.
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Quick takeaways
- Investors anticipate a decoupling between the US, Europe, and China with a soft landing expected in the US but concerns about slowdown in China and Europe
- Institutional investors remain bullish on fixed income but have mixed views on equities based on outlook for US economy and equity valuations
Deep dives
Decoupling between US, Europe, and China
The latest Marquis Quick poll reveals that institutional investors are anticipating a decoupling between the US, Europe, and China. While the consensus in the US is that a soft landing is expected, with a drop in inflation and a resilient US consumer, investors are starting to internalize the slowdown in China and Europe. However, there are concerns that the market may have become too complacent, setting a high bar for data in the US. In Europe, there are challenges with sticky inflation and a slowing German economy, while China faces structural readjustments and macroeconomic policy challenges.
