Goldman Sachs The Markets Buy the dip in US equities?
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Mar 7, 2025 Rich Privorotsky, Head of European One Delta Trading at Goldman Sachs Global Banking & Markets, offers sharp insights on the current volatility in U.S. stocks and whether it's a buying opportunity. He explains how policy uncertainty and recent payroll data are impacting investor sentiment. The discussion also covers the rise in German bond yields and how Europe's fiscal changes might present new investment angles. Listeners will gain a global outlook on market trends and potential recovery opportunities amidst uncertainty.
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Market Volatility
- Jittery markets, with the VIX up and S&P fluctuating, reflect a growth slowdown and policy uncertainty.
- Tech sector derating and innovation from China add to volatility, impacting multiples on AI-related stocks.
European Rates Volatility
- German bond yields spiked due to a shift in German fiscal policy towards increased spending.
- This impacts European rates, causing volatility but also potentially boosting growth, unlike in other European countries.
Investment Advice
- While the U.S. market pullback might offer trading opportunities, top-down and bottom-up headwinds persist.
- Consider rest-of-world equities, particularly in Europe and China, for diversification amid U.S. policy uncertainty.