Rising profits will lift European stocks to new records by mid-2025, according to Citigroup strategists, who expect the STOXX 600 to rally 11% to 580 points after an already solid run this year.
The pan-European index is up 9% year-to-date after breaking into unchartered high levels in May, with the tech, banking and healthcare sectors leading the gains.
Strategists led by Beata Manthey say they remain encouraged by a positive earnings momentum and favorable macroeconomic conditions in the region with a first interest-rate cut from the European Central Bank last week.
Citi’s base case is for valuation multiples to remain steady at about 14 times forward profits but this might prove too conservative in a monetary easing cycle, they cautioned.
In terms of sectors, Citi continues to favor tech, industrials and health care and raises its recommendation for travel and leisure. Its analysts remain cautious cautious on autos, telecoms and utilities, while it cut its rating for construction materials.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
