HSBC lifts Europe Stoxx 600 target

HSBC has raised its forecasts for the European Stoxx 600 index to 680 points by the end of 2023, representing an increase of 6.3% over previous expectations. The index is expected to reach 760 points by the end of 2024, driven by anticipated growth in corporate profits, improved market sentiment, and positive economic outlooks. The bank also forecasts that European corporate profits will grow by 15.6% in 2026 and 15.4% in 2027, as companies focus on domestic markets and benefit from the euro's depreciation against the dollar. Additionally, HSBC upgraded Italy's rating to "overweight" and downgraded France's to "underweight." The bank also increased its target for the FTSE 100 to 11,390 points, with an expected short-term rise of 6.5%.

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