1、HOW INVESTABLE IS EUROPE?ISSUE 130|August 1,2024|4:00 PM EDTVGlobal Macro ResearchInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to Goldman Sachs Group,Inc.Ju

2、st as Europe emerged f rom t wo years of st agnat i on,weak survey dat a,i ncreased poli t i cal ri sk,and st ruct ural i ssues have put t he regi on s out look back i n quest i on.So,how si gni ficant are t hese challenges,and how i nvest able i s Europe?GS GI R s Jari St ehn sees a di mmer cycli c

3、al out look,whi ch could become even more so i f Trump i s reelect ed and i mplement s hi s proposed t ari f f s.Bruegel s Jean Pi sani-Ferry i s sli ght ly less concerned about pot ent i al Trump t ari f f s i n t he short t erm,but worri es about t he lack of cycli cal moment um and ri sk of a mor

4、e i solat i oni st US.Poli t i cally,f ormer EC Presi dent Jos Manuel Barroso argues t hat despi t e t he ri se of nat i onali sm,t he t rend i n Europe remai ns t oward more i nt egrat i on,but Ferry and St ehn worry t hat Europe s poli t i cs may i mpede i t s abi li t y t o address i t s st ruct

5、ural i ssues.I n all,BlackRock s Helen Jewell beli eves Europe i s qui t e i nvest able and expect s European equi t y out perf ormance vs.t he US,whi le GS GI R s Sharon Bell sees a t ri cki er i nvest i ng landscape.But bot h see compelli ng opport uni t i es i n Europe and hi ghli ght one part i

6、cular area:t he UK.“I NTERVI EWS WI TH:Jos Manuel Barroso,f ormer Presi dent of t he European Commi ssi on and Pri me Mi ni st er of Port ugal,Chai rman of I nt ernat i onal Advi sors at Goldman Sachs Helen Jewell,CI O of Fundament al Equi t i es at BlackRock Jean Pisani-Ferry,Seni or Fellow at Brue