Global growth eased in the second quarter, but risky assets including the stock market benchmark S&P 500 continued to perform well driven by expectations of central bank easing and optimism in mega-cap tech.
Goldman Sachs strategists maintain a positive outlook for the second half of the year, anticipating a slight growth increase, inflation normalization, and central bank cuts.
“We continue to think we are in an early late-cycle backdrop, which could last considering a healthy private sector, and as a result both recession and bear market risk have been low,” strategists wrote.
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