本报告从近期与投资者及企业的交流出发，探讨欧洲股市的关键问题。高盛指出，欧洲股市自8月初以来跑输其他地区，大盘科技股是美股与亚洲指数的主要驱动，但STOXX欧洲仅较峰值下跌约4.5%，投资者对其韧性感到意外，且这种韧性由盈利驱动——除可选消费外多数板块EPS获上调，盈利修正可解释近七成的相对板块收益。与美国标普500极度狭窄的表现不同，欧洲市场宽度接近正常，更多板块和个股参与上涨，欧洲中位数个股表现优于美国或亚洲同类。但债券收益率上升日益难以消化，股债相关性显著转负，主权利差走阔也拖累估值。好消息是近期盈利前景依然强劲，工业、科技、能源和金融等欧洲大型板块具备结构性顺风；欧洲自由现金流收益率高于美国，企业持续回购、股票供给为负，并购活跃，外资为分散配置而流入。高盛继续认为盈利是回报的关键驱动，偏好盈利前景稳健的板块，维持超配科技、银行、可再生能源、国防与资本密集型板块。
This Strategy Espresso looks at key questions on Europe equities from recent conversations with investors and corporates. European equities have underperformed other regions since early August, with mega-cap Tech a large driver of US and Asian indices, yet STOXX Europe is only about 4.5% from its peak and investors remain surprised by its resilience, which is earnings driven: EPS has been upgraded for most sectors and earnings revisions explain the bulk of relative sector returns. While US market breadth is exceptionally narrow, Europe's breadth has been close to normal, with more sectors and stocks participating and the median European stock outperforming the median in either the US or Asia. However, rising bond yields are becoming increasingly difficult to digest, with the bond-equity correlation turning sharply negative, and widening sovereign spreads also weighing on valuations. Near-term earnings prospects remain strong, with Industrials, Technology, Energy and Financials enjoying