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Last quarter, we shared our view that the change in the US administration could lead to progrowth policies with significant implications for equity investors (1Q2017 Global Equity Outlook: From Low Growth to Pro-Growth). Since then, optimism on the economy has indeed soared, but we believe it needs to be converted into confidence to ignite corporate “animal spirits”. In this quarterly outlook, we explore transmission mechanisms, potential headwinds, and mileposts that may indicate this transition is underway.
„„ We maintain a positive outlook for equities based on earnings growth.
„„ Optimism now needs to convert to confidence in order to turn sentiment into action, generating real business activity and maintaining investor enthusiasm.
„„ Political uncertainty remains a risk to this transition process.
„„ Signs we will be watching to gauge whether the conversion to confidence is successful include rising corporate investment and earnings growth meeting or exceeding
„„ We maintain most of our regional and sector views from last quarter, based on our core expectation of stronger global growth.
20172Q-Goldman Sachs AM-Global Equity Outlook：Checking the Transmission.pdf
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