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Goldman Sachs strategists raised their forecasts for a second time just a few months after setting a 2024 target for the S&P 500 Index, with the stock market eclipsing the key 5K milestone this month. “Increasing profit forecasts are the driver of the revision,” a team led by David Kostin wrote in a note to clients Friday. Kostin now predicts the S&P 500 will rise to 5,200 by the end of this year, increasing his forecast by about 2 percent from the 5,100 level he predicted in mid-December. The new target implies a 3.9 percent jump from Friday’s close. In November, he initially predicted the S&P 500 would reach 4,700 by the end of this year. Goldman’s 5,200 price target for the S&P 500 in 2024 is currently among the highest on Wall Street.
While total automobile sales in the European Union (EU) reached 10.5 million last year, the market share of electric cars increased to 14.6 percent with 1.5 million sales. According to data from the European Automobile Manufacturers Association (ACEA), the EU automobile market recorded a growth of 13.9 percent last year compared to 2022 and completed the year with 10.5 million sales. According to information compiled from ACEA, although gasoline cars in the EU maintained their leadership with a market share of 35.3 percent in 2023, there was a slight decrease compared to the market share of 36.4 percent in 2022. In 2023, diesel car sales reached 1.4 million units and the market share decreased from 16.4 percent in 2022 to 13.6 percent. Hybrid car sales in the EU reached 2.7 million units, an increase of 29.5 percent compared to 2022. Thus, hybrid cars constituted one quarter of the total automobile market.
China shares rose while Hong Kong shares fell as investors returned from a long holiday on Monday on positive travel data. The CSI 300 rose 0.3 per cent as trading resumed following the Lunar New Year holidays, when consumer spending rose above pre-Covid levels, according to official data. Tourism stocks led the rise by increasing 2 percent shortly after the opening.
Oil fell from a three-week high as ongoing concerns about the demand outlook offset ongoing tensions in the Middle East.
Russian President Vladimir Putin stated that Europe has entered an irreversible path in the economy and said, “They always said that Russia does not give (energy source) but restricts it. We do not restrict anything, we give everything. The most reliable partners were the Turks. Here, TurkStream.” Shipment is made via said.
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