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Goldman Sachs downgrades year-end market prediction

Goldman Sachs says it remains cautiously optimistic despite limiting its 12-month forecast for European equities to a rise of between 5 per cent and 10 per cent.


The US investment bank says it has lowered its forecast, because despite interest rate cuts in the UK and US, the market is not discounting the risks to earnings from weaker global growth and a weaker dollar.


It still favours continental business services, retailers, leisure and selected car manufacturers while it has reduced its recommended weight in energy and basic industries where companies are exposed to both growth and currency risk.

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