Shadowing Practice: Will European Equities Outperform the S&P? - Learn English Speaking with Video
בחר מצב תרגול
כל מצב פותח חדר תרגול במסך מלא.
151 משפטים
אם המשפטים קצרים או ארוכים מדי, לחץ על ערוך כדי להתאים אותם.
1
This is the markets.
2
I'm Chris Hussey and today is Thursday June 4th
3
and I'm joined from the Goldman Sachs trading floor in London
4
by Sharon Bell who is our European portfolio strategist within Goldman Sachs research.
5
Sharon thanks so much for taking time with us on the markets.
6
Thank you.
7
So let's you know go right into your specialty which is European equities.
8
Stocks are up a lot this year.
9
What's driving the rally.
10
Yep.
11
So Europe is at close to all time highs.
12
hasn't performed as well as the US or Asia
13
but it's bounced a lot from the lows
14
and I think the reason Europe's bounced
15
so much is the earnings have been quite strong obviously the energy stocks you've seen earnings rise for energy companies
16
because of higher oil and gas prices
17
but it's not just energy companies the whole commodity complex is doing very well utilities mining companies for example
18
but also financials with higher interest rates chemicals have been doing well in terms of earnings so
19
if I look at the suite of European companies then actually earnings estimates have been upgraded on average by six
20
or seven percent this year.
21
You have had some downgrades but that's been in consumer discretionary areas of the market.
22
But net net it's been upgrades and I think that's really driven the rally.
23
Okay Sharon you mentioned a bunch of different sectors.
24
You didn't really mention tech though.
25
Without tech is there more to go in a European rally?
26
Yeah Europe has got some tech and tech has also been seeing upgrades as well.
27
It's not as big as you point out as it is in Asia
28
or the US but tech is also helping to drive European earnings
29
so I think
30
if you look overall in Europe it's got some tech not
31
as much as elsewhere it's got energy it's got other areas
32
that have done reasonably well like heavy asset companies companies like
33
industrials utilities energy defense aerospace companies all seeing upgrades as to
34
whether you've got more to go yes we've recently upgraded our
35
stock 600 forecast we're now looking WE ARE WORKING FOR 660 ON THAT INDEX OVER THE NEXT 12 MONTHS.
36
THAT IS AN UPGRADE COMPARED TO PREVIOUSLY.
37
THE REASON WE HAVE DONE THAT IS BECAUSE EARNINGS HAVE BEEN GOOD AND THE ECONOMY HAS BEEN MORE RESILIENT THAN EXPECTED.
38
IT'S NOT AS STRONG AS YOU SEE IN THE U.S.
39
BUT YOU ARE NOT IN RECESSION.
40
GERMANY CONTINUES TO SPEND FISCALLY JUST AS THE PLAN WAS LAID OUT LAST YEAR.
41
YOU ARE STARTING TO SEE THAT FISCAL SPEND COME THROUGH.
42
here because in the U.S., of course, it's been a concentrated rally.
43
You were talking about so many different parts of Europe that have been doing well.
44
Is Europe less concentrated than the U.S.?
45
A simple answer is yes.
46
It is much less concentrated than the U.S., and you see that in a couple of different ways.
47
One way, you take the top 10 companies, the largest 10 companies, in the U.S., they make up 40 percent of the index.
48
In Europe, Europe's top 10 companies make up just 15 percent of the entire index market cap.
49
So very, very different.
50
Not only that, that 40 percent I mentioned for the U.S is a high, more or less, whereas in the case of Europe, top 10 companies make up 15 percent.
51
And that's actually at the lower end of the concentration that Europe has seen historically.
52
So, no, I don't think Europe is as concentrated as the U.S.
53
There's another way of looking at it as well, which is what's been driving returns.
54
Has it been a narrow breadth of companies or has it been a wider breadth of companies in the U.S.?
55
Not only is the US market concentrated in terms of size of companies and market cap, it's also concentrated in terms of returns.
56
Very few companies have driven the returns in the US.
57
In Europe, it's been a bit broader.
58
There has been similar themes.
59
Keep that in mind that you've had energy, tech, AI, and some of the companies which have been in other sectors have been driven by those same themes.
60
So industrials, utilities, for example, you need to power the AI revolution are all drivers.
61
And in that sense, similar themes have driven the European market as the U.S., but it's been much less concentrated in terms of number of stocks.
62
Does that lack of concentration in Europe give it more legs to a rally, or do you feel like it is too insulated from the AI trade to do that?
63
I think it's not completely insulated from the AI trade.
64
It's got a lot of potential there.
65
it's got exposure to AI via obviously the tech companies themselves
66
but also the utilities companies by the need for energy Europe is undersupplied in energy needs to improve those networks
67
and grids and the companies doing
68
that are great investments we think industrials this is an area
69
that Europe is well known for very high quality industrials
70
and their demand
71
and their businesses are very much driven by AI demand data centers at the moment CapEx as well
72
and And then it's not just an AI driven trade.
73
You've also seen investment by Germany, for example, in more defense, more infrastructure.
74
Europe generally has a lack of infrastructure and defense spending in recent years.
75
So you're seeing European companies win a lot of that business and do very well.
76
So I think, yes, it's not AI, it's one part of it, but it's broader than that.
77
No, it is broader than that that.
78
Help me understand this, because at the beginning of the call, you mentioned that while Europe is doing great, it's actually not doing as great as U.S or even Asia.
79
What is your view going forward?
80
Can Europe outperform?
81
So it's not our view.
82
Our base case is that you get positive returns from Europe, and we have upgraded our index forecast, but we would still have the U.S and Asia outperforming.
83
Why is that?
84
So we would have the US outperforming because it's got big hyperscalers where we're expecting pretty good returns.
85
And we're looking for an economy which actually is growing quite nicely in the next couple of years in the US.
86
So we do think the US market continues to outperform.
87
Asia as well, we see driven by earnings, driven by the semi-stocks and driven by the tech sector.
88
For Europe, it's broader.
89
So you've got the diversification benefit when you invest in Europe.
90
And you also have some value benefit as well.
91
But I do have lower returns in Europe because the European economy is, after all, more hit by the higher energy prices.
92
We don't have energy independence in the same way that, say, the U.S does.
93
So I see lower returns, but still positive.
94
I'm looking for about high single digits, let's say, total return for Europe in the next 12 months.
95
So we're at that point in the Markets podcast where I normally ask, what's the trade?
96
But you're not a trader.
97
You're a strategist.
98
So I'm going to ask you, what's the investment?
99
Where do you want to put your money here?
100
Yeah, and that's an interesting question because I think there's potential for shorter term trades and things like consumer discretionary companies.
101
If and when the Straits of the Moos open and you see more flow of oil or prices come down, energy costs reduce, then I could see a bounce in some of these companies that have been sold off.
102
But I think the longer term investment, which is what you're really asking me, is still in those structural winners.
103
So we would call, for example, for halo stocks to do well.
104
That's heavy assets, low obsolescence companies, companies that did not do well over the decade or decade and a half after the financial crisis.
105
Then you want to just be purely digital assets.
106
None of these heavy assets types companies, heavy capital companies think they would do well.
107
And by that, I mean things like utilities,
108
telecoms, industrials, even energy companies that are investing and have good assets and can make return on those assets.
109
And I think Europe has a lot of those.
110
I also like our renewables companies, defense companies, aerospace companies.
111
I think the tech sector in Europe trades at a discount to similar companies elsewhere in the world.
112
Banks as well.
113
We think interest rates will be higher for longer, and that will help the bank sector.
114
Okay, Sharon, what are you looking for in the summer ahead?
115
I think the absolutely crucial thing for Europe particularly is a reopening of the Straits of Hormuz
116
and some topping out and decline in energy prices.
117
I think
118
that is absolutely key keys for confidence in the economy key for investors particularly domestic investors would like to see
119
that in order to start feeling more confident and buying the market.
120
We've got a lot of big IPOs coming through in the U.S seeing how those are absorbed as well.
121
We'll also be important for European equities.
122
So the straights of the moves, those big IPOs, and of course we have an earning season coming up the second quarter.
123
How have companies digested the higher energy prices?
124
What's their resilience like?
125
Those will all be absolutely crucial for Europe.
126
Okay.
127
One last question for you Sharon.
128
Can England win the World Cup?
129
Well we have a 5% chance of England winning the World Cup.
130
Our economists, not me, our economists crunched all the data.
131
They put Spain as the likely winners.
132
So European European country.
133
So they put Spain I think it's 25 or 26 percent chance of Spain winning.
134
Then France.
135
Unfortunately England my home 5 percent chance haven't won since 1966 but you never know.
136
Well I do know it's going to be Argentina.
137
But Sharon thanks so much for taking the time with us here on the markets.
138
That's great thank you.
139
That does it for this week's episode of the markets.
140
I'm Chris Hussie.
141
listening.
142
nor any of its affiliates make any representations or warranties expressed
143
or implied as to the accuracy or completeness of the statements
144
or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose.
145
Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only,
146
and is not used to imply any ownership or license rights between any such company and Goldman Sachs.
147
A transcript is provided for convenience and may differ from the original video or audio content.
148
Goldman Sachs is not responsible for any errors in the transcript.
149
This material should not be copied, distributed, published, or reproduced in whole or in part, or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.
150
Copyright 2026, Goldman Sachs.
151
All rights reserved.
הורד אפליקציה
כל מה שאתה צריך כדי לדבר בשטף
הגיית AIציון לכל משפט
תרגול IPAשלוט בכל צליל
אוצר מיליםבנה את מאגר המילים שלך
משחק אוצר מיליםלמד תוך כדי משחק
אותו ערוץ
C11
Untangling Signals of Market Stress
Daily ConversationWorking Adults
C110
Why US Stocks May ‘Grind Higher’
Business EnglishUniversity StudentsWorking Adults
B210
Talks at GS – David Beckham on the Secret to His Success
Business EnglishDaily ConversationUniversity Students
C11
A New Way to Trade Emerging Markets
Business EnglishUniversity StudentsWorking Adults
C12
A Tale of Two Markets
Business EnglishUniversity StudentsWorking Adults
C15
Can the Tech Surge Continue?
Business EnglishDaily ConversationUniversity Students
B2Best Advice to Small Business Owners
Business EnglishWorking Adults
FOR YOU
המלץ על סרטון
B23
34 משפטים
International Business Explained: Why Go International?
Business EnglishUniversity StudentsWorking Adults
C11
89 משפטים
The Plan for a Unified Nordic Stock Exchange Explained
Daily ConversationUniversity StudentsWorking Adults
C11
111 משפטים
Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 7 | CFI Course
Business EnglishUniversity StudentsWorking Adults
C12
232 משפטים
How to Trade Risk on vs. Risk Off: Macro Environments Explained
Business EnglishUniversity StudentsWorking Adults
C14
51 משפטים
The Reasons for the Bull Market to Resume
Business EnglishUniversity StudentsWorking Adults
B2388 משפטים
Premier League Predictions & Weekend Football | La Liga, Bundesliga & More
Business EnglishUniversity StudentsWorking Adults
C113
52 משפטים
CEO opening remarks: 2026 Macquarie Australia Conference | Macquarie Group
Business EnglishUniversity StudentsWorking Adults
C14
42 משפטים
What 50% Unemployment Will Actually Do to the Economy
IELTS PrepBusiness EnglishUniversity Students
C14
220 משפטים
Why France’s Economy Is Stalling
IELTS PrepBusiness EnglishUniversity Students
B23
96 משפטים
Which Countries Will Win the 21st Century?
Business EnglishUniversity StudentsWorking Adults
Context & Background
In this enlightening discussion, Chris Hussey, an expert in market analysis, converses with Sharon Bell, a European portfolio strategist at Goldman Sachs. The focus of their dialogue is the performance of European equities in relation to the S&P 500. Sharon provides insights into the driving forces behind the recent rally in European stocks, highlighting sector performance and economic resilience. This conversation offers a vivid window into financial discourse, showcasing how professionals analyze market trends and articulate their thoughts.
Top 5 Phrases for Daily Communication
- “Stocks are up a lot this year.” - A way to express significant changes in market performance.
- “Earnings have been quite strong.” - Useful to discuss financial health in various sectors.
- “Earnings estimates have been upgraded.” - A phrase commonly used in finance to indicate positive revisions of expected profits.
- “You are not in recession.” - An important statement reflecting economic stability.
- “Europe is less concentrated than the U.S.” - A comparative phrase that highlights distinctions in market composition.
Step-by-step Shadowing Guide
If you're looking to enhance your English speaking practice through this video, consider using the shadowing technique. This approach will help you improve English pronunciation and boost your overall language skills. Here’s a step-by-step process to effectively incorporate the shadow speech method with this transcript:
- Listen Attentively: Start by listening to the video without distractions. Focus on the tone and rhythm of the speakers.
- Chunk the Speech: Divide the transcript into smaller sections. For example, take one phrase at a time to ensure understanding.
- Repeat and Imitate: Play a segment of the video, pause, and then repeat what you heard in the same intonation and pace. Try to mimic the pronunciations and inflections of Chris and Sharon.
- Record Yourself: Use your smartphone or a voice recorder to capture your voice. This helps in identifying areas for improvement in pronunciation and rhythm.
- Review and Refine: Listen to your recording while following along with the original transcript. Note any differences and areas where you can enhance clarity.
By utilizing these steps, you can effectively engage with the content and make remarkable strides in your English speaking ability. Remember, practice is key, and consistency will lead to improvement in your shadowing technique.
דקדוק בסרטון הזה
המבנים שהדובר משתמש בהם הכי הרבה, עם המילים המדויקות מהסרטון:
| מבנה | בסרטון |
|---|---|
| הווה מושלם ממושך (Present perfect continuous) have/has been + -ing — פעולה שהתחילה בעבר ועדיין נמשכת עכשיו | have been doing · has also been seeing · what's been driving |
| הווה מושלם (Present perfect) have/has + past participle — פעולה שקרתה בעבר ועדיין יש לה חשיבות או השפעה עכשיו | hasn't performed · have been · have been upgraded |
| סביל (Passive voice) be + past participle — הדגש הוא על מה שקורה, לא על מי שעושה את הפעולה | have been upgraded · was laid · have been driven |
| משפטי זיקה (Relative clauses) who / which + clause — מידע נוסף על אדם או דבר | specialty which is · well, which is · companies which have |
מהי טכניקת השאדואינג?
שאדואינג היא טכניקת למידת שפה מבוססת מדע שפותחה במקור להכשרת מתורגמנים מקצועיים ופופולרית על ידי הפוליגלוט ד"ר אלכסנדר ארגואלס. השיטה פשוטה אך עוצמתית: אתה מקשיב לאודיו באנגלית ילידית וחוזר עליו בקול רם מיד — כמו צל העוקב אחרי הדובר עם עיכוב של 1–2 שניות בלבד. בניגוד להאזנה פסיבית או תרגילי דקדוק, שאדואינג מכריח את המוח והשרירים בפה לעבד ולשחזר דפוסי דיבור אמיתיים בו זמנית. מחקרים מראים שזה משפר משמעותית את דיוק ההגייה, האינטונציה, הקצב, הדיבור המחובר, הבנת השמיעה ושטף הדיבור — מה שהופך אותו לאחת השיטות היעילות ביותר להכנה לIELTS Speaking ולתקשורת באנגלית בעולם האמיתי.