跟讀練習: Will European Equities Outperform the S&P? - 通過影片學習英語口語

選擇練習模式

每種模式都會開啟全屏練習室。

151 句

如果句子過短或過長，請點選 Edit 進行調整。

This is the markets.

I'm Chris Hussey and today is Thursday June 4th

and I'm joined from the Goldman Sachs trading floor in London

by Sharon Bell who is our European portfolio strategist within Goldman Sachs research.

Sharon thanks so much for taking time with us on the markets.

Thank you.

So let's you know go right into your specialty which is European equities.

Stocks are up a lot this year.

What's driving the rally.

Yep.

So Europe is at close to all time highs.

hasn't performed as well as the US or Asia

but it's bounced a lot from the lows

and I think the reason Europe's bounced

so much is the earnings have been quite strong obviously the energy stocks you've seen earnings rise for energy companies

because of higher oil and gas prices

but it's not just energy companies the whole commodity complex is doing very well utilities mining companies for example

but also financials with higher interest rates chemicals have been doing well in terms of earnings so

if I look at the suite of European companies then actually earnings estimates have been upgraded on average by six

or seven percent this year.

You have had some downgrades but that's been in consumer discretionary areas of the market.

But net net it's been upgrades and I think that's really driven the rally.

Okay Sharon you mentioned a bunch of different sectors.

You didn't really mention tech though.

Without tech is there more to go in a European rally?

Yeah Europe has got some tech and tech has also been seeing upgrades as well.

It's not as big as you point out as it is in Asia

or the US but tech is also helping to drive European earnings

so I think

if you look overall in Europe it's got some tech not

as much as elsewhere it's got energy it's got other areas

that have done reasonably well like heavy asset companies companies like

industrials utilities energy defense aerospace companies all seeing upgrades as to

whether you've got more to go yes we've recently upgraded our

stock 600 forecast we're now looking WE ARE WORKING FOR 660 ON THAT INDEX OVER THE NEXT 12 MONTHS.

THAT IS AN UPGRADE COMPARED TO PREVIOUSLY.

THE REASON WE HAVE DONE THAT IS BECAUSE EARNINGS HAVE BEEN GOOD AND THE ECONOMY HAS BEEN MORE RESILIENT THAN EXPECTED.

IT'S NOT AS STRONG AS YOU SEE IN THE U.S.

BUT YOU ARE NOT IN RECESSION.

GERMANY CONTINUES TO SPEND FISCALLY JUST AS THE PLAN WAS LAID OUT LAST YEAR.

YOU ARE STARTING TO SEE THAT FISCAL SPEND COME THROUGH.

here because in the U.S., of course, it's been a concentrated rally.

You were talking about so many different parts of Europe that have been doing well.

Is Europe less concentrated than the U.S.?

A simple answer is yes.

It is much less concentrated than the U.S., and you see that in a couple of different ways.

One way, you take the top 10 companies, the largest 10 companies, in the U.S., they make up 40 percent of the index.

In Europe, Europe's top 10 companies make up just 15 percent of the entire index market cap.

So very, very different.

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.

And that's actually at the lower end of the concentration that Europe has seen historically.

So, no, I don't think Europe is as concentrated as the U.S.

There's another way of looking at it as well, which is what's been driving returns.

Has it been a narrow breadth of companies or has it been a wider breadth of companies in the U.S.?

Not only is the US market concentrated in terms of size of companies and market cap, it's also concentrated in terms of returns.

Very few companies have driven the returns in the US.

In Europe, it's been a bit broader.

There has been similar themes.

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.

So industrials, utilities, for example, you need to power the AI revolution are all drivers.

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.

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?

I think it's not completely insulated from the AI trade.

It's got a lot of potential there.

it's got exposure to AI via obviously the tech companies themselves

but also the utilities companies by the need for energy Europe is undersupplied in energy needs to improve those networks

and grids and the companies doing

that are great investments we think industrials this is an area

that Europe is well known for very high quality industrials

and their demand

and their businesses are very much driven by AI demand data centers at the moment CapEx as well

and And then it's not just an AI driven trade.

You've also seen investment by Germany, for example, in more defense, more infrastructure.

Europe generally has a lack of infrastructure and defense spending in recent years.

So you're seeing European companies win a lot of that business and do very well.

So I think, yes, it's not AI, it's one part of it, but it's broader than that.

No, it is broader than that that.

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.

What is your view going forward?

Can Europe outperform?

So it's not our view.

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.

Why is that?

So we would have the US outperforming because it's got big hyperscalers where we're expecting pretty good returns.

And we're looking for an economy which actually is growing quite nicely in the next couple of years in the US.

So we do think the US market continues to outperform.

Asia as well, we see driven by earnings, driven by the semi-stocks and driven by the tech sector.

For Europe, it's broader.

So you've got the diversification benefit when you invest in Europe.

And you also have some value benefit as well.

But I do have lower returns in Europe because the European economy is, after all, more hit by the higher energy prices.

We don't have energy independence in the same way that, say, the U.S does.

So I see lower returns, but still positive.

I'm looking for about high single digits, let's say, total return for Europe in the next 12 months.

So we're at that point in the Markets podcast where I normally ask, what's the trade?

But you're not a trader.

You're a strategist.

So I'm going to ask you, what's the investment?

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

151

下載應用

流利口語所需的一切

AI 發音評分逐句打分

音標練習掌握每個音

詞彙學習建立你的詞庫

詞彙遊戲邊玩邊學

掃碼

Download on theApp Store Get it onGoogle Play

同頻道

FOR YOU

為什麼要用這個影片練習口語？

通過觀看這個關於歐洲股市的討論影片，學習者不僅能夠提高英語口語能力，還能獲得對商業和經濟領域的深刻了解。影片中多位專家的交流使得學習者能感受到真實的對話氛圍，進而提升自己的口語表達能力。利用英語影子跟讀的技巧，學習者可以模仿講話者的語速和語調，逐漸培養出自信的發音和流利度。

語法與表達在上下文中的應用

在影片中，講述者使用了多種語法結構，可以幫助學習者掌握實用的語言表達方式：

時態運用：講述者經常使用現在完成時來描述市場的動態，例如“歐洲股市已經接近歷史高點”。這個時態用於表達一段時間內的持續狀態，非常適合描述經濟現象。
條件句：提到經濟表現時，講述者使用了條件句表述未來可能的趨勢，如“如果盈利持續增長…” 這種結構非常適合預測和分析。
對比結構：講者在對比美國與歐洲市場時，使用了“比…更…”的表達，幫助學習者理解如何在對比中使用準確的語言。

常見的發音陷阱

在收聽這個影片時，學習者可能會發現一些難以發音的單詞和表達：

“equities”（股票）：這個單詞的發音有時會讓學習者感到困惑，可以通過反覆模仿來提升自信。
“resilient”（有彈性的）：這個詞在快速對話中聽起來可能比較難以辨認，建議進行提高英語發音的練習。
“concentrated”（集中化）：注意重音的置於，這在描述經濟現象時尤為重要。

通過shadowspeak的技巧和不斷的shadowing site練習，學習者可以在聲調和節奏上更優雅地掌握這些發音難點，提升口語能力。

影片中的語法

說話人最常用的結構，並附上影片中的原話：

結構	影片中的用法
現在完成進行時 have/has been + -ing — 以前開始、現在仍在繼續的動作	have been doing · has also been seeing · what's been driving
現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事	hasn't performed · have been · have been upgraded
被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的	have been upgraded · was laid · have been driven
定語從句 who / which + 從句 — 補充說明人或事物	specialty which is · well, which is · companies which have

什麼是跟讀法？

跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。

影子跟讀法: 閱讀完整分步指南 →

跟讀練習: Will European Equities Outperform the S&P? - 通過影片學習英語口語

選擇練習模式

下載應用

同頻道

Untangling Signals of Market Stress

Why US Stocks May ‘Grind Higher’

Talks at GS – David Beckham on the Secret to His Success

A New Way to Trade Emerging Markets

A Tale of Two Markets

Can the Tech Surge Continue?

Best Advice to Small Business Owners

推薦影片

International Business Explained: Why Go International?

The Plan for a Unified Nordic Stock Exchange Explained

Financial Analysis Fundamentals: How to Analyze Financial Statements Like a Pro Part 7 | CFI Course

How to Trade Risk on vs. Risk Off: Macro Environments Explained

The Reasons for the Bull Market to Resume

Why is Switzerland home to so many billionaires?

Premier League Predictions & Weekend Football | La Liga, Bundesliga & More

CEO opening remarks: 2026 Macquarie Australia Conference | Macquarie Group

Ray Dalio on the AI Bubble

Why France’s Economy Is Stalling

為什麼要用這個影片練習口語？

語法與表達在上下文中的應用

常見的發音陷阱

影片中的語法

什麼是跟讀法？