Europe Macro and Staples and Retail Conference Update

This Goldman Sachs update provides a higher inflation outlook for the Euro Area and summarizes key stock-specific takeaways for European companies including ASML, Siemens Energy, and Umicore.

Key Takeaways

• 1.Euro area headline inflation is forecasted to peak at 3.4% yoy in 2026Q4, higher than previously estimated.
• 2.Umicore upgraded to Buy from Neutral following a reassessment of metals recycling upside and specialty materials strength.
• 3.ASML maintains its Buy rating with an increased price target of €1,600, driven by higher leading-edge semis demand expectations.

Table of Contents

• EUROPEAN ECONOMICS ANALYST - Euro Area—Some More Fuel for Inflation, but Fire Still Contained
• CONSUMER STAPLES - European Consumer Staples and Retail Conference — Key Takeaways
• ASML Holding (ASML.AS)
• Siemens Energy (ENR1n.DE)
• Umicore (UMI.BR)
• SAP (SAPG.DE)
• Bayer AG (BAYGn.DE)
• Galderma (GALD.S)
• Knorr Bremse (KBX.DE)
• ON Holding (ONON)
• UniCredit (CRDI.MI)
• Notice to Australian Investors
• Additional Disclaimers

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