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Goldman Sachs slashed its oil price forecast because the ongoing banking crisis is boosting fears of a recession. Oil prices have plunged 15% since Silicon Valley Bank collapsed earlier this month. Analysts now expect oil prices to trade at about $94 per barrel in the next 12 months. Oil prices are down by about 50% from a March 2022 high of $130 per barrel. According to Goldman, ongoing banking stress, recession fears, and an exodus of investor flows should weigh on oil prices despite the reopening of China.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening will be the gamechanger for oil prices this year, says Goldman's Daan StruyvenGoldman Sachs’ Daan Struyven joins Morgan Brennan and the ‘CNBC Special: Taking Stock’ to discuss what China’s reopening could mean to demand for oil and petroleum products.
A recession in the US is unlikely in 2023, according to Goldman Sachs. Analyst consensus says there's a 63% chance of a recession, but Goldman Sachs says it's far lower. Goldman Sachs isn't bullish on stocks in 2023, but compared to some of its Wall Street peers, its outlook for the US economy is rosy. "Our baseline is that the US economy narrowly escapes a recession in 2023," Struyven said. Goldman SachsLastly, inventory gluts that are crushing profit margins of retailers like Target (TGT) won't spread beyond the consumer discretionary sector, according to Goldman Sachs.
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