The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021.
According to Goldman Sachs, higher oil prices will feed into higher revenues, benefiting commodity-related sectors — for which analysts at the brokerage expect positive earnings upgrades.
Shares of European oil majors BP (BP.L), Shell (SHEL.L) and TotalEnergies (TTEF.PA) have gained between 4.5% and 7% since the conflict began.
Adjusting for inflation, however, Goldman Sachs expects earnings in Europe to fall 2% this year.
Through 2025, Goldman expects European and U.S. companies' profits to grow at 5% annually from current levels, but only 2% in real terms for Europe in the same period.
Persons:
Goldman Sachs, Andrew Kelly, Brent, Lilia Peytavin, Goldman, Roshan Abraham, Susan Mathew, Shilpi Majumdar
Organizations:
New York Stock Exchange, REUTERS, Brent, East, BP, Shell, European, Thomson
Locations:
New York City , New York, U.S, Europe, Bengaluru