Some investors are positioning for a rebound in energy shares, drawn by attractive valuations and signs the U.S. will continue to stave off an economic downturn
A blazing U.S. stock market rally left shares of energy companies behind in the first six months of 2023 as faltering global growth sapped expectations of oil demand. Some contrarian investors are betting a second half rebound may be in the works.
“We don’t have a recession as our base-case scenario in the U.S., so we think there is scope for the laggards to catch up,” said David Lefkowitz, senior equity strategist at UBS Wealth Management. “Energy is at the top of that list.” Oil markets have shown signs of growing tighter. U.S. drillers cut the number of operating rigs last week for the eighth week in a row, putting total rigs in service down 9 per cent over the course of the year to the lowest since April 2022, according to Baker Hughes.
Betting on a rebound in energy stocks remains very much a contrarian play in a market whose march higher has been led by a handful of giant tech and growth stocks.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Anaheim Ducks goaltending coach Sudarshan Maharaj is undergoing treatment for pancreatic cancerMaharaj will be entering his seventh season as the Anaheim Ducks goaltending coach in 2023-24.
Lire la suite »
Rolling Loud not returning to Toronto in 2023 and fans are pissedAfter months of anticipation, Rolling Loud confirmed to fans via Twitter that it would not be returning to Toronto in 2023. The three-day internat...
Lire la suite »
Fight Facts: 2023 PFL 6The Professional Fighters League said farewell to its regular season with an event that will leave people talking for quite some time.
Lire la suite »
Raptors first-round 2023 draft pick talks family, desire to work and Fred VanVleetGradey Dick visited his new basketball home over the weekend and was grilled by reporters after a morning workout with head coach Darko Rajakoviç at the team's practice facility.
Lire la suite »
MAKING THE GRADEY: Raptors unveil their 2023 first-round pickThe Toronto Raptors unveil their top pick of the 2023 NBA Draft, Gradey Dick, a 6\u002Dfoot\u002D7 shooting guard from the University of Kansas.
Lire la suite »