No Soft Landing Ahead to Save Stocks, Goldman’s Oppenheimer Says

The economic soft landing that stock bulls are hoping for is unlikely given persistently higher inflation and risks of a global economic slowdown, according to Goldman Sachs Group Inc.’s Peter Oppenheimer.

The chief global equity strategist told Bloomberg TV on Friday that even though major equity markets have tumbled year-to-date, they need to fall more in order to price in inflation remaining higher for longer and the global downside risks to growth in the US, China, and Europe. While some market patterns, like the outperformance of defensive stocks over cyclicals, suggest that the market is expecting an economic slowdown, Oppenheimer is not convinced the broad equity market is in touch with reality.