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Summary of the Goldman Sachs European Express Report for 19 May 2025

The report covers analysis and recommendations across various sectors, including Oil & Gas, Macro, Technology, and specific stocks. Key highlights include predictions for non-OPEC oil growth, declining capital expenditure, and opportunities in Defensive industries and renewables.

Key sections:

• Oil & Gas: Expected two more years of non-OPEC growth before a decline, O&G capex beginning to fall post-2025, LNG demand surging with growth projections of 60%+, and strong sector profitability due to consolidation. Noted Big Oil players like Shell, ENI, and Total are top project winners.
• Macro and Markets: Focus on Defense, Fiscal Infrastructure, and Europe's fiscal changes; estimates for US-China tariffs indicating an investment boost of $30-135bn; oil prices remain below forecasts; Gold target at $3,700 by end-2025; Dollar expected to weaken.
• Specific Stocks: Flutter Entertainment has a mixed Q1, with a Buy recommendation for US earnings potential; Richemont shows strong jewelry sales and neutral outlook; Prosus recommended for disruptive potential in Brazil food delivery.
• Events and Activities: Multiple conferences scheduled for May and June in London, Berlin, and other cities; upcoming webinars and podcasts cover topics like AI, commodity outlook, and tariff impacts.
• Disclosures: Included regulatory conflicts of interest and standard disclaimers ensuring analysts maintain objectivity, with views based solely on analysis.