**[European Stock Market Outlook Turns Optimistic as Strategists Grow Confident in Earnings Growth Supporting Gains]** Golden Finance reported on July 17 that a survey shows market institutions are raising their expectations for European stock markets. UBS Group was the most bullish in the July survey, forecasting an 8% rise in the STOXX Europe 600 Index by the end of this year. Bank of America, Deutsche Bank, and Kepler Cheuvreux have also raised their target expectations. On average, the 18 strategists surveyed predict the index will close at 647 points by the end of 2026. Although this level is less than 1% higher than the current value, bearish views are decreasing, with only five survey participants expecting the index to decline. UBS strategist Gerry Fowler stated, "At present, the upside risks may outweigh the downside risks." Beata Manthey, Citi's Head of European Equity Strategy, commented, "We remain optimistic about the outlook for European stocks over the next 12 months and are encouraged by the recent revisions to European corporate earnings expectations. The recent upward adjustments in earnings forecasts are remarkable in terms of magnitude, breadth, and timing." (Jin10)