Russia’s invasion of Ukraine has likely made you eager to avoid stocks that will get hurt by it. So you might be curious to learn who’s on a Goldman Sachs list of European companies with the highest exposure to Russia.
It’s the companies with the highest portion of their revenue coming from Russia. Some of the biggest names on the roster that also trade on U.S. exchanges are Danish beer maker Carlsberg (CABGY) ; Finnish energy company Neste NTOIY; French automaker Renault (RNLSY) ; Switzerland’s Coca-Cola HBC (CCHGY) , a bottling partner of Coca-Cola KO; and French food maker Danone (DANOY) .
For Coke HBC, 13% of its revenue comes from Russia, according to Goldman, FactSet and Stoxx. For Carlsberg, it’s 11%, for Neste it’s 10% for Renault it’s 9%, and for Danone it’s 6%.
To be sure, the Ukraine conflict hasn’t turned Goldman bearish on stocks. “Equity markets have already seemingly priced slower [economic] growth,” Goldman strategists, led by Peter Oppenheimer, wrote in a commentary.
“When we benchmark changes in equity prices with global purchasing manager indices and cyclical versus defensive equities, … it would appear that some moderation in growth has already been priced.”
As a result, “We think it would take a much sharper fall in growth than we expect from this crisis to derail the bull market entirely,” the strategists said.
Meanwhile, there has been some talk in financial markets that Russia’s invasion of Ukraine might make the Federal Reserve less aggressive in raising interest rates, because the conflict could dent U.S. economic growth.
But Fed officials Thursday indicated that the central bank is still likely to begin lifting rates next month, as Bloomberg points out.
