Yet, while rising earnings for energy companies is a boon at the index level given their outsized impact, the picture is less positive elsewhere. Consumer areas in particular — such as travel, autos and luxury — are struggling. The Goldman strategists raised their Stoxx Europe 600 earnings-per-share growth forecast for 2026 to 10%, from 5%, and trimmed their 2027 projection to 5%, from 7%, as they expect energy earnings to tail off next year.