Oppenheimer, strategist at Goldman Sachs, said European and other overseas equities were likely to continue to outperform US equities for now, reiterating their recommendation to diversify into assets outside the US. The average correlation between stock markets has fallen to its lowest level since the 1990s, although they said any further downgrades in US growth forecasts could also hurt overseas equities. If the main reason for a further pullback in U.S. stocks is concerns about economic growth rather than the dominant technology stocks, then historical performance suggests that other markets will also decline.