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Investing in Europe

Though Europe’s economy has started the year with some momentum, 2015 may still be a volatile year. Despite headwinds, Europe’s return to growth may improve earnings in the years to come, presenting opportunities for long-term investors.

Economic Expansions and Recessions
Some of Europe's structural challenges remain
 
  • In the aftermath of two recessions, Europe's high unemployment remains an impediment to stronger growth. Nonetheless, the divergence between the labor recovery in the U.S. and Europe suggests there is some room for employment growth once European economies are back on track.
  • Persistently low inflation remains a challenge, and the danger of deflation has led the European Central Bank to engage in quantitative easing.
  • Though not yet a tailwind, the gradual turnaround in Europe’s rate of credit growth should support stronger economic growth.
 
Discussion Slides
Europe: Economics and Credit
Europe: Sovereign Yields and Fiscal Austerity
International Equity Earnings and Valuations

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