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Portfolio Discussions

Use select charts from the Guide to the Markets to engage in portfolio discussions.

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    Guide to the Markets
     
    Guide to the Markets - Monthly Update
     
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Investing in Europe

Though Europe's economy has shown some recent weakness, we expect that these challenges will subside. 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, but the danger of deflation should provide the European Central Bank with more room to maneuver its accommodative monetary policy.
  • Though not yet a tailwind, the gradual turnaround in Europe’s rate of credit growth should support stronger economic growth.
 
Discussion Slides
Europe: Unemployment, Inflation and Credit Markets
Europe: Cyclical Headwinds and Tailwinds
International Equity Earnings and Valuations

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