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Investing in Europe

Investing in the early, uncertain stages of an economic recovery takes guts and discipline. And while risks clearly remain in Europe (Greece, for example), a more aggressive ECB, the declining Euro, lower oil prices, improving credit conditions and even some progress on structural reforms in key countries, all suggest a possible opportunity in Europe for long-term investors.

Economic Expansions and Recessions
Recovery catalysts
 
  • Manufacturing momentum in the Eurozone has improved, and not just in Germany. Spain, Italy and even France have seen progress in the right direction.
  • Importantly, more ECB easing has helped to push the Euro lower, which has helped to boost expectations for profits for European companies.
  • Finally, credit conditions have been trending better, with loan demand from households and businesses growing – a key sign of economic improvement.
Discussion Slides
European recovery
Europe: Sovereign yields and fiscal austerity
MSCI EAFE at inflection points

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