Regional Equity Strategy


Sentiment towards eurozone stocks is soaring, supporting our view that the eurozone recovery is beginning to gain momentum.

  • Accordingly, we are up 2.8% on our Eurozone over US equities view (played out through the ratio of MSCI US to MSCI EMU) since initiation on August 15, against the backdrop of the ongoing uncertainty surrounding the US government's attempts to end a government shutdown.

  • This has also played into our b ullish MSCI EMU financials view, up 5.8% since being added on September 24, and the improving eurozone outlook should send the index higher over the next few weeks.

  • Valuations Have Yet To Take Off
    Central Europe - Price/Book Ratio Relative To MSCI EM (premium +/discount -) and relative to six year average %
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    Sector: Country Risk

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