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ForennameÖsterreichische Aktien im In- und Ausland
Betreff des Themasur Global Equity Strategists have had a longstanding preference for the US over Eurozone equities, but are reversing this call now
URL des Themashttps://aktien-portal.at/forum/../forum/boerse-aktien.php?az=show_topic&forum=124&topic_id=203844&mesg_id=211928
211928, ur Global Equity Strategists have had a longstanding preference for the US over Eurozone equities, but are reversing this call now
Eingetragen von Warren Buffett, 05.10.19 12:37
• Our Global Equity Strategists have had a longstanding preference for the US over Eurozone equities, but are reversing this call now. Eurozone has underperformed the US by as much as 25% in USD terms over the past 18 months and it is underowned - with 20% of AUM outflows since Mar ’18. Eurozone PMIs are weak, but the team points to an improving M1 in the region, which tended to lead PMIs by 2-3 quarters. The sharp narrowing in peripheral spreads calls for the catch up of Euro equities. In addition, any increase in fiscal stimulus speculations could be a help for the sentiment in the region. Finally, any sustained rotation in market leadership, away from Growth and into Value, would be a help for Eurozone, given its Value tilt. Disorderly Brexit is clearly a risk to this view. However, JPM base case is that the current deadline will be pushed out to Jan-Feb with early elections likely and one should not ignore the possibility that Boris Johnson gets his deal through in October. This would be very bullish for UK domestic stocks, and for the GBP, but the stronger FX would likely take away a lot of the upside from UK stocks. Eurozone equities on the other hand are a big potential indirect beneficiary.

JPMorgan
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