Europe

Headwind from euro strength should abate

Top-down macro research

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Euro a headwind

President proposed tariffs on steel

Since the end of 2007, European equities have underperformed US equities by 63% on a real total return basis (in local currency terms).

Hung parliament most likely result

Asymmetric risk for UK

European equity markets remain attractive to us. The combination of a solid macroeconomic backdrop outside the region and a strong recovery domestically has helped propel earnings higher.

Country goes to polls on 4 March