Only a fool would bet against the ECB

The eurozone is on the edge. But why would any investor bet against the ECB, and its fervent efforts to revive Europe? Amundi's Olivier Baduel explains.

The macro picture is weak, and third quarter results are not likely to be supportive for European equities. P/E ratios do not look attractive by historical standards, but nevertheless, I am bullish on European equities. This outlook is not a contradiction in terms. Fundamentally, many factors will become more supportive of the region's economies and equities in coming quarters. Firstly, the basis of historical comparison will become more favourable, as the second half of 2013 was so poor and the first quarter of this year was awful Q1. Secondly, the weakening of the euro and strengthe...