SWMC's Mitchell on why European markets offer good value

Some companies trading at 50% discount

The second quarter earnings season saw 50% of results beating analysts' forecasts and only 20% missing.

This results season has been especially convincing as the euro has recently strengthened significantly against other major currencies.  Encouragingly, the manufacturing PMI rose during August (yet again) from 56.6 in July to 57.4.  On the political front, French President Emmanuel Macron is pushing ahead with his controversial labour market reforms, while Angela Merkel hinted at further economic and political integration of the eurozone before she maintained her position as German Chancellor at the recent election. Spanish stocks rebound as Catalonia suspends independence declarati...