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Industry Voice: Europe: Is 2018 a year of recovery?

  • Dean Tenerelli and Mike Della Vedova
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At T. Rowe Price, we believe the European economy is enjoying strong fundamentals. Growth should continue in 2018, providing support for both equity and bond markets. But given lingering political risks, potentially tighter monetary policy and elevated markets, there could be periods of distress. We believe investors will need to focus on identifying strong companies in sectors that can benefit from growth and endure any potential disruption.

key points

  • We expect the European economic recovery to continue in 2018, supporting bond and equity markets.
  • However, lingering political risks, the prospect of European Central Bank tightening and stretched corporate bond valuations suggest possible volatility.
  • In equities, we see potential opportunities in high-quality, growth-generating companies that are well placed to benefit from Europe's economic recovery.
  • In bonds, we seek issuers that look better able to hold up in shaky markets. 

Europe shakes off political shocks…

Despite Brexit, growing populist forces in a number of countries and the unofficial Catalan referendum, the eurozone grew at a healthy rate throughout the year, seemingly impervious to negative geopolitical events. The big question for 2018 is whether this resilience will continue. At a fundamental level, the prospects look good: Europe is at an earlier stage in the credit cycle than the US, corporate earnings are strong, and the recovery appears both broad and sustainable. Read our 2018 Global Market Outlook

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Important Information

This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date written and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

EEA—Issued in the European Economic Area by T. Rowe Price International Ltd, 60 Queen Victoria Street, London EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.

T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. All rights reserved.

 

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