Cazenove's Rice expects further European sell-off

Investors should be braced for a further European equities sell-off, Cazenove's Chris Rice says.

The group's European fund manager says the recent drop in European shares reminds him of January 2000, when a 3.4% decline was followed by a second , twice as severe, fall during March. "Maybe this time the second fall comes even earlier. We are positioning ourselves now for the likely second sell-off," Rice says. The sell-off from mid-January has already wiped 8% off the value of European equities. While the Cazenove fund has little exposure to Greece, it is overweight Spain, despite the manager expecting its economy to be "moribund for some years". Rice is particularly keen on...