SSSB points to early recovery for Europe

Professional Adviser
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An economic pick-up in Europe this year will exceed expectations as capital spending picks up, accor...

An economic pick-up in Europe this year will exceed expectations as capital spending picks up, according to SchroderSalomon- SmithBarney (SSSB). Analysts at the group say capital spending is becoming increasingly sensitive to the business cycle, suggesting investment will recover fairly soon. An EU Commission report, conducted in October, showed that companies anticipated a contraction of investment activ- ity in 2002 of 5%, but SSSB believes this was due to the pessimism felt by people following the events in September. Carmen Nuzzo, an analyst with the group, said: 'Euro-area bus...

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