Fund manager's comment/Michael Nicol
The long-term case for European equities, driven by changes in savings and pensions, looks intact. However, the European economy still looks linked to the US slowdown, with stock markets performing just as badly. Lower interest and inflation rates may result in lower absolute returns in the future, with increased stock market volatility. After last year's disappointment, European equity markets have fallen further still this year. Stocks in the information technology hardware, telecommunication and cyclical media sectors have led the market down. Concerns over the visibility of future th...
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