Bank von Ernst, the Swiss private bank, is reducing its US exposure and increasing its European weig...
Bank von Ernst, the Swiss private bank, is reducing its US exposure and increasing its European weighting, writes Robert Maharajh.
The bank believes that the US is on the brink of an economic slowdown in the face of rising interest rates and commodity prices, yet it predicts that Europe is about to experience an economic recovery. These factors, combined with restructuring stories seen throughout the EU, have persuaded the bank to make the shift.
Peter Bolland, head of UK operations, said: "The US index gains in 1999 are attributable to a tiny circle of companies - mostly technology stocks."
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