JPMF outlook 2002: Europe ex UK

By Chris Tracey, investment director The performance of the Europe ex UK Index in 2001 was disappointing, particularly relative to the US. In the earlier part of the year disappointment that the European Central Bank was not pre-emptive in its interest rate policy was clearly a factor in Europe's underperformance, but latterly that has not been the case. Instead, concerns have turned to the rapid slowdown in the euro-zone economy. The quoted sector is more manufacturing-orientated than its US or UK counterparts, so to that extent the underperformance is understandable. There is t...