Europe still needs TLC

Recent German unemployment numbers indicate improvements to Europe's largest economy, but continued improving corporate newsflow will be the key to any sustainable recovery, according to JPMorgan Fleming's Stephen Macklow-Smith. The manager of the Fleming Continental European investment trust says that two of three indicators he uses - valuation and liquidity - are "flashing green" at present. However, newsflow is "amber", meaning that investors in Europe are not quite out of the woods yet. "The market is cheap on a historical basis," Macklow-Smith says. "And for...