After a period of equity market weakness early this year, European markets are becoming more realist...
After a period of equity market weakness early this year, European markets are becoming more realistic, both about corporate earnings expectations and valuation, although it is probable that analysts' forecasts for company profits will see further downgrades. Earnings will probably be under more pressure in some sectors, especially given the economic headwinds of slowing growth, tighter credit conditions, and softer industrial and consumer confidence. In the medium term, there are two main factors we believe will support European growth. One is that European consumers generally have low...
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