Restructuring in Europe could offer higher returns

Europe and the US remain attractive areas for investment due to their perceived ability to provide surprises on the upside. Europe's lagging restructuring process as compared to the US and UK markets is seen to offer the opportunity for companies to surprise, while US listed telecoms firms are seen as undervalued compared to their European counterparts. Keith Mullins, fund manager of the Mercury Balanced Portfolio unit trust, says: "We have been more optimistic recently on the markets as a whole. It has all come down to a hard landing versus a soft landing for the US market. While the ce...