Stressed about US stocks, investors are betting big on Europe

LONDON - For money managers nervous about US equities at all-time highs during an economic crisis and election year, Europe could be the antidote.

The November election is also souring sentiment as President Donald Trump battles the Postal Service and stokes false claims of widespread election fraud. The Vanguard FTSE Europe ETF has absorbed almost US$500 million in August, putting it on track for the best month since January."We have seen a big rally in US large caps, so we are generally looking for a way to diversify," said UBS Global Wealth Management managing director Kiran Ganesh.All that optimism hasn't revealed itself in prices yet. Stocks in Asia and the US have rallied near records, but the Europe Stoxx 600 Index is still about 15 per cent away from pre-pandemic highs.

Still, investors say the market is cheap and data shows European stocks poised for a faster profit rebound.

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