A month of the war in Ukraine briefly erased a year’s worth of gains for European equities but the continent’s bourses have quickly recovered as investors have poured money into sectors such as energy and defence which are poised to benefit from one of the deepest policy shifts in the region in decades.
The broader market has recovered 11% in one month, and is within striking distance of a record high on Jan. 4 with overall valuations at a 34% discount to the U.S. market. “Europe will transition to be more independent and redefine many of its sectors and economic paradigms,” said Eric Lopez, head of EMEA Equity Research at BofA Global Research.
Germany and Sweden said they plan to sharply increase spending on defence to around 2% of their economic output. “What I’m saying to clients is that you have ... to understand the nuances on which country is more dependent on natural gas and energy supply from Russia,” she said. “So away from these indexes”.
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