Investors call 'peak pessimism' for beaten-up UK stocks

LONDON, Sept 13 - Long-term gloom about Britain's economy appears to be lifting and some big investors reckon the end of extreme pessimism is near, with gains ahead for UK-focused businesses and the more international but long-shunned FTSE 100.

Yet, the economy has not entered recession as feared and official statisticians have sharply upgraded data to show the UK recovered earlier from COVID-19 than previously thought. UNDERPERFORMER A cumulative 76 billion pounds has flowed out of UK equity funds since 2016, data provider Morningstar said, with the bulk of outflows in the last three years. Global equity funds tracked by Morningstar have had 507 billion pounds of net inflows since 2016.

The FTSE 100, trading on a price-earnings ratio of 10.5 times compared to 12.5 times for the wider Stoxx Europe 600 , presented"a real opportunity because you are buying at a discount," Walker said. Pay rises, said Pantheon Macroeconomics Chief UK Economist Samuel Tombs, mean British households can"maintain their current level of real expenditure under any plausible scenario for official interest rates."

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