European Recovery

“Europe NERI fell to -11.0 this month, the lowest since December 2011. It’s rather odd that this index is so weak given the solid improvements in the region’s Manufacturing PMIs and Non Manufacturing PMIs.”

MSCI Europé Net Earnings Revision.

MSCI Europe Net Earnings Revision

The conviction of an amazing recovery in Europe from fund managers is rock solid.

“US investors bought $23bn of European equities in December – largest single month of net buying on record – data going back to late 1970s.” (Goldman Sachs)

Buying European Equities

Earnings revision trend according to Goldman Sachs.

“Over past month STOXX 600 2014 earnings estimates declined by 2.1%.” (Goldman Sachs)

Change in Earnings Estimate

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