Europe Is The Surprising Winner Of The Summer
The macro tourist returns to Europe
We know St. Tropez is pumping this summer—but is there a reason to be a tourist in STOXX as well? They might not have AC, but Europe has become the surprise winner of the summer, and not only in football. Unlike previous false dawns, this rally is increasingly being backed by stronger earnings, improving macro data, healthier positioning and still-reasonable valuations. We've visited this trade before and know Europe's tendency to disappoint all too well. Might this time be different?