Europe is currently the zone with the highest visibility. First, from the monetary angle, the European Central Bank has recently reiterated its determination to reinforce its asset purchasing programme, which is a big support factor.

Elsewhere, indicators on economic growth are generally sending out upbeat messages. Recent figures have been encouraging, especially as concerns confidence levels and employment data. Third quarter results should also feature some pleasant surprises and 2015 is expected to end with higher earnings. We believe that European markets will continue to rise, albeit at a more moderate pace.

Statistics on mergers and acquisitions (M&A) are also buoyant: as of end September, deals announced this year were up by about 10% compared to the same period in 2014.

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