Europe Presents Compelling Opportunities as Populist Movements Lose Momentum

We think it’s time for the ECB to move forward and follow the Fed in embracing a return to normal rates.

Last year the European Central Bank (ECB), mindful of election outcomes that could threaten stability in 2017, seemed likely to maintain easy financial conditions. This continued even as deflation turned to inflation in Europe. But now, Europe has seen the defeat of populist candidates in the Netherlands and France and the threat against the viability of the euro is once again tending toward zero. Signs of fundamental progress have been visible, but markets have been cautious about making a positive call on Europe. Meanwhile, we find Europe to be the most attractive market from a bottom-up perspective.

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