The Week In Hindsight, 02 January 2014
Unemployment in Spain fell once again this week indicating further improvement in economic conditions for the troubled nation; Spanish government bond yields fell to their lowest level for three and half years following the announcement. This follows an upturn in manufacturing across both Spain and Italy; previously two of the bloc’s most troubled regions.
The positive data reinforces our bullish view of Europe for the year going forward. There is still a discount attached to many European stocks relative to their peers in the UK and the US; indicating potential value to be found.
Further positive steps for the continent over 2014 are likely to include positive GDP growth for the bloc overall, a return to the bond market for Greece and improving earnings momentum for European stocks.
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