Why investors are cautious on Europe


“With a background of global growth which is now looking synchronized across the world for the first time in many years, that’s a pretty good environment in which to make money for European companies, which are very broadly based,” Stephen Macklow-Smith, head of European equity strategy at JPMorgan Asset Management, told CNBC Wednesday.

In the week commencing October 16, 25 companies on the pan-European Stoxx 600 will report their quarterly earnings.

“Europe is as never bad as you fear; it’s never as good as you hope. So you might hope that political risk is now completely receded and of course it hasn’t, because there’s a populist backlash in many countries,” Macklow-Smith said, adding that: “Populism isn’t going to go away but the key point to understand is that populism isn’t managing to rest control away from central ground.”

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