Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
Peter Garnry
Chief Investment Strategist
Summary: European equities are global laggards, with weak earnings and low valuations keeping prices well below those of their US counterparts. As we prepare to exit the era of convergence and increasing globalisation, Europe looks set to fall further behind. The question is, what can policymakers do?