The Eurozone is looking better for 2H2024 - JPM

seekingalpha06-26

J.P. Morgan analysts believe the second half of the year could offer a great entry point to European equities (NYSEARCA:VGK), (FEZ), according to an Equity Strategy report. The backdrop for European ...

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Morgan analysts believe the second half of the year could offer a great entry point to European equities (NYSEARCA:VGK), (FEZ), according to an Equity Strategy report. The backdrop for European ...</p>\n\n<a href=\"https://seekingalpha.com/news/4119135-the-eurozone-is-looking-better-for-2h2024-jpm\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BBT3K403.USD","symbol_name":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4119135-the-eurozone-is-looking-better-for-2h2024-jpm","article_id":"2446871499","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1299972938/image_1299972938.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2446871499","pubTimestamp":1719343413,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"J.P. 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Morgan analysts believe the second half of the year could offer a great entry point to European equities (NYSEARCA:VGK), (FEZ), according to an Equity Strategy report. The backdrop for European equities (VGK), (FEZ) vs. the U.S. is continuing to do better this year, with the European Confederation of Independent Trade Unions (or CESI) above the U.S. The European Central Bank has also started easing rates, while the Federal Reserve has kept rates the same so far. In addition, better China (FXI), (MCHI) performance helps Europe, and its valuation relative to the U.S. “are as cheap currently as the extremes of TMT sell-off, GFC and Euro peripheral crises, among other,” said Analyst Mislav Matejka. However, the current uncertainty around European equities (VGK), (FEZ) needs to dissipate and not show oversold extremes, he said. But the Eurozone stocks are trading above the U.S. during the second quarter, even with the uncertainty around the French elections and the weakness caused. The VIX Index (VIX) and the VDAX -- which measures the volatility of German equities (EWG), (DAX), (DAX:IND) -- are far from extremes. “The key will be any improving visibility with respect to the political backdrop,” said Matejka. “Here, we do not see the current French risks as a game changer for the region. The institutional setup is much more robust currently than during initial Euro crises, and the example of the latest Italian elections shows that the fallout might be manageable for the markets.”  He said that these near-term risks might actually be reducing longer term ones. The French government bond spreads to Germany are up 30 basis points, and they were only higher during 2011 extremes. So, even with a Macron win, “we do fear that proverbially things might need to ‘get worse in order to get better’. The chances are that RN (the far-right National Rally party) gets bigger share of vote than currently assumed, and also that a potential new French government will likely try to test the boundaries of what they can do.” If this happens, financial markets might end up needing to push back against the more aggressive fiscal easing, Matejka said.  But as we move towards the second half of the year, there could likely be a good entry point to buy Eurozone, to go overweight Eurozone vs. the U.S. Analysts are also keeping a preference towards defensives, are cautious on consumer, and think that banks (OTC:DJXSF) look increasingly vulnerable. They also keep overweight growth vs. value, as they believe it will continue to build on 14% year-to-date performance in the U.S. and 7% in Europe.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2446871499"}