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Currencies  |  August 21, 2012 12:00:14

Comeback of Europe is here to bet against the U.S.

Many analysts and strategists is clear about the next few months - America's economic performance far exceeds Europe, which needs oddlužit and resolve the current crisis. So stock strategists Christian Mueller-Glissmann and Peter Oppenheimer, however, offer the first look contrarian bet. Comeback of Europe according to them has already begun.

In his recent note to clients recommended buying shares of companies that have exposure in Europe and selling stocks with exposure to the U.S.. Why?

Euro will go up, and we believe shares of companies with exposure to European

"We recommend a long position in a basket of shares of European companies with exposure to sales in the euro area and conversely a short position in a basket of shares of European companies with high exposure in the United States. The latter is from the beginning of its profitability significantly outperformed the first basket and that are already very expensive. Expect turnover when the forward solution of the European debt crisis. "

Recommendations should work better when they will thrive euro against the U.S. dollar. Goldman Sachs analysts currently just the euro compared with the dollar believes. In addition, shares in some European markets in recent weeks with an overview of overcoming the growing U.S. market, such as the Spanish, which were in the first half under extreme pressure.


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BRIC? Even better!

Despite the impact of the global slowdown on China also believes emerging markets, which will be on even better than Europe. Moreover, it isin China could lead to further support the economy by the government, inflation is very low.

What contributes most to the strengthening of the shares and why does not earn a lot of retail investors

"We recommend a combination of a long position in a basket of shares of European companies with a large exposure in the BRIC countries and short positions in a basket of shares of European companies with high exposure to the euro zone. Valuation based on P / E is similar, but while companies with exposure in Europe can temporarily flourish better exposure in the BRIC countries is a bet on the long term a much higher rate of economic growth. "

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