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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Busy streets of London

Perspectives

Equities and sterling supported by vaccine progress and ongoing policy support

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

February 25, 2021Posted InInvestment Strategy

  • UK equities overweight. UK equities offer good valuations and good dividend yields. The UK's equities and currency have started the year well following the EU trade deal and vaccine progress, and are likely to have further to go. 
  • Sterling well supported. Even with significant post-Brexit challenges, and no services deal with the EU yet, Brexit is no longer an overhang holding back investment in the UK. There is also better domestic political stability, and increasingly less likelihood of lower rates. Valuation and inflows support our advice to keep accumulating into weakness.
  • European equities overweight. The poor vaccine rollout is expected to improve in 2Q21. Italy's new PM Draghi, the former European Central Bank (ECB) chairman, is positive for Italy and also more broadly for all the periphery countries and for European solidarity. The ECB continues to support the bloc’s economy and bond prices. The Biden presidency should be a net positive factor for Europe. Alternative energy is a powerful long-term growth driver, supported by increasingly aggressive government initiatives.
  • Both UK and European equities offer particularly good exposure to the areas we favour globally: “COVID cyclicals,” value, mid-caps, high dividend yielders and dividend growers. 
  • High yield corporate bonds offer selective opportunities, even after the 27% price rally from March 2020’s lows. In an environment of “financial repression,” the average yields of 3.0% look attractive versus cash and other areas of the fixed income universe.
Download: Europe Strategy