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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。

China, Shangha, Pudong, Silhouette of man with kite

Perspectives

Europe is benefitting from Asia’s recovery

Author

By Shan Gnanendran, EMEA Investment Strategist

February 19, 2021Posted InInvestment Strategy

  • Historical data has shown Europe has a high dependency on both Chinese and broader Asian trade activity. Rebounding Asian import demand will be supportive for European growth in 2021, with exports making the largest contribution to overall GDP in the Euro area.  
  • European companies with high revenue exposure to both China and broader Asia have outperformed. Over a 5-year period, exposed companies are up 154% versus China up 116% and Asia up 89%. While performance has been strong, this has been distorted by semiconductors, materials and consumer durables which represent 45% of the basket (average performance within these sectors are 390%, 293% and 162% respectively). Removing these three industry groups would have resulted in a more modest 5-year performance of 59%. (*) 
  • While many companies have seen strong performance, we believe plenty of opportunities still exist at the single-stock level. This is supported by our positive outlook on the “Rise of Asia” and strong earnings - these companies show average consensus forward-looking earning growth rates of 12.1% versus Europe at 6.5%. As well as playing our positive European equity view, it can also provide a way of gaining Asian exposure through developed markets. 
Download: Europe Strategy
(*) Basket refers to Eurostoxx 600 companies which have at least 15% China revenue exposure, or at least 30% Asian revenue exposure. Sector performance refers to basket constituents only.