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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。

Europe-Strategy-Recovery-with-fiscal-transfers-expected-soon

Perspectives

Europe Strategy: Recovery, with fiscal transfers expected soon

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

July 1, 2020Posted InEquities, Investment Strategy and Fixed Income

  • Europe and UK face challenging unlocking phases. We expect some virus resurgences, but no new widespread and prolonged lockdowns.
  • Government financial support programes have further to go. Implementation – ensuring that the most needy individuals and companies receive timely and sufficient support – has differed by country. A pan-European fiscal approach is moving closer, which would be very positive.
  • Central banks have supported bond market stability and bank payment systems, as well as providing cheap lending. We expect both the European Central Bank (ECB) and the Bank of England (BoE) to expand their asset purchase programmes in size and breadth.
  • GDP recoveries are underway, but activity levels are still far below normal levels, with risks that recovery paces could slow. We expect corporate earnings will fall by over 40% this year, before rebounding a similar amount next year.
  • Equities are expected to recover in relative terms, as the growth differential with the US narrows, and as European policymaking gets more aggressive. We expect ‘COVID-cyclical’ areas to lead. Value is preferred over growth. Balance sheet strength is vital and a key differentiator for selection in the months ahead.
  • As the UK enters the last six months of the Brexit transition period, we increasingly expect a basic trade deal between the EU and the UK to be agreed in the autumn.
  • The virus’s impact reinforces some of our recommendations from the start of the year. These include staying invested, diversifying sensibly, and embracing higher volatility. Our long-term Unstoppable Trends like fintech and cybersecurity still offer attractive equity potential.

Read European Strategy.