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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。

European-SMID-equities-continue-to-offer-attractive-investment-opportunities

Perspectives

European SMID equities continue to offer attractive investment opportunities

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

August 18, 2020Posted InInvestment Strategy and Equities

While European small and mid-cap stocks (SMID) are up 45% since the 23rd March 2020 lows and up 7% since our recent recommendation on 1st July, they have further to go in absolute and relative terms. 

There are several factors supporting this view:

  • The critical assumption is that the European economic outlook is gradually gathering momentum. 
  • European SMID typically outperform during the 12-months after market lows. 
  • European SMID has high exposure to both Covid Cyclicals and Value, areas that we favour at a global level. 
  • The firmer Euro is supportive for the European domestic sectors which SMID are exposed to. 
  • European SMID companies are only modestly geared.
  • European SMID valuations are reasonable, especially in relative terms. 
  • Ownership levels for all European equities are low, and for European SMID are particularly low.
Read Europe Strategy Bulletin