CoreMacro

Special Report

Thanks to their attractive valuations, European equities are piquing the interest of global investors. Is there more to the appeal of European stocks or do they remain a mere value trap?

Europe is about to become President Trump’s next target. The good news: a US/EU trade war will be short as common ground to achieve a deal exists. The bad news: European assets remain at the mercy of heightened uncertainty. How should investors position themselves in this tricky context?

The ECB cut its deposit rate to 2.75%, as was widely anticipated. President Christine Lagarde did not provide any fireworks, but the Governing Council’s message was clear: Policy is restrictive, and inflation will fall further. As a result, if we combine our economic forecasts for the Eurozone with Frankfurt’s data dependency, we continue to expect the ECB’s deposit rate to settle below 2%. Consequently, German bond yields have downside, and the euro has yet to bottomed.

Global risk assets are engulfed in a wave of euphoria, which is pulling Europe higher along the way. However, risks still abound. How should investors adjust their allocation to Europe under these highly uncertain conditions?

President Trump is about to be inaugurated. Investors often assume all his policies will hurt Europe, but the reality is more nuanced.

UK and German bonds are victims of the global bond market riots. Will European yields continue to move higher and will the euro and the pound find a floor anytime soon?

Special Report

This report takes you on a tour of Europe’s nuclear energy industry, assessing its current situation and possible future.

Special Report

This year, our annual "What Else To Read" report focuses on academic work. We asked our research teams to share academic work that has influenced their thinking. The result is a diverse collection of papers and books that span investing, economics and geopolitics. We hope you will find something in this report that broadens your perspective and inspires your work in the year ahead. As always, we wish you all a joyful holiday season and a prosperous and healthy 2025.

Special Report

For our last publication of the year, we explore five key themes that will dominate the European macro landscape and markets next year. While the start of 2025 will be challenging for European assets, the latter part will offer some much-needed relief.

Special Report

Spain has outperformed most developed markets since 2022 – real economic output and risk assets alike. Can it last?