The reason why tighter bank lending conditions bite Eurozone economy faster, while US companies still don’t suffer under higher rates due to longer duration.
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This comes as European stocks have returned only 3% year-to-date much below the 24% gain of US stocks. The Stoxx Europe 600 index is now on track for its 8th year of underperformance out of the last 10. Over the last decade, European equities have increased by just 50% much less than the S&P 500 return of 187%. As a consequence, the US stock market is now 4 TIMES larger than Europe. Investors are choosing the US over Europe. Source: FT, The Kobeissi Letter
The data may complicate the ECB’s easing plans. Source: HolgerZ, Bloomberg
It already has the highest tax burden in Europe, and there are no real structural reforms on the horizon. Source: Michel A.Arouet