Growth pricing more important than risk appetite
European stock markets had a difficult trading session on Monday, but risk aversion did not appear to be widespread. Commodity bloc currencies all ended the session on a high note, and barring wider geopolitical stress, we suspect value hunters will make their presence felt. Nonetheless, like our EM Strategy’s view on EMFX, we would advise against addition to positioning on valuations alone – growth has to deliver.
Read the full report: UBS