Today’s euro-zone GDP data provided a further small boost to the region’s stock markets, which have been enjoying something of a revival in the second half of 2013. However, the economic outlook in the euro-zone remains challenging and the debt crisis is far from over. Accordingly, we are sceptical that equities will continue to outperform those in the US despite remaining much more attractively valued. Indeed, we forecast prices to end this year lower than they are now before grinding higher.
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