Europe’s Tentative Recovery Spreads South In September

The best ways to invest in Europe’s recovery

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Lawrie helped square the match at the par-5 seventh when he hit driver to the green with his second shot from 257 yards out, setting up a winning birdie. Gallacher then gave his side the 1-up lead with a 20-foot birdie putt at the next, and a par at the 10th doubled the Scots’ advantage. Jimenez’s birdie at the 11th narrowed the margin to one, but Gallacher matched Bjorn’s chip-in birdie at the 14th with a make from 12 feet, and consecutive birdies at the 15th and 16th sealed the lone victory for GB&I. “It’s always nice to win,” said Lawrie. “Obviously there is a little bit more pressure when you are going out there first, you want to get a point on the board which we managed to do and we both combined very well today.” GB&I couldn’t sustain the early success, however. The last match to start was actually the second to finish, as Colsaerts and Fernandez-Castano breezed past Warren and Jamieson to earn Continental Europe’s first point. Colsaerts, a Ryder Cup standout at Medinah, and Fernandez-Castano never trailed after notching birdies at the first and third to go 2-up. They were 1- up through 10 after a GB&I birdie there, then closed with three birdies and an eagle over their final five holes to wrap up the convincing victory. Ilonen and Olesen were 2-up with three to play before both players found the water at the 16th. Fleetwood and Wood got one back there, but were unable to get any closer, as Ilonen and Olesen closed out the win with pars at Nos. 17 and 18. GB&I appeared poised to earn a point in the next match, as Casey and Khan took a 1-up lead into the final hole, but Molinari managed birdie at the last to halve the match, and Luiten and Bourdy closed out Continental Europe’s successful opening day with a 2 & 1 win over Donaldson and Lynn. “They played very well,” said GB&I captain Sam Torrance. “Our boys played very well too, but they made a few more birdies than us.

Re-Emerging Europe: European Developed Market Equities Outperformed U.S. Equities by Nearly 7.5% in the Third Quarter, According to Russell Indexes

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are expected to show a slight easing in the expansion for non-manufacturing companies, which have consistently outpaced their European peers. The main disappointment in Europe was Spain, where a rise in business activity during August – the first in more than two years – proved short-lived as firms slipped back into decline. Still, the data pointed to a broadening recovery across the euro zone, said Nick Matthews, senior European economist at Nomura, though that had yet to be borne out in official data. “The hard data so far for the third quarter has perhaps a bit more on the disappointing side – in particular industrial production …was very weak in July,” said Matthews. “We expect this hgh improves speed to bounce back, but this suggests we could see a slightly slower pace of growth in the third quarter relative to the second quarter.” PMI compiler Markit said its surveys suggested the euro zone economy grew around 0.2 percent from July through September, a touch below the 0.3 percent registered in the second quarter. Nomura’s Matthews said they suggested a slightly stronger rate of growth for the final months of the year. STILL NOT ON SOLID GROUND Markit’s Eurozone Services PMI rose to 52.2 in September from August’s 50.7, little changed from a preliminary reading of 52.1. Readings above 50 signify growth. Businesses in No.1 economy Germany reported rising new orders and staffing levels, while France’s private sector grew for the first time in a year and a half. The upbeat mood was further bolstered by news that euro zone retail sales jumped 0.7 percent in August, month-on-month, hitting the top end of forecasts. Draghi said on Wednesday the euro zone economy still faced downside risks. Chris Williamson, Markit’s chief economist, said the surveys pointed to slightly stronger growth towards the end of this year, even if the region was not out of the woods. “The political instability that has reared up in Italy is a reminder that there remains plenty of scope for recoveries to be derailed,” said Williamson. Italian Prime Minister Enrico Letta won a confidence vote in parliament on Wednesday after Silvio Berlusconi, facing revolt in his own party, backtracked on threats to bring down the government.

Markets close in 5 hrs 45 mins Stock Watch Re-Emerging Europe: European Developed Market Equities Outperformed U.S. Equities by Nearly 7.5% in the Third Quarter, According to Russell Indexes Press Release: Russell Investments 1 hour 11 minutes ago Print Related Content SEATTLE, WA–(Marketwired – Oct 4, 2013) – Stocks in developed European markets outperformed other developed market equities (excluding the U.S.) by about 2% and U.S. equities by nearly 7.5% for the third quarter, according to Russell Indexes. Also, notably, the current valuation for the Russell Developed Europe Index as of September 30th is lower than that of the Russell Developed ex-US Index and the Russell 3000 Index. For 2013 year-to-date as of September 30, U.S. stocks as reflected by the Russell 3000 Index still lead with an 18.1% return relative to a 14.9% return for the Russell Developed Europe Index for the same time period. For the last twelve months as of September 30, developed European stocks have also outperformed U.S. stocks. For the third quarter, Russell Developed Europe Index country constituents Spain (+20.7%), Finland (+18.7%) and Italy (+15.2) led within the Index. The Russell Developed Europe Index is also fairly valued relative to the Russell Developed ex-US Index and the Russell 3000 Index.It has a 17.5 one year forward estimated weighted average price to earnings ratio (P/E) as of September 30, relative to an 18.0 and 25.7 P/E for the Russell Developed ex-US Index and Russell 3000 Index, respectively.The Russell 3000 Index P/E reflects a marked increase from its 18.5 P/E on December 31, 2012. “Several factors have contributed to the strong recent performance of European equities relative to equities in the U.S. and non-U.S. developed markets,” said Wouter Sturkenboom, investment strategist with Russell Investments Europe. “We continue to see improving economic fundamentals in Europe combined with relatively low market valuations.

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