Good valuations still exist in an undervalued Europe

ON EUROPE

Lazard's Aaron Barnfather explains why Europe is making the transition from the recovery phase into mid-cycle economic growth.

In the past three months, the global economy has witnessed a number of seismic events, from the crisis in Japan to the unrest in North Africa and the Middle East. But despite these setbacks, share prices have proven relatively robust. Europe is making the transition from the recovery phase into mid-cycle economic growth. Leading economic indicators are approaching historic highs in Europe and the US. Though there are still risks, there now appears to be evidence of self-sustaining economic growth. Germany's concerns over nuclear power were expected to see the country's confidence suffer ...