Why markets are too pessimistic on Europe

European markets are finding no shortage of things to worry about, whether it be the travails of the banking sector, the tortuous Brexit negotiations that lie ahead or the end of the European Central Bank's quantitative easing next March.

Throw uncertainty about the US election (at the time of writing) and growing worries about rate rises by the Federal Reserve into the mix, and the glass-half-empty crowd may look like they have the upper hand.  We would beg to differ. Granted, there are many unresolved problems, including the banking sector woes in Greece, Italy and Portugal, which may yet prompt a central bailout and/or some other support. But these should not eclipse the green shoots sprouting up across the region's economies.  Indeed, October (as the month that marks the change in seasons) may well be the month tha...