Eight key European themes for 2013 revisited

Kenneth Orchard, portfolio manager for European fixed income at T Rowe Price, has revisited eight key themes he identified at the beginning of the year as ones to watch for investors.

Although there have been some surprises, many of the themes highlighted at the start of 2013 have met Orchard's expectations. He said the European Central Bank (ECB) eased monetary conditions, the doctrine of fiscal austerity has weakened, and there have been few sovereign downgrades. However, the contraction of growth in the eurozone has proved disappointing against the group's expectations for gradual growth, Orchard added. 1. Economy Gross domestic product (GDP) in the eurozone contracted 0.2% in the first quarter year-on-year, which marks the sixth consecutive quarter of dec...