JPMAM's Ward on how Europe is being impacted by the global trade storm

The European economy has proved a major disappointment this year. Investors started 2018 full of optimism.

The recovery seemed to be finding its feet, credit was once again flowing from the banks and pent-up demand from households and firms had the potential to be unleashed.  It looked like the European Central Bank might soon be able to follow the US Federal Reserve and take its key interest rates out of negative territory. Given how challenging this policy had proved to bank profitability, the outlook for the European financial stocks was improving. And given the financial sector's weight in the European stock indices this buoyed investor sentiment.  Does Europe have room to push highe...