Europe can 申し込む／申し出 '質 growth' in spite of strong headwinds
- As an 投資家, you need いつかs to look beyond a 塀で囲む of worry?
As an 投資家, you need いつかs to look beyond a 塀で囲む of worry.
There is, for example, every excuse to be 悲観的な about 大陸の Europe at 現在の.?
The German 大蔵大臣 Christian Lindner says his country is 単に 'a tired man after a short night in need of a good cup of coffee'.
But the sundry woes of the eurozone's largest economy 要求する more than caffeine.
The 衝撃 of higher energy and 利益／興味 costs is 存在 felt throughout the 圏, while 農業者s' 抗議するs in フラン and Holland 反映する wider grievances about 官僚主義 and 政策.?
But this unappealing background should not stop you from considering the individual 長所s of Europe's mega-商売／仕事s ? whose balance sheet strength lies behind the 予測（する） from Goldman Sachs that the pan-European Stoxx 600 索引 will rise by 6 per cent this year.
Europe's big 指名するs 含む ASML, the Dutch group which is the world's 主要な 供給者 of 半導体 器具／備品, 高級な goods leviathan LVMH and Novo Nordisk, 製造者 of the 負わせる-loss 麻薬s Ozempic and Wegovy.
Such is the call for these injectables that the $398billion Danish company was 予測（する） this week to be 価値（がある） $1trillion by 2030.
Oliver Collin, co-長，率いる of European 公正，普通株主権s at Invesco, argues that these 商売／仕事s and Europe's other 重要な players are '全世界の （独立の）存在s', whose fortunes are not 扶養家族 on the countries in which they are 住所／本籍d.
Companies that are 名簿（に載せる）／表（にあげる）d in the eurozone derive いっそう少なく than a third of their 歳入s from this area.
Collin 追加するs: 'These companies are universally unloved ? and thus could be seen as 'compellingly-定価つきの', or even 'hugely cheap'.
bIG NAMES: Europe's big 指名するs 含む ASML, the Dutch group which is the world's 主要な 供給者 of 半導体 器具／備品 and 高級な goods leviathan LVMH
'The 適切な時期 始める，決める 延長するs across a 幅の広い 範囲 of 部門s ? from Italian bank Unicredit with its （株主への）配当s and 株 buybacks, to the French 製薬の 巨大（な） Sanofi whose 麻薬 開発 is on an 上向き trajectory.'
The oil major Total, one of the 火刑／賭けるs in the Invesco European 公正，普通株主権 基金 大臣の地位, is 貿易（する）ing on seven times 未来 収入s against 11 times for its US 相当するもの Chevron.
Zehrid Osmani, 経営者／支配人 of the ツバメ Currie 全世界の 大臣の地位 信用, which 持つ／拘留するs 株 such as ASML and L'Oreal, 認めるs the 問題／発行するs 直面するing Europe. Its cyclical economy will be 影響する／感情d by the 減産／沈滞 in 中国, although 少なくなるing the eurozone's dependence on this nation is one of the 優先s of Ursula 出身の der Leyen, European （売買）手数料，委託（する）／委員会／権限 大統領，／社長.
But Osmani believes that, にもかかわらず these headwinds, 'Europe could be a good place to be'.
Over the past year, the prices of US tech 在庫／株s have 急に上がるd thanks to generative 人工的な 知能 excitement.
But Osmani says that ASML's 科学（工学）技術 is 決定的な to the 配達／演説／出産 of the 抱擁する increas e in 計算するing 力／強力にする and data 貯蔵 要求するd for the AI 革命.
Marcel Stotzel, 経営者／支配人 of Fidelity European 基金 and Fidelity European 信用, says that two ソフトウェア companies, the French Dassault Systemes and the German SAP are の中で the other 'strong long-称する，呼ぶ／期間／用語 勝利者s' from AI 革新.
The Fidelity European 信用 owns ASML, Novo Nordisk and SAP. Their 株 prices have all risen 堅固に over the past year, with その上の 増加するs 推定する／予想するd by 分析家s.
Yet the 信用's own 株 price is at an 8.78 per cent 割引 to its 逮捕する 資産 value (NAV), 反映するing the level of disaffection surrounding European 在庫／株s whose attractions have been （太陽，月の）食／失墜d by the love 事件／事情／状勢 with everything American.
There are even wider 割引s ? 10.78 per cent and 10.73 per cent, それぞれ ? at the European 適切な時期s and Henderson European 焦点（を合わせる） 信用s, although both have 相当な 火刑／賭けるs in Novo Nordisk.
These 割引s 反映する British disaffection with Europe, 関わりなく the prospects of its companies.?
Many 投資家s withdrew cash from European 基金s and 信用s in 2023. If they are minded to return, the 信用s that are standing at a 割引 would seem to 申し込む／申し出 a 取引 大勝する not only to the eurozone, but also to the UK.
Our 株式市場s are also seen as 不公平に 影を投げかけるd by US tech's dazzling glamour.
About 30 per cent of the European 適切な時期s 大臣の地位 is 投資するd in the UK. Scanning factsheets (利用できる online) I discovered that I have some （危険などに）さらす to Europe through such 基金s and 信用s as Brunner and 3i Group, whose largest 資産 is a 大多数 持つ／拘留するing in 活動／戦闘, Europe's 主要な convenience 蓄える／店 chain.
I did hope for short-称する，呼ぶ／期間／用語 証拠不十分 in the prices of ASML, Novo Nordisk and SAP but this did not materialise. The sound you hear is me gritting my teeth and 準備するing to buy.
