J.P. Morgan says Europe's company valuations are more attractive than the US.
From MindfulMoney :: Mindful Money February 10, 2013 - 7:00pm
Dan Morris, Global Strategist at J.P. Morgan Asset Management crunches the numbers on fund flows into equities and the performance and valuations of US and European stocks.Fund flows continue to move into equities with $9.3 billion allocated to open-end mutual funds last week, down from $13.4 billion in the prior period. Emerging market equities have captured over half the flows year-to-date even though assets invested in emerging markets are just 10 per cent of the total. Flows to developed markets have been largely to global funds, and US-focused funds have attracted about twice as much as dedicated European funds.Fresh cash should support markets, but ultimately it is a combination of earnings growth and valuation that will determine investor returns. Results for US companies in the current earnings season continue to be modestly positive. The headline growth rate for...
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