Investors have pushed Europe’s stock markets sideways throughout the eurozone crisis. The FTSE Eurofirst 300 index is up 5 per cent; the FTSE 100 index is up 7.5 per cent. They trail the S and P 500 index by almost a quarter since the beginning of 2010, though all three indices trade on roughly the same earnings multiples (between 13 and 15). So not only are European stocks not cheap: global investors still worry that much of the region is still inherently profligate, austerity notwithstanding. They seem to want more self-denial.
Lex专栏是由FT评论员联合撰写的短评,对全球经济与商业进行精辟分析
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