Europe still offers good value…for now

Managers say European valuations are still attractive but imports of inflation fear from the US are rising

Europe still offers good value, says Axel Botte, strategist at Axa Investment managers. At 30 September, the risk premium on the European equity market was 7.1%, the monthly rise just 2bps.

The valuation gap between the major European markets widened in September. The British risk premium was 6.93%, 4bps more than the French market. The German market was slightly more expensive (RP: 6.66%).

Over the last month, the UK risk premium has risen by 8bps, versus 5bps on the French market and a decline

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