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Carmignac: With a vibrant economy and markets, is Europe now taking revenge?

Carmignac: With a vibrant economy and markets, is Europe now taking revenge?

Europe’s economy has outshone that of the United States in the past few weeks, as reflected in the two regions’ economic surprise indicators.

Why is that?

A combination of factors has led Europe to outperform: a mild winter, which has improved the energy situation; fiscal stimulus packages; and the reopening of China’s economy. The upshot has been a spectacular rally in European stocks. Since 31 August 2022, they are up 17.5% more than their US counterparts, and 23.5% if you factor in the euro’s appreciation against the dollar1. Read more >