LONDON - Since U.S. President Donald Trump’s tweets derailed U.S.-China trade talks ten days ago, European stocks have outperformed Wall Street in a sign that investors are pinning their hopes on the region’s battered equities weathering the protracted trade spat.
Both the pan-European STOXX 600 and the S&P 500 have fallen since May 3, the trading session before Trump slammed China on trade and threatened more tariffs on billions of dollars of imports from the world’s No. 2 economy.Though only a small margin, that’s a marked change from the past year during which the index has lagged the U.S.
Hopes the euro zone economy is through the worst and bottoming out, relatively low valuations and optimism that a U.S.-China deal will soon be brokered are helping fuel the gains, said Lukas Daalder, BlackRock’s chief investment strategist for the Netherlands. “There’s a bit of sentiment around that. It means we’re not going to be in rough territory immediately, but that’s a silver lining to a really dark cloud,” said Daalder.
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