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An annoying value approach |
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The risk of a systemic crisis seems to have receded and the dominant scenario is now one of a slow and probably difficult exit from the crisis.
On the European equity markets, the recovery begun in March 2009 has corrected the worst excesses. Nonetheless, valuations remain at the bottom of the cycle and the market once again has strong upside potential if the exit scenario is confirmed. It still seems too early, however, to return to values that point to a rapid recovery in consumption.
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Thursday, September 24th 2009
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