Views from the equity market
Equities generally look fairly valued against earnings based on history, but are cheap against fixed income.
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THE latest Greek agreement was as uninspiring as it was unsurprising. The problem is, and remains, that the interests of the two key parties, the Greeks and the troika, are fundamentally opposed.
However, unlike in 2012 when the prospect of Greece leaving the single currency presented an existential threat to the euro, now there is a general belief that the single currency would survive.
This time we have the Draghi pledge and the perceived backstop of European quantitative easing (QE).
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