{"id":239877,"date":"2026-03-10T11:12:15","date_gmt":"2026-03-10T15:12:15","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=239877"},"modified":"2026-03-10T11:12:17","modified_gmt":"2026-03-10T15:12:17","slug":"europhoria-is-europes-market-moment-here","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/europhoria-is-europes-market-moment-here\/","title":{"rendered":"Europhoria: Is Europe\u2019s Market Moment Here?"},"content":{"rendered":"\n<p>European markets have been quietly outperforming, powered by strength in banks, industrials, defense, and utilities. In this episode, experts discuss whether Europe\u2019s resurgence is just a short-term rally or the beginning of a longer shift in global capital flows.<\/p>\n\n\n\n<iframe title=\"Europhoria: Is Europe\u2019s Market Moment Here?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=zjycu-1a67318-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-359\">Summary \u2013 IBKR Podcasts Ep. 359<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Well, thank you very much for our new podcast today. This is Guillaume Roux-Chabert from InteractiveBrokers.com Singapore. Today we have&nbsp;a very interesting&nbsp;podcast about market investment risk insights on global equities.&nbsp;<\/p>\n\n\n\n<p>Indeed, 2025 was ugly\u2014the most geopolitically consequential year since the fall of the Berlin Wall in 1989. And 2026 seems to also have a great deal of history in the making. The US was&nbsp;mainly focused&nbsp;on the AI trade and potential rate cuts,&nbsp;with the exception of&nbsp;the variance surrounding Liberation Day, and non-US markets were driven by a more favorable interest rate environment, trade wars, a weaker dollar, and a renewed focus on defense.&nbsp;<\/p>\n\n\n\n<p>But of course, we have very recent events that are shaking a bit of this narrative.&nbsp;That&#8217;s&nbsp;why I invited two&nbsp;very special&nbsp;guests today. We have Kris Hopkins from the UEX, and we have Olivier&nbsp;d&#8217;Assier, the Senior Director of&nbsp;SimCorp, who is part of the Investment Decision Research team on macro and geopolitical thematics.&nbsp; So&nbsp;I&#8217;d&nbsp;like to have his insights and his point of view about the implications for portfolios and prices.&nbsp;We&#8217;re&nbsp;starting with one first question&nbsp;regarding&nbsp;the events that happened in the last few days. Olivier, what are the markets&nbsp;pricing in&nbsp;in terms of how it works and how it will end according to you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-olivier-nbsp-d-assier\"><strong>Olivier&nbsp;d&#8217;Assier<\/strong><\/h3>\n\n\n\n<p>So this is quite interesting because we&#8217;ve seen a muted reaction first in the US on Monday and most major markets simply because they thought, okay, this was going to be another one of those, you know, bombs from the air for a few days and get out\u2014something similar to what we saw in Venezuela or the 12-day war with Iran last year in June.&nbsp;<\/p>\n\n\n\n<p>But by Tuesday it became clear\u2014and in&nbsp;fact&nbsp;Donald Trump himself has said&nbsp;he&#8217;s&nbsp;planning to be there for four or five weeks.&nbsp;He&#8217;s&nbsp;brought up&nbsp;the fact that more US&nbsp;servicemen&nbsp;may die in this conflict, that it may last longer than they thought.&nbsp;There&#8217;s&nbsp;a little bit of confusion as to what the goal is\u2014whether it is simply security concerns, so destroying the rest of the nuclear apparatus in Iran or ballistic missile capabilities and so on, or regime change. Because regime change will take longer. Regime change will have to see boots-on-the-ground type of things.&nbsp;So&nbsp;I think by Tuesday markets were already a lot more nervous. They were pricing in a limited military escalation on Monday.&nbsp;They&#8217;re&nbsp;pricing a moderate one today.&nbsp;The key factor that pushed them over the cliff, so to speak, is&nbsp;the Strait of Hormuz and&nbsp;what&#8217;s&nbsp;happening there. Twenty percent of global oil shipments go through there, but for APAC&nbsp;it&#8217;s&nbsp;85% of their oil imports that come through there.&nbsp;So&nbsp;it&#8217;s really important.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;we saw today in APAC, for example, the difference between the markets that have oil like Malaysia and Indonesia and the ones who&nbsp;don&#8217;t&nbsp;and are reliant on this route like Japan, South Korea, Taiwan, Thailand\u2014which all fell several percentage points.&nbsp;I think South Korea&nbsp;fell six or seven percent today.&nbsp;So&nbsp;there was a clear play on Tuesday about the oil shock that this could be, or at least if&nbsp;it&#8217;s&nbsp;a prolonged supply shock to oil to the region, that really bothered people.&nbsp;<\/p>\n\n\n\n<p>We&#8217;re&nbsp;seeing some of that play in Europe as well today. Again, Europe is an importer of oil and natural gas, and the rate of oil moves is a big supply chain factor for them.&nbsp;So&nbsp;that&#8217;s&nbsp;really the big question now\u2014how much&nbsp;disruption.&nbsp;We&nbsp;haven&#8217;t&nbsp;seen&nbsp;like we saw in the first Gulf War, you know, oil infrastructure up in flames on CNN or anything like that. So that&nbsp;hasn&#8217;t&nbsp;happened yet.&nbsp;So&nbsp;the Strait of Hormuz being closed can be reopened&nbsp;relatively quickly.&nbsp;So&nbsp;it would be a small blip, but we&nbsp;don&#8217;t&nbsp;know yet. It&#8217;s really&nbsp;play-by-play day.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-0\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>And&nbsp;I&#8217;d&nbsp;like to rebound on what you just mentioned.&nbsp;Is it really only an oil game?&nbsp;Is there any difference between this war that we see now and past conflicts like the two Gulf Wars in the last years, the 12-day war, or the Arab Spring for that matter?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-olivier-nbsp-d-assier-nbsp\"><strong>Olivier&nbsp;d&#8217;Assier<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Right.&nbsp;So&nbsp;let&#8217;s&nbsp;start with the first two Gulf Wars. They were wars that were fought by the coalition of the&nbsp;willing. There was&nbsp;international&nbsp;agreement that this had to be&nbsp;done.&nbsp;This is unilateral. This is the US and Israel mostly\u2014Netanyahu&#8217;s initiative\u2014and&nbsp;he&#8217;s&nbsp;convinced Trump to join him in it. There was no coalition there. So&nbsp;that&#8217;s&nbsp;one difference.&nbsp;<\/p>\n\n\n\n<p>The Arab Spring did bring about quite a big shock to the oil supply chain as well as some supply shock in terms of infrastructure.&nbsp;So&nbsp;there was a bigger move there.&nbsp;So&nbsp;when&nbsp;we&#8217;re&nbsp;doing stress testing for a worsening or a regionalization of the conflict,&nbsp;we&#8217;re&nbsp;using the calibration period of the Arab Spring for the correlations.&nbsp;<\/p>\n\n\n\n<p>If&nbsp;we&#8217;re&nbsp;using limited bombing, then we will use the 12-day war from last year as a correlation calibration period.&nbsp;But if&nbsp;we&#8217;re&nbsp;using the first Gulf War, there was an oil&nbsp;shock&nbsp;but there was a coalition there, and&nbsp;it&#8217;s&nbsp;really not&nbsp;appropriate to&nbsp;use that historical scenario for this case because of that difference.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-1\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Understood. Thanks, Olivier. We had to comment on the recent events\u2014that&#8217;s&nbsp;why.&nbsp;But now maybe I have a question for Kris to put things a bit more in perspective.&nbsp;If we come back to 2025, which is not that far actually, the European markets completely outperformed the US market.&nbsp;Yet we did not hear much about this&nbsp;relative&nbsp;success in the US.&nbsp; So&nbsp;Kris, you work for UEX. Why is that? What kind of trends do you see&nbsp;consolidating&nbsp;or strengthening in 2026 that were embedded in 2025?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kris-hopkins\"><strong>Kris Hopkins<\/strong><\/h3>\n\n\n\n<p>Well, I think one of the major problems with the lack of attention on the moves in Europe was that the world&#8217;s attention outside of Europe itself\u2014like in Asia or the US\u2014was firmly focused on the US.&nbsp;The US media&nbsp;have&nbsp;been very heavily focused on AI and the tech segment. The Mag Seven were getting a massive amount of attention.&nbsp;And then out here in Asia itself, you had&nbsp;very strong&nbsp;performing markets. You had India doing very well, and then into 2025 you had&nbsp;very strong&nbsp;performance out of Japan. Taiwan and China were getting a lot of attention.&nbsp;And then in the second half of the&nbsp;year&nbsp;you had the start of that massive rally in Korea.&nbsp;So&nbsp;Europe has been a big disappointment for people outside of Europe for years, and it just missed the attention of the last two to three years.&nbsp;<\/p>\n\n\n\n<p>For me\u2014I mean,&nbsp;I&#8217;ve&nbsp;been in&nbsp;Asia&nbsp;almost 25 years now\u2014you can count on one hand and still have fingers left over the number of times&nbsp;I&#8217;ve&nbsp;been&nbsp;absolutely positive&nbsp;and bullish on Europe. And&nbsp;it&#8217;s&nbsp;been within the last two to three years, and&nbsp;that&#8217;s&nbsp;what a lot of the market missed.&nbsp;And even in terms of flows, we&nbsp;didn&#8217;t&nbsp;really see the big investment banks and the big asset&nbsp;manager&nbsp;houses start to really talk and push Europe until the end of Q1, beginning of Q2 and onwards.&nbsp;That&#8217;s&nbsp;really where we started to see the flows starting to migrate.&nbsp;But I think\u2014and Olivier you can&nbsp;probably argue&nbsp;this as well\u2014there&#8217;s&nbsp;still a massive&nbsp;amount&nbsp;of US and Asia money that are still very underweight invested in Europe.&nbsp;So&nbsp;the upside there is significant.&nbsp;2025 was a great year for bank stocks in particular.&nbsp;Banks, telcos, utilities, oil and gas, basic resources,&nbsp;goods&nbsp;and services, and of course the defense index were clear winners last year.&nbsp;And&nbsp;they&nbsp;will be some of the trends that continue into 2026 as well. It will be&nbsp;almost a&nbsp;repeat of what we saw across 2025 and then some.&nbsp;As we move into the middle part of this year,&nbsp;I think the key driver&nbsp;is going to be a continuation of that great relocation out of the US into Europe, and then Asia will start to follow suit.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-2\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Sure.&nbsp;Let&#8217;s&nbsp;maybe pause&nbsp;on what you just mentioned and drill down a little bit more, because I think&nbsp;that&#8217;s&nbsp;very interesting&nbsp;for the audience.&nbsp;According to you, what were the top winners and the top movers in 2025? You&nbsp;touched on&nbsp;it a bit, but can you develop that a little bit more? What does it tell us about the market?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kris-hopkins-0\"><strong>Kris Hopkins<\/strong><\/h3>\n\n\n\n<p>So&nbsp;the broader European indexes did very well. In fact, as we&nbsp;entered into&nbsp;2025, Europe had its best start to a year in almost 25 years.&nbsp;So straight out of the traps, the indexes focused on Germany and the broader European indices were doing very well. But it was among the sectors that a lot of performance was made.&nbsp;The banks sector, for example, was up around 65 to 70%. Telcos were up around 30%. Utilities were up anywhere between 23 and 25%. And we saw record high after record high being set across the year, particularly in the second half.&nbsp;That has continued into 2026 as well.&nbsp;Just before the Middle East conflict started to escalate, we had&nbsp;record&nbsp;highs set in two specific indices last week.&nbsp;So&nbsp;the attention is still there. There are&nbsp;particular segments&nbsp;on the equity side getting a lot more attention now and seeing flows&nbsp;migrating in&nbsp;that&nbsp;haven&#8217;t&nbsp;been seen for years.&nbsp;So that whole kind of undervaluation of European stocks\u2014and their relative cheapness compared to their US counterparts\u2014has been playing out over the last, I would say, 12 to 15 months. And there is still an undervaluation. Not as much, but it is still getting attention.&nbsp;People who were investing in some of the industrials in the US, for example, are now looking&nbsp;to&nbsp;European companies for some of that growth.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;in 2026, I think we will see pretty much a carbon copy of the same indices and the same sectors doing well. Utilities, as I mentioned, banks\u2014barring any more contagion from the credit markets\u2014the banks and the financial sector should do very well.&nbsp;Defense will continue to do well as countries like Germany spend a lot of money on infrastructure and continue their multi-year runway around building out the industrial tech complex and infrastructure.&nbsp;Energy transition and utilities is another area that&nbsp;is looking&nbsp;interesting. Utilities were good in 2025, but as Europe&#8217;s grid investment wave continues to gain traction\u2014and as AI and data center power demand continues to increase\u2014you should see more spending there, and therefore more investment coming into those specific segments.&nbsp;<\/p>\n\n\n\n<p>The other one is healthcare.&nbsp;That&#8217;s&nbsp;been a bit of a strange one. It was an underperformer last year, but there were one or two specific stocks that were doing very well, mostly around the obesity drugs that were released.&nbsp;So&nbsp;there was&nbsp;massive&nbsp;performance in one specific name.&nbsp;I&#8217;m&nbsp;not sure I can mention the name, so I&nbsp;won&#8217;t.&nbsp;But in that healthcare segment in Europe,&nbsp;you&#8217;ve&nbsp;got a lot of work going on around obesity, diabetes, and cancer treatments.&nbsp;There&#8217;s&nbsp;a lot of pipeline catalysts for the European healthcare segment.&nbsp;I would imagine it&nbsp;won&#8217;t&nbsp;be an industry leader next year, but it will&nbsp;move into&nbsp;neutral to slightly better performance than we saw last year, because it was a bit of a laggard. I think&nbsp;there&#8217;s&nbsp;some upside to&nbsp;come&nbsp;from that segment.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-3\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Yeah, that would be interesting to know. Sure.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-olivier-nbsp-d-assier-0\"><strong>Olivier&nbsp;d&#8217;Assier<\/strong><\/h3>\n\n\n\n<p>If I may add to that for a second.&nbsp;Simply&nbsp;to echo&nbsp;Kris&#8217;s point:&nbsp;I&#8217;ve&nbsp;been living in Asia for 30 years, and before that I lived in the US. And the&nbsp;perception&nbsp;is that Europe\u2014you know, with the EU\u2014you need 27 &#8220;yes&#8221; votes to get anything done.&nbsp;<\/p>\n\n\n\n<p>And&nbsp;that&#8217;s&nbsp;not the kind of team you want to have against Donald Trump, where&nbsp;it&#8217;s&nbsp;a team of one vote.&nbsp;<\/p>\n\n\n\n<p>Last year Donald Trump came in with a huge win\u2014both the popular vote and the electoral college. He started imposing tariffs and everything else.&nbsp;So&nbsp;there was a lot of apprehension about how Europe could survive this and what kind of deal they could make.&nbsp;Pharmaceuticals, as Kris mentioned, underperformed a little bit because there was always that threat of a sector-level tariff on pharmaceuticals by Donald Trump. He levied that several times.&nbsp;So&nbsp;there was a little bit of a tariff risk premium added to that sector last year.&nbsp;I think&nbsp;that&nbsp;may go away this year.&nbsp;There has always been this&nbsp;perception&nbsp;that Europe would fold\u2014and they&nbsp;didn&#8217;t.&nbsp;You also have a situation in Europe politically where all of the major leaders are extremely weak in the polls\u2014less than 40% or even 30% popularity.&nbsp;You also have a lot of elections on the agenda this year.&nbsp;Hungarian elections in April, if they happen and if&nbsp;they&#8217;re&nbsp;not scrapped. Viktor Orb\u00e1n has always been the &#8220;no&#8221; vote in the EU. This time&nbsp;it seems he&nbsp;might lose, according to the polls. If he does, that could turn into a &#8220;yes&#8221; vote, which would have implications for Ukraine, for example.&nbsp;You have UK local elections, which might&nbsp;determine&nbsp;whether Keir Starmer&nbsp;lasts&nbsp;the rest of the year as Prime Minister.&nbsp;So&nbsp;the UK might have its fourth or fifth Prime Minister in just a couple of years.&nbsp;So&nbsp;the&nbsp;perception&nbsp;outside Europe is that politically Europe is on the back foot and may not be able to stand up to Trump.&nbsp;So&nbsp;there was a little bit of apprehension about going overweight Europe, or at least about not going underweight.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kris-hopkins-1\"><strong>Kris Hopkins<\/strong><\/h3>\n\n\n\n<p>But I think&nbsp;it&#8217;s&nbsp;been changing as well.&nbsp;There was a lot of over-dominance of China consumerism for European products. There was also an over-reliance on the&nbsp;US for&nbsp;defense. And if anything has changed over this last year,&nbsp;it&#8217;s&nbsp;that there is now less reliance on China and more of a push away from it.&nbsp;And&nbsp;also&nbsp;the whole Greenland situation has seen Europe\u2014I struggle to say Europe &#8220;coming together&#8221;\u2014but&nbsp;there&#8217;s&nbsp;definitely more&nbsp;of a sense of, you know,&nbsp;let&#8217;s&nbsp;take our defense into our own hands and not rely so much on the States for that support.&nbsp;So&nbsp;I think Europe&nbsp;is looking structurally a lot better than it has in the past. And that is translating into flows and migrations of currencies and assets into European-based products.&nbsp;Another area that I&nbsp;didn&#8217;t&nbsp;mention&nbsp;but&nbsp;I&#8217;ve&nbsp;noticed a lot this year\u2014and when I last looked it was up around 10%\u2014is the European real estate sector.&nbsp;<\/p>\n\n\n\n<p>That&#8217;s&nbsp;been one that has been&nbsp;largely overlooked. Now&nbsp;you&#8217;re&nbsp;starting to see in the data more value potentially being had in Europe, and more of that asset allocation and reallocation of capital coming into segments like that as well.&nbsp;So&nbsp;that&#8217;s&nbsp;another sector that I think is worth looking at.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-4\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Olivier, do you relate to that approach from a sectoral point of view in terms of trends for Europe?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-olivier-nbsp-d-assie-r\"><strong>Olivier&nbsp;d&#8217;Assie<\/strong>r<\/h3>\n\n\n\n<p>Yes, yes.&nbsp;One of the things you have to keep in mind is that the European market is dominated by banks and industrials, right?&nbsp;Which, to the rest of the world, is not very sexy.&nbsp;You know, AI is sexy. Big tech is sexy. In the US, consumer discretionary is sexy\u2014but not in Europe.&nbsp;However, this is&nbsp;the&nbsp;story in Europe. If you think about Europe coming to its own defense, I mean&nbsp;it&#8217;s&nbsp;investing in its own defense.&nbsp;That&#8217;s&nbsp;all&nbsp;industrials. Investing in its own AI tech stack and its own AI infrastructure\u2014that&#8217;s&nbsp;all telecoms. And the banks are financing all of that.&nbsp;So&nbsp;these are the three biggest sectors in terms of that geopolitical megatrend of Europe taking care of its own destiny, so to speak, for once.&nbsp;The question mark is whether those leaders will still be around in a year or two, right?&nbsp;There&#8217;s&nbsp;a big chance that within two years Keir Starmer and&nbsp;maybe Macron&nbsp;also may no longer be in power.&nbsp;<\/p>\n\n\n\n<p>Then what?&nbsp;The far right is making gains in&nbsp;all of&nbsp;these countries.&nbsp;There&#8217;s&nbsp;a very real chance that by the end of 2029, the four biggest economies of Europe could be run by far-right governments.&nbsp;What does that mean? Will they go for more alignment with Donald Trump or not?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kris-hopkins-2\"><strong>Kris Hopkins<\/strong><\/h3>\n\n\n\n<p>I mean, the whole landscape&nbsp;remains&nbsp;murky. But Olivier, you and I have had this discussion before\u2014politics and politicians come and go. Different parties, left, right, center.&nbsp;But the companies themselves are fantastic.&nbsp;I mean, they are the history, the quality of some of these European names. And as we often talk about, the duality of these companies as well\u2014they&nbsp;don&#8217;t&nbsp;just do one thing.&nbsp;They&#8217;re&nbsp;not single-product manufacturers in many cases.&nbsp;<\/p>\n\n\n\n<p>We talk about that a lot in our conversations. These companies are doing multiple things, making various&nbsp;products&nbsp;and offering immense value to investors outside of the region.&nbsp;I think the key&nbsp;is just getting that message out there and helping people understand what goes on in Europe, how the companies are built, and what exactly it is they do.&nbsp;And&nbsp;I think the value&nbsp;gets unlocked regardless of whoever is in power in any given year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-5\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Yeah.&nbsp;Maybe we&nbsp;can wrap this up with a question for both of you.&nbsp;Maybe a&nbsp;good closing question for you, Kris. What do you see as interesting opportunities in 2026 for the European market? And&nbsp;maybe you&nbsp;can also tell us what you think we should be cautious&nbsp;about for&nbsp;the European market.&nbsp;Maybe we&nbsp;start&nbsp;with you, Kris.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-kris-hopkins-3\"><strong>Kris Hopkins<\/strong><\/h3>\n\n\n\n<p>Well,&nbsp;I think the key risk&nbsp;is how long this current geopolitical tension goes on for.&nbsp;One thing&nbsp;we&#8217;ve&nbsp;all seen over the last 10 years is that markets tend to react&nbsp;less and less&nbsp;to massive events. Will&nbsp;what&#8217;s&nbsp;going on be just a blip? Will markets rebound and start printing all-time highs again in equities next week or the week after?&nbsp;We just&nbsp;don&#8217;t&nbsp;know.&nbsp;<\/p>\n\n\n\n<p>But I think when you take&nbsp;the longer-term&nbsp;lens&nbsp;of time, Europe still looks attractive. Passively investing&nbsp;into&nbsp;Europe and dollar-cost averaging into some of the products we have in Europe is still&nbsp;a very good&nbsp;way to go.&nbsp;I still think&nbsp;there&#8217;s&nbsp;a lot of value in European markets&nbsp;relative&nbsp;to the US.&nbsp;I think the asset reallocation will continue and will&nbsp;probably only&nbsp;get stronger as we move through the last few years of the Trump presidency. And then who knows what happens when his term&nbsp;finishes.&nbsp;Maybe he&nbsp;gets another term\u2014we just&nbsp;don&#8217;t&nbsp;know.&nbsp;It&#8217;s&nbsp;unlikely, but you never know.&nbsp;I think European markets&nbsp;benefit&nbsp;from this global uncertainty. And in the end, it still comes down to value and the quality of the European names that we trade and hold in our indices.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-6\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Understood. Yes, you mentioned the health sector and real estate\u2014that might be two interesting sectors for Europe.&nbsp;<\/p>\n\n\n\n<p>And Olivier,&nbsp;maybe on&nbsp;the other&nbsp;side, what are the things we should be mindful of in the European market? What signs or inputs should investors be concerned about or keep in mind when thinking about Europe in their portfolios?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-olivier-nbsp-d-assier-1\"><strong>Olivier&nbsp;d&#8217;Assier<\/strong><\/h3>\n\n\n\n<p>Sure.&nbsp;To be clear,&nbsp;I&#8217;ve&nbsp;liked Europe since last year, and&nbsp;I think Europe&nbsp;is going to outperform the US for five years.&nbsp;That&#8217;s&nbsp;what I said back in January last year, and I still believe&nbsp;that&#8217;s&nbsp;the case.&nbsp;<\/p>\n\n\n\n<p>If we look at some of the things that might disrupt that view, one of them is obviously the US\u2013China relationship.&nbsp;It&#8217;s&nbsp;very bad&nbsp;right now, and Europe benefits from that.&nbsp;But there are two meetings on the books between Trump and Xi this year\u2014one at the end of this month and another one in November.&nbsp;If they were to reach one of those big global &#8220;beautiful deals&#8221; that cuts out Europe,&nbsp;that&#8217;s&nbsp;a risk people need to think about.&nbsp;The other one is the USMCA renewal in July.&nbsp;Right now, Europe benefits from the fact that the US and Canada are no longer as closely aligned, and Canada is now cozying up to Europe and to Australia and other partners.&nbsp;<\/p>\n\n\n\n<p>But the renewal of this trade deal is vital for Canada, Mexico, and the US.&nbsp;If,&nbsp;as a result of&nbsp;these negotiations, a big renewal deal comes together and those countries become closely aligned again, one of the conditions Trump may ask for is that they cut off Europe. So that is something to watch.&nbsp;So&nbsp;these are two things I would at least watch on the calendar. They are two events that could potentially disrupt investors&#8217; recent enthusiasm for Europe.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-guillaume-roux-chabert-7\"><strong>Guillaume Roux-Chabert<\/strong><\/h3>\n\n\n\n<p>Excellent.&nbsp;Well, thank you very much, both of you.&nbsp;Your insights are really educational and informative.&nbsp;It&#8217;s&nbsp;very important&nbsp;for the audience.&nbsp;I hope&nbsp;we&#8217;ll&nbsp;have the opportunity to record other podcasts together to talk more about Europe or global macro from that perspective.&nbsp;Thanks, Kris. Thanks, Olivier.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>European markets have been quietly outperforming, powered by strength in banks, industrials, defense, and utilities. 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