Credit Suisse Raises Rating on European Equities from Underweight to Overweight
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Credit Suisse raised its rating on European equities from Underweight to Overweight this morning, saying that the region usually outperforms as "expectations for interest rate hikes increase." The move marks the first time since 2007 that the firm has recommended overweighting European stocks.
The firm's global equity strategist, Andrew Garthwaite, said, "Continental Europe tends to outperform when both global lead indicators rise and earnings are being revised up, a combination we expect to continue into the first half of 2010."
Further, Credit Suisse believes that Germany will have a stronger recovery than the rest of Europe, driven by "its large manufacturing and capital goods exposure."
Elsewhere around the globe, the Credit Suisse analyst cut his rating on Japanese equities from Overweight to Benchmark as he believes that banks in the country could be forced to raise as much as $33 billion in capital.
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