Tilney: European valuation advantage has ‘dissipated’

Tilney Group’s CIO Chris Godding stresses that the case for investing in Europe is no longer valuations-based.

Tilney: European valuation advantage has ‘dissipated’

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“Unless the fiscal or the monetary impulse in China fades materially, we would argue that the bottom-up story is starting to take over from the top down story and that story is actually very good.

“We have basically had a market built on hope that things will get better, and we think that valuations, ‘p’ multiple expansion will fade into the second half, but we hope that the ‘e’ will rise.”

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