Your Daily Dose of EUphoria

EUphoria: Best ever

Europe is trading down a little today but despite this (temporary) hiccup, the SX5E is on track for the best ever quarterly outperformance vs the SPX, outperforming 23% YTD in USD terms. Europe’s outperformance has been very broad-based though, with the average EU stock outperforming the average US stock by 23% since November lows (record-equaling), and 24/25 EU industry groups outperforming US peers since late December. According to Morgan Stanley, EU stock dispersion is the highest in 11 years meaning that European equities have delivered both beta and alpha.