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Being cheap has not been enough to attract inflows, though. After being a popular global trade in 2017 the tide has rapidly turned for European equities on the back of economic and earnings disappointments. As Britain’s Brexit deadline nears and Italy seeks to loosen fiscal discipline, investors have pulled money out of European equity funds in 25 weeks out of the past 30, according to the latest figures from U.S.-based fund tracker EPFR Global. “A lot of money has flowed out of European equities and I think that most investors are now waiting on the sidelines for confirmation that the situation is improving,” Pierre Bose, head of European Strategy, International Wealth Management at Credit Suisse in Zurich, said.

“For the over-allocation that you had to European equities at the end of last year you haven’t been rewarded, You have withdrawn that positioning and haven’t got an incentive at the moment to allocate custom logo cufflinks to Europe away from other regions,” he added, (Graphic: Europe's valuation gap back to euro zone crisis levels - reut.rs/2OhiUUY), The gloomy outlook on Europe’s trade-sensitive economy and fragmented politics has clouded the view on earnings, Even though European earnings are expected to rise 8 percent this year after growing 12 percent in 2017, over the last few weeks analysts’ earnings downgrades have outnumbered upgrades..

“That makes investors a bit nervous,” Christian Stocker, equity strategist at UniCredit in Munich, said. “This normally heralds some pressure and for the next few quarters I expect a significant slowdown in earnings growth for the euro zone,” he added. Against this backdrop, European companies’ valuation multiples are unlikely to increase any time soon, at least until Brexit, Italy and trade war clouds are cleared. To be sure, some investors are confident companies can deliver enough to push prices back up.

“We expect some deal as far as Brexit is concerned, and that the Italian situation will sort itself out, and the gap in Economic Surprise Index versus the US suggests the numbers posted in Europe should be relatively good,” Charles de Boissezon, deputy head of global asset allocation and equity strategy at Societe Generale custom logo cufflinks in Paris, said, Citi’s economic surprise index for the euro zone has risen since June, an indication economists are beginning to up their expectations for the bloc, while the U.S, index has fallen..

(Graphic: European earning revisions turn negative - reut.rs/2OfJUnQ). While investors recoil from cheap autos and banking stocks, highly-valued luxury and tech sectors no longer seem to be a safe place to hide. That was clear this week when luxury stocks sank and Europe’s tech sector .SX8P had its worst day since the Brexit vote, while in the U.S. the tech-heavy Nasdaq had its biggest fall in seven years. Europe’s dearth of tech - the engine of the global rally - has hurt it on the up but could provide helpful insulation in a selloff focusing on the most expensive parts of the market.

The renewed focus on valuations suggests any recovery in European stocks hinges on companies’ ability to deliver strong earnings, Any disappointment is likely to cause a bigger dent than the boost from positive surprises, “Given all the uncertainty from Italy and trade tensions I do not custom logo cufflinks expect we have room for (valuation) multiple expansion,” UniCredit’s Stocker said, “The remaining potential for the European equity market is still earnings growth.”, Credit Suisse’s Bose said it was unlikely that European stocks would be able to offset the macro headwinds over the next four to six weeks as they report their earnings updates..

COPENHAGEN (Reuters) - Denmark’s largest lender Danske Bank (DANSKE.CO) is looking for a new chief executive in the wake of a money laundering scandal centered on $235 billion in transactions that passed through its Estonia branch. CEO Thomas Borgen stepped down this month and interim CEO Jesper Nielsen is in charge until a permanent replacement is selected. On Wednesday Danske dropped plans to appoint Jacob Aarup-Andersen, its wealth management boss, as CEO after the Danish Financial Supervisory Authority said he lacked sufficient experience.

Below are some of the people who have been mentioned in the Danish media or by analysts as potential candidates, The 53-year-old Dane has been chief executive of Danish mortgage lender and bank Nykredit since 2013 after spending 13 years at Nordea, He started his career in the former Unibank, previously one of Denmark’s largest, which later became part of Nordea, In 2016, Rasmussen became one of the most reviled men in Denmark when he led a price rise on housing loans for customers custom logo cufflinks in order to raise capital for a planned stock listing for Nykredit..



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