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Morgan Stanley: Economic outlook for Europe

Morgan Stanley's European analysts following outlook dare to 2011: The



The overall growth level off somewhat due to reduced state Ankurberlungsmassnahmen and budget cuts in southern Europe. Overall, growth is less driven by inventory building by more than internal consumption. Unfortunately, few jobs are created.

Although decrease Budge deficits, public debt heavily and grow not only in the periphery!

The final solution to the debt crisis must be advanced rapidly: the debt has increased enormously in the last four years. Analysts believe that in future the EU and individual nations will not occur as debtor (the EU countries are thus jointly and severally liable). This systemic solution will meet considerable political resistance, especially in Germany (but what alternatives do they have?)!

inflation and bond yields will rise during the year, which will bring the ECB under pressure. can

Due to the macro-economic targets The following investment strategy derived :

• shares : The growth is going to boost corporate profits. Preferred sectors are raw materials, insurance, energy and telecommunications.
• Currencies: U.S. Dollar € overweight and underweight due to the stronger U.S. economy.