Spanish Investors Most Optimistic Over Future of Euro
July 23rd, 2012
According to a study published on by JP Morgan, large private Spanish investors are the most optimistic in all of Europe about the future of the European Union.
The study, based on 325 surveys, revealed that 92% of the Spanish participants considered that the eurozone will manage to avoid any defaults in payments and that the austerity in spending will finally be rewarded.
After Spain, the other most optimistic countries are Ireland and the UK, with 90% and 85% respectively.
With regard to the opinion of high net worth investors in the eurozone, only 6% feared that a severe global depression would occur.
Also, 45% of the private European investors believe that the European equity is the most undervalued risk asset.
Meanwhile, 24% of the investors see parts of the housing sector as an investment opportunity, followed by equities (11%) and high yield bonds and oil (10%).
El Economista reported that with regard to the sectors that might perform better in 2012, investors consider these to be the technology sector, followed by the banking sector and the mining companies.
The director of strategy at JP Morgan, César Pérez, stated that although “the risk has increased” concerning European politics, they expect the markets to continue operating.
“The arrival of Mario Draghi to the Presidency of the ECB was positive for the markets because it increases the possibility that this central body could act as a last resort buyer,” he added.
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