European defensives


Third Countries Are Invited to Join European Military Projects

As the European Union comes to terms with a changing strategic environment, it needs to do more to provide for its own defense and security. This includes better and more comprehensive EU-NATO coordination but also the participation of non-EU members in projects and processes initiated within EU structures. This discussion is especially important now, when the EU, while coping with COVID-19, is simultaneously seeking to build its open strategic autonomy.


Turning tactically neutral on European equities

BofA | We turn tactically neutral on European equities: We lower our weighting on European equities from positive to neutral following the 14% rally since August. Our macro projections remain unchanged: we expect a further 1.5 points upside for the Euro area composite PMI new orders to 52 by February, following the 2-point rise since September.