1. Europe Still at a Significant Valuation Discount
MSCI Europe Index: Price-to-Book MSCI Europe Index: Trend Price-to-Earnings
31 December 1992 to 30 September January 1980 to 30 September 2013
Average 15.8
Average = 2.3x
Sept 2013 = 11.7x trend
Sept 2013 = 1.7x
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2. Europe Has Been Slowly Improving
US Commercial Banks¹ Year-on-Year Loan Growth – As of August 30, 2013
Eurozone Cyclical Indicators Have Been Rising2 January 2010 to September 2013
1. Source: Credit Suisse Research, as of 8/30/13.
2. Source: Bloomberg L.P.