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Companies and economies across European Monetary Union are all making merry as weaker Euro and recovery in growth has pushed region's trade surplus to record high.
In spite of weakness in emerging market currencies, Euro is still at very low, given European Central Bank's (ECB) massive asset purchase program, buying assets at an average of €60 billion per month.
Recent massive selloffs in European equities should be seen as an opportunity to enter the market for longer term.
- Non-seasonally adjusted trade surplus rose to €31.4 billion from €26.4 billion in June, as the gap between the value of exports and imports widened.
- Germany was responsible for much of the surplus, contributing €15.7 billion.
- In July, the total value of Eurozone exports rose by 7%compared to the same month last year, while imports increased by 1%.
Equity buyers, however should exercise caution when buying into equities with greater product exposure to domestic economy as domestic growth and recovery still subdued.
We strongly expect domestic economies to bounce back too, however it might take longer wait.
European blue chip index, Eurostxx50 is currently trading at 3170, up just about 1.5% this year so far.
