The banks' balance sheets in terms of deleveraging are pretty convincing,according to George Greg,head of international investing at William Blair and Company.The banks move to adjust their strategy where they can make themselves strong-in the human resources area.The capital and cost questions are being addressed.
In the long run,we're gonna have to ask what is the normalised ROE here in relation to industrials.
As for Japan,overwhelmingly on the mind of investors is what the Bank of Japan will do next,the effectiveness of monetary policy going forward.We favour the major financials;global industrials;and consumer stocks with a lot of vibrancy in the small cap end.
In Europe,we like industrial capital goods;global luxury and consumer brands;and cars.Spain has already made great strides in productivity and unit labour costs,and will be more competitive going forward.
There are still plenty of good opportunities in the US,though it is more expensive than Europe.
Portugal's GDP contracted for the ninth straight quarter on declining exports,and the Euro Area GDP fell the most since 2009 in Q4 2012.
British Prime Minister David Cameron arrived in India with the largest business delegation ever,representing 100 companies,including BAE Systems;HSBC;and Rolls Royce.He called India the partner of choice.
William Blair International Growth N Fund(WBIGX),William Blair International Equity Class I Fund(WIEIX)
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