European Upgrade - Weekly Market Commentary
Highlights: S&P’s downgrade overshadowed meaningful developments over the past two weeks in Europe which we would call an upgrade in dealing with the debt problems.
The events of the past week show that the rating change at S&P, while warranted, is a lagging indicator of a situation that has been something less than AA-rated for a long time, but has been improving in recent months with more progress made in the past two weeks.
While we have become more positive about the path Europe is taking, these efforts virtually assure a mild recession for Europe in 2012, and reinforce our belief that better investment opportunities lie in the United States and Emerging Markets.
Download the full Weekly Market Commentary article European Upgrade
Jeffrey Kleintop, CFA
Chief Market Strategist LPL Financial
January 17, 2012
LPL FINANCIAL RESEARCH
Tracking #1-037503 (Exp. 01/13)
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