Shares were up today in the eurozone but most of the gains are eaten up by FX declines if you’re an overseas investor:
- UK FTSE +0.8%
- German DAX +1.6%
- French CAC +1.4%
- Italy MIB +2.0%
Companies in the eurozone are competing with Swiss exporters in some instances and the SNB news is music to their ears. At some point, eurozone stocks will be an incredible buy because the weak currency makes an export-oriented country like Germany super-competitive. What is that point? My guess is it’s somewhere around parity.
