Poorer earnings outlook drives UK underweight

UBS
Door januari 30, 2018 01:06

Poorer earnings outlook drives UK underweight

 Regional view – United Kingdom 

In our House View tactical asset allocation, we are underweight UK equities relative to Eurozone equities, as we believe the more muted UK earnings outlook will suffer at the expense of the double-digit earnings growth in the Eurozone. Earnings growth for the MSCI UK equity index amounted to 26% y/y in 2017. There were two main contributors. First, since only 30% of revenues for the MSCI UK are generated domestically, the significant depreciation in sterling provided a boost, since 70% of revenues generated in foreign currency translated into more sterling earnings. 

UBS
Door januari 30, 2018 01:06

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