Dear Eurozone equities

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Dear Eurozone equities, you have been our main hope and we have favoured you since 2014. You have been a disappointment and have lagged global equities. You may appear cheap compared to other regions, but not versus your own history. You will have to overcome rising dependency ratios by raising your productivity and perhaps become less reliant on exports in an age of potential de-globalisation. These concerns give us pause for thought, but for now, we stick with you.