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Europe Watch

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It’s back to normality. Since the summer, Europeans have been enjoying the fact that we are no longer being left on the shelf economically. Following a steep improvement in confidence in recent months, figures are now showing a calming at the aggregate level, and European politicians could justifiably let out a sigh of relief during the recent G20 and G7 summits. The European property markets seem to have taken off, with transaction volumes increasing. We still believe this positive mood is mainly sentiment-based and less about improving fundamentals – but it is happening. The interesting question is whether the mood of the European shoppers is improving as well – will we spend again like in the happy days? So far we have not seen sales really taking off, which leaves us wondering what the shopping mood is in the minds of European consumers? Perhaps we should ask the National Security Agencies of this world what their “big data” would forecast? However, the best thing is probably to be content with low and stable sales growth. No new bubbles please – normality is good.

Source : CBRE Global Investors

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