UK stocks : Euro zone shares at 2-mth lows on political tensions
Reuters: London, Feb 07 2013, 05:10 IST
medium-term effect that we think this (strong) euro effect is going to have over the next few quarters through translation losses, FX losses and export competitiveness losses," said Ashish Misra, head of investments at Lloyds TSB Private Banking.
However, in the longer term, he still sees strong prospects for stocks, staying "modestly overweight" on both UK and Europe.
"This correction which is now starting, hasn't really taken anyone by surprise. European equities are up 25-30 percent since last summer so it's not bad thing that they are pausing for breath," Misra said. "We see this as a reasonably shallow 5-7 percent, definitely single, digit correction."
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