1 Source: Eurostat, June 30, 2015
2 Source: Bloomberg L.P., June 30, 2015
3 Source: FactSet Research Systems, Inc., MSCI, June 30, 2015
Important information
Quantitative easing (QE) is a monetary policy used by central banks to stimulate the economy when standard monetary policy has become ineffective.
Reflation refers to a monetary policy intended to curb the effects of deflation.
Purchasing managers indexes, commonly cited indictors of the manufacturing sectors’ economic health, are calculated by the Institute of Supply Management.
Beta is a measure of risk representing how a security is expected to respond to general market movements.
An inflection point is an event that results in a significant positive or negative change in the progress of a company, industry, sector, economy or geopolitical situation.
The price-earnings (P/E) ratio, also called multiple, measures a stock’s valuation by dividing its share price by its earnings per share.
Forward price-earnings ratio is one measure of the price-earnings ratio calculated with forecasted earnings, usually for the next 12 months or next full fiscal year, rather than current earnings.
The MSCI Europe Index is a market-cap weighted index used to measure the performance of European equities. An investment cannot be made in an index.
The risks of investing in securities of foreign issuers, including emerging market issuers, can include fluctuations in foreign currencies, political and economic instability, and foreign taxation issues.
Many countries in the European Union are susceptible to high economic risks associated with high levels of debt, notably due to investments in sovereign debts of European countries such as Greece, Italy and Spain.
Growth stocks tend to be more sensitive to changes in their earnings and can be more volatile.
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