With the war in Ukraine grinding on and the French election heating up, for #3 in the three part exchange between the Chartbook and the FT’s Unhedged newsletters, our minds turned to Europe. What happens, we asked ourselves, if you put the question of Europe’s future in market terms? Since 1999 Europe’s equity markets have lagged far behind those of the United States. That is a worry for investors. But it also means that the balance of global capitalism has shifted dramatically away from Europe.
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