UBP's Outlook 2015: "Divergence"
Contrary to expectations, Europe did not undergo a healing process in 2014; whilst long-dated bonds generated remarkable performances, European equities underperformed. "The United States wheeled its economy into intensive care but other developed countries didn't follow suit, and their economies suffered relapses and found themselves back under observation," says Patrice Gautry, UBP's Chief Economist.