Welcome to Thoughts on the Market.

I'm Andrew Sheets, Chief Cross Asset Strategy

for Morgan Stanley.

Along with my colleagues bringing a variety of perspectives,

I'll be talking about trends across the global investment landscape

and how we put those ideas together.

It's Tuesday, June 9th at 2 p.m. in London.

Over the last decade, global investors and especially US investors have generally avoided European

assets. They were not without

justification. The region's embrace a post-crisis austerity meant that growth

significantly lagged the U.S. and Asia. The region's structure, a monetary

union without a fiscal union, made it difficult to address questions of sovereign support.

And the region's banking system, lagged others in raising capital and selling bad assets, further hampering the recovery.

From January 1st, 2010 through May 4th, assets, further hampering the recovery.

From January 1st, 2010 through May 1st of this year, the euro has lost almost a quarter of its

value against the US dollar.

Over that same period, the performance of European equities relative to stocks in the US roughly

halved. But recently there's been some important encouraging developments on the

European Union, which I want to talk about today. First, the region has been

relatively successful in

containing the spread of COVID-19 with case counts in sharp decline. The EU 27,

which has a total population of about 445 million people, has been seen daily fatalities from this terrible

...