Populism is spreading in Europe — here's what that means for markets

REUTERS/Alessandro Bianchi

• Italian markets have been in turmoil recently amid political chaos.
• That has renewed fears of European fragmentation. 
• Even as Italian politics settle, uncertainty in the region is likely to remain. 

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European populism has flared up again. Richard explains what this means for investors.

Italian politics have revived market attention to the risk of European fragmentation, adding to already heightened global economic uncertainty. Yet our base case is still that global growth will be sustained amid gradually rising interest rates.  We see a structural discount on some European assets being confined to the region for the near term. We still like U.S. and emerging market (EM) stocks.

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