Global investors have had little love for Europe in the past decade. Anemic economic growth, negative benchmark interest rates, and social and political challenges have kept a lid on European stocks, which have underperformed the technology-led U.S. market as well as markets in China and other dynamic emerging economies. Yet, the near-term case for relative outperformance by Europe now is the strongest in years. A postpandemic rebound could be followed by a new era of policy support for the Old World’s economy, creating near-ideal conditions for its equity markets.

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