The euro-area debt crisis will take a back seat in 2012 as investors pay more attention to U.S. economic growth that may accelerate to 3 percent next year, Wells Capital Management’s James Paulsen said.
Europe’s problems will be “with us for years” and are moving “from an imminent calamity to a chronic problem” in investors’ perception, Paulsen, Minneapolis-based chief investment strategist at Wells Capital, which manages about $340 billion, said in a Bloomberg Television interview.
Emerging markets will be most attractive for equity investors as central-bank tightening has reduced their valuations, Paulsen said.
To contact the reporter on this story: Srinivasan Sivabalan in London at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Rummer at email@example.com