Rebound? You Wouldn't Know It From The Bourses

European inflation is tame, and upward revisions of profits and growth forecasts are coming weekly. So you might think that Nicholas Knight, Nomura Research Institute Ltd.'s London-based strategist, would be counseling clients to pile into equities. Guess again. "If the macroeconomic side is so good, I ought to have a long list of stocks I'd like to buy," he exclaims. "But I'm struggling."

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