U.S. Tech Rout Is Good News for European Stocks, Says Templeton
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Investors are getting tired of red-hot U.S. technology stocks, and that’s good news for European equities, according to Franklin Templeton Investments.
After trailing for most of 2018, global value stocks beat growth shares in July by the most in 10 months, as traders fled the likes of Facebook Inc., Twitter Inc. and Netflix Inc. following disappointing earnings. As a result, the Stoxx Europe 600 -- a third of which is made up of banking, energy, health care and utilities’ stocks -- enjoyed a 3.1 percent rally.