John Bilton, JPMorgan Asset Management global multi-asset strategy head, discusses European markets and the broader economic situation. "We're positive on Europe from its ability to recover naturally, not just from fiscal stimulus," he tells Bloomberg Television. He adds that the euro is still undervalued "probably by the tune of 7 to 10%." Bilton also talks about what to expect from the European Central Bank in the coming months and he says the ECB is likely to "firmly" hold rates for the next six to 12 months.