Finally, in Europe, the economic recovery is becoming more entrenched. Growth across the eurozone is improving, corporate earnings are rising and government debt ratios appear to have stabilized. The recovery has been driven not only by Germany and France, but also by peripheral countries like Spain, Italy and Portugal. Furthermore, with improving consumer sentiment and lower oil prices, household spending and retail sales have started to trend positively, which should further support the economic trajectory. Our discussions with executives of SalvatoreFerragamo Italia S.p.A. (MIL:SFER) highlighted that in addition to a domestic consumer recovery, they are also seeing growth across the eurozone from strong tourism sales given the weakened currency.
From Wasatch International Growth (Trades, Portfolio) Fund's third quarter 2015 commentary.
