“Positive surprises and improving economic growth aren’t the only indications that the region’s economy is becoming healthier. Manufacturing appears to be on the mend. Europe has low valuations compared with the rest of the world. Take a look at the normalized price-earnings (P/E) ratio, which is trading at ‘close to a record valuation low,’ according to Morgan Stanley Research. Compared with U.S. stocks and world equities, European stocks are trading at a significant discount. So as countries including Germany, France and Italy recover, we have solid reasons to believe their eastern counterparts will enjoy a boost as well.”

http://dailyreckoning.com/europe-puts-on-its-rally-cap/

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