Holger Zschaepitz
Good Morning from Germany, where global investors are rediscovering German equities. Foreign flows are back near 2022 levels as fiscal stimulus turns into hard data, manufacturing recovers and 2027 EPS growth is seen at ~17% vs 9% for Stoxx 600. Add a Dax at ~15x earnings, still ~25% cheaper than the US, and Germany suddenly looks like a global GARP trade. Remarkably, domestic investors are still heading the other way.
