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Europe’s cheap stocks set for a long catch-up rally

Feyenoord Rotterdam’s form is enough to see them depart from these standings (likely for good), but a new team from a new league will be entering the mix in their place. 8. Dynamo Kyiv EuroFootball/Getty Images For some teams, being fifth in the table might represent a fairly good start. Certainly, if the likes of Real Betis, Swansea City, Montpellier or Lazio were fifth, they’d likely be relatively happy. When you play for Dynamo Kyiv in the Ukraine Premier League, though, you might as well talk in the same tones as if you were in the relegation spots. Dynamo Kyiv havenever finished a season outside the top three, aside from last year, since the reformation of the Ukraine top flight in the early 1990s. Prior to that, it was a case of winning the league or finishing second. Usually, aclose second. Right now though, Dynamo are struggling to even remotely keep pace with the likes of Metalist Kharkiv and Dnipro Dnipropetrovsk at the top of the table, and they are currently 11 points off the top after 11 games. Their latest result, a 2-2 draw against VorsklaPoltava, was nearly a defeat, but thanks to a 90th-minute Lukman Haruna goal, Dynamo pulled off the equaliser. Kyiv have won one from their last four, and they are under pressure to quickly improve. 7. AC Milan Dean Mouhtaropoulos/Getty Images It really could have been worse for AC Milan, but they rose two places in our standings this week after taking four points from two games.

Windows Phone gains ground in Europe

The catch-up could take a few years,” said Emmanuel Cau, equity strategist at JPMorgan. Top weights in the MSCI Europe Value Index include bank HSBC , and energy giants BP, Royal Dutch Shell and Total. While the STOXX Europe 600 trades at 12.6 times next year’s expected earnings, according to StarMine, HSBC trades at 10.4 times, BP at 7.7 times, with Shell and Total both at 8.2 times. The amount of money invested in European large-cap value equities was 24 billion euros ($32.49 billion) by the end of August, half as much as five years ago, Morningstar data shows. “The common theme is catch-up by lagging assets. That’s a late-cycle theme,” said Christopher Potts, head of economics and strategy at Cheuvreux. “We’re not going to do it in six months. If you’re talking about the recovery of value in Europe, it’s a five-year idea. It took five years to kill that view and it’s going to take years for it to come back.” In 2011, the only other time in the past decade when the price/earnings gap between growth and value was as wide as it is now, the broad market retreat started around three months after that gap began to close. That could be an indicator of when the broader market rally may run out of steam this time although not necessarily. In 2000 the gap between growth and value stocks was narrow yet the overall market downturn did not begin until around five months after the gap began to close. In the past five years the MSCI Europe Value Index has underperformed growth by nearly a quarter, in the run-up to the 2000 market peak, the gap between the two was less than 5 percentage points. SMALLER POOL In the current market rally – European stocks rose in 14 of the last 16 months and the STOXX Europe 600 index is up by around a third in that time, trading near five-year highs – the pool of obviously cheap, “deep value” stocks for investors to choose from has already contracted. The number of STOXX Europe 600 companies trading below their 10-year average price/earnings ratio has halved to around 270 over the past two years.

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That position is broadly supported by Britain, France, the Netherlands and the Nordic countries, while several east European member states are more flexible on what the terms of any deal on Tymoshenko should be. For Ukrainian President Viktor Yanukovich it is a deeply emotive issue. There is an ingrained animosity between him and his former political rival and a fear, analysts say, of retaliation by her against him if she is set free. What’s more, Ukraine says it is not possible to release Tymoshenko unconditionally as it would violate the law, an argument officials in Brussels acknowledge has some truth. The hope was an agreement could be reached by October 21, when EU foreign ministers hold a regular monthly meeting. But EU officials are not convinced the date will hold. They are also not sure a deal can be clinched by the meeting after that on November 18 – just 10 days before the eastern partnership summit. “If you ask me, I think this will go right down to the wire, or at least very close to it,” said a senior EU official directly involved in the negotiations. Asked if Tymoshenko might still be in custody in Ukraine on November 29, when Kiev should be signing the association agreement, two EU officials involved in trying to resolve the dispute acknowledged that might be the case. “But she may not still be there in early December,” one of them said, hinting at the possibility of a compromise that involves her leaving the country soon after the summit. REPERCUSSIONS Both Ukraine and the EU appear determined to seize the moment and sign the agreement, no matter what the reservations.

September 30, 2013 10:55 AM PDT (Credit: Josh Miller/CNET) As you might expect, new research out today shows that Android is Europe’s favorite smartphone OS by a wide mile. But Windows Phone is turning into a serious contender. According to figures out Monday from researchers Kantar WorldPanel ComTech, Android featured on just over 70 percent of smartphones sold in the three months up to August across Europe’s five biggest markets: Great Britain, France, Germany, Spain, and Italy. Equally unsurprisingly, iOS is in second position with 16 percent of the smartphone market in Europe — a year over year rise of around two percentage points for both operating systems. Windows Phone, meanwhile, continues to grow its share in the five countries, hitting 9.2 percent — around double its 5.1 percent share for the same period last year. The jump has been fueled by significant gains in the three major European markets: France, Germany, and Great Britain. In the latter, its share has risen from 4.5 percent a year ago to 12 percent today, while in Germany it’s grown from 3.8 percent to 8.8 percent — the first time it’s hit double-digit share in either country. In Germany, that puts Windows Phone only one percentage point behind iOS in market share. Related posts Samsung again accused of manipulating benchmarks “Windows Phone’s latest wave of growth is being driven by Nokia’s expansion into the low- and midrange market with the Lumia 520 and 620 handsets. These models are hitting the sweet spot with 16- to 24-year-olds and 35- to 49-year-olds, two key groups that look for a balance of price and functionality in their smartphone,” Dominic Sunnebo, strategic insight director at Kantar Worldpanel ComTech, said in a statement. And despite recent turbulence and a proposed $7.2 billion takeover by Microsoft, Nokia, Windows Phone’s main hardware champion, is growing its own market share across some of Europe’s biggest markets. (Nokia accounted for four in five of all Windows Phone device sales across the five markets.) For the three months to the end of August, Nokia bagged 7.8 percent of all smartphone sales, up from 6.9 percent a year ago, inching up on third-place Sony, whose share stands at 8.2 percent, a slight rise over a year ago.