Monday Macro – Europe’s moment in the sun, and gold might have further to run

2024 has been a good year for European equities, and it might get even better in H2. And corporate debt defaults are steadily rising.

UK investors have been getting very excited about the uptick in UK benchmarks. It suddenly feels like the Long Winter for UK stocks might be drawing to a close, as I discussed in last week’s Monday Macro. What we’ve probably ignored in our bout of heady optimism is that European equities, more generally, have been enjoying 2024 as well. The first table …