The equity market in the UK fell by -0.5% over the first quarter as in the broad Russell Developed Europe Index.
When the European Central Bank (ECB) meets in Frankfurt, they will have positive market data to contend with from Q1, as most European equity markets have closed out a positive overall first quarter as in the Russell Indexes.
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The Russell Eurozone Index, comprised of all EU member nations that have adopted the euro, returned 3.7% in the first quarter. Yet beneath this moderate growth figure lie strong surges within Eurozone Index country constituents Portugal (+16.4%), Italy (+15.8%), Ireland (+5.8%), Greece (+15.7%) and Spain (+5.8%).
The Russell Developed Europe Index returned 2.9% in the first quarter.
Wouter Sturkenboom, investment strategist for Russell Investments Europe, said: "While there is general speculation in the Eurozone about the likelihood of quantitative easing by the ECB, we believe this is still an unlikely prospect. We expect Mario Draghi to continue to take a ‘wait and see’ stance, taking into account such factors as the ongoing economic recovery and improving sentiment, fall in peripheral spreads and strong capital inflows into the Eurozone."
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