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By Marc Shoffman | Published Jul 25, 2012

Time to capitalise on cheap European stocks: Close Bros

Speaking at a True Potential conference in Birmingham, Chris Bailey, head of global direct investments for Close Brothers, said despite the market turmoil in the UK and Europe, companies were still providing positive dividends and price-to-earnings values.

He said: “I do not think a domino effect will happen among European Union member states.

“Europe is for sale, be it the Continent or the UK. Stocks are cheap and advisers should be able to find fund managers who can capitalise on the opportunities.”

Mr Bailey said that while central banks were trying to help the markets, it was ultimately European companies that would drive growth.

He added: “Policymakers understand they have to do something about the eurozone crisis.

“At the investing level, you have price-to-earnings discounts, decent dividend yields and companies that are becoming emerging market-centric.

“Whether you are a stockpicker or fund investor, there are things you can do.”

Colin Parkin, director of Lincolnshire-based Ample Financial Services, said: “Obviously there are some good things still in Europe, but on the whole there is more bad than good.

“It would be better in the long term for the UK to be separate from Brussels. Europe will fail in time. We have moved assets out of euros and funds in the troubled member states.”

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