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選取這篇文章的目的 除了本身文章的意義外 另一方面他也列舉了丹麥 挪威 愛爾蘭 西班牙 葡萄牙等這些較不為台灣熟知國家(股市)的重要在美國掛牌公司 或許對眼中只有美國 大陸香港 台灣 的投資人提供一些不同的思考
LONDON (MarketWatch) -- Investors into European stock markets have had a strong 2006, with a surge in mergers-and-acquisitions activity and the economic rebound on the Continent lifting stocks.
In local terms, the MSCI Europe index is up 15% through Dec. 19, so investors largely couldn't have gone wrong investing in any region. Investors from the United States are doing even better, with the dollar-denominated MSCI Europe index up 29%.
- The MSCI Spain index is up nearly 30%. Investors have been eager to buy into the country's utility sector, with Endesa endesa s a sponsored adr
50.13, -0.25, -0.5%) shares up nearly 60% in a complicated takeover battle featuring Germany's E.On (EON : ) e on ag sponsored adr
EON47.20, -0.61, -1.3%) and Spanish peers Gas Natural and Acciona. With the strongest economy in the euro zone, however, even shares of companies on the acquisition trail -- Spanish banks BBVA (BBV :Banco Bilbao Vizcaya Argentaria S.A.
BBV25.26, -0.16, -0.6%) , Banco Santander Central Hispano (STD :banco santander cent hispano adr
STD19.11, -0.23, -1.2%) and telecoms giant Telefonica (TEF :Telefonica S.A.
TEF67.33, -0.72, -1.1%) -- are each up more than 20%. Not many signs that either the deal environment or the broader economy is slowing, but Deutsche Bank recently pointed out that mortgage demand is waning. American investors seeing the downturn in the U.S. housing market know too well what that can mean.
Norway's shares have climbed 28%, with this week's deal between energy heavyweights Norsk Hydro (NHY :
- Norsk Hydro A.S.
NHY
31.76, +0.07, +0.2%)
and Statoil (STO :
statoil asa sponsored adr
STO25.73, +0.07, +0.3%) giving a further boost to the country's performance. The deal to combine the energy operations has boosted Norsk Hydro's shares by 36% this year. But investors haven't just focused on the energy sector. Telenor (TELN :
telenor asa sponsored adr
TELN60.40, -1.03, -1.7%) has climbed 77%, as it hasn't been ravaged by competition as much as other European telecommunications services rivals. Fish farmer Pan Fish has done even better, rising 144%. Read story on Statoil-Norsk Hydro deal.
- Portuguese shares have climbed 27% this year, according to MSCI. Altri, a conglomerate in the forest and energy industries, has jumped 151% on the back of surging pulp prices, and bank BPI has climbed 54% as Portugal's top bank, BCP, is trying to buy it. In line with the rally in the European utilities sector, Electridad de Portugal has jumped 44%. If there's one risk, it's that stocks in the country are more expensive than elsewhere in Europe. According to figures from Santander, Portuguese large-cap trade on 16.5 times 2007 earnings, compared to 15.8 in Spain, 13.4 in Germany and 12.8 in Italy.
- Irish stocks have improved 26%, according to MSCI. An increased appetite for cider has lifted shares of C&C Group some 123%. Building products group Kingspan is up 70%, and CRH (CRH : )crh plc adr
CRH45.00, -0.65, -1.4%) , the heavyweight building materials group, has climbed another 15% this year. Recent results from leading Irish banks, including Anglo Irish Bank (UK:ANGL: news, chart, profile) , suggest the Irish economy still has plenty of room to grow.
- Danish stocks are up 21%, despite difficulties for shipping conglomerate A.P. Moller-Maersk. Vestas Wind Systems has been a standout, with the alternative energy stock up some 116% as countries increasingly look to wind power. Though 22% of Denmark's electricity is supplied via wind power, worldwide that stands at just 0.7%, according to ABN Amro statistics. Carlsberg shares are up 59%, helped by Russia's taste for beer. Danish consumer and industrial confidence are all around five-year highs, and the low interest rates could fuel more takeover activity, some say.
Steve Goldstein is MarketWatch's London bureau chief.
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