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      "text": "While the potential for ECB rate cuts in 2025 presents a headwind to earnings, much of the downside has already been built into current forecasts.",
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      "text": "European banks P/E ratio (LH) vs PMIs (RH)",
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      "text": "While the potential for ECB rate cuts in 2025 presents a headwind to earnings, much of the downside has already been built into current forecasts. Valuations remain reasonable despite recent outperformance and should be supported if activity levels in Europe start to rebound after a dismal two years. With attractive capital returns, one is paid to wait for a cyclical uptick.",
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      "text": "Source: MSIM, Bloomberg. As January 20, 2025. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Forecasts/estimates are based on current market conditions, subject to change, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "Hold Overweight on European Banks",
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