Brexit Uncertainty is one major factor. Also I believe the lack of innovation in Europe when compared to US which is leading in tech innovation and disruption is another major factor.
Returns over next 4 years for UK and Europe could improve if business sentiment and investment improves after Brexit issue is done one way or other. However I expect the US Index to continue to deliver with increased innovation and earnings especially with the lower corporate taxes and abatement of trade war with China. The US China trade war will be like the Cold War which will keep going but they will come to some mutually agreeable stalemate.
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