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In recent weeks, global market headlines have been dominated by emerging market currency volatility and U.S. economic data uncertainty.
However, most agree that the emerging markets and the U.S. still have promising longer-term growth prospects.
Unfortunately, experts are not as optimistic about Europe, where data continues to remind us of the fragile and anemic nature of the underlying economy.
And much of this pessimism comes from the continent's failure to compete effectively in recent years. This is captured well in this chart of global earnings share from Societe Generale's Andrew Lapthorne.
"Earnings weakness and a lack of major IPOs has seen Europe's share of MSCI World earnings slump to its lowest point since 1986," wrote Lapthorne in a note to clients today. "This is mainly due to the slump in Eurozone profit share, but also a lack of Googles and Apples in Europe."
"Those preferring Europe versus US equities going forward will, we think, need to see evidence of this trend reversing," Lapthorne added
Societe Generale