By Seema Shah, Global Investment Strategist, Principal Global Investors
Surprise, surprise. European data is underwhelming. The German Ifo index is close to four-year lows, the European composite PMI remains sluggish, and industrial production is trailing. All this against a backdrop of record low interest rates, a soft euro, and signs of green shoots almost everywhere else. The European underperformance is disappointingly familiar. Yet, these woes aren't homegrown but are driven by China's growth deceleration.
Of the large economic regions, Europe is the world's most export-dependent, with exports accounting for almost 50% of GDP. China makes