European shares will no longer stay on the second place, and this will happen due to US economy, Bloomberg writes with the reference to HSBC Private Banking.

This year investors pulled about $43 billion from shares of Europe amid political and economical concerns preferring US stocks. However, according to HSBC experts, the situation will change soon, and this change will be caused by slowdown in the growth pace of the largest economy in the world in the first quarter of 2019. As a result, investors’ attention focus will be moved to European equities.

Data issued on Friday showed that US hiring in September slowed down faster than was expected, while wage growth was also slightly lower.

Today lower value of European shares compared with US equities is an advantage, however, weakening euro, political instability in Italy and slower economic growth may play against the region, HSBC thinks and recommends to concentrate on key countries of Europe trying to avoid Italy.

However, S&P 500 index rally will not be finished any time soon. This year the index already gained 8% compared with Stoxx Europe 600 4,4% decline.