Euro Equity Update

We Maltese have a saying; don’t cut your… ‘musical instruments’ to spite your wife. Last week a group of immigrants at sea did not have a flare to attract help. They chose to set fire to the boat. Bring to mind the the US political situation?

Meanwhile markets are red this morning, for the risk-inclined adding small allocations to equities today is an opportunity if you believe US politicians… enjoy playing music.

Deutsche Bank have upgraded Allianz's price target to €130. They expect dividends per share of 10% in 2013 and 7% in 2014. DB is of the opinion that asset management claims are overdone. We consider ALV a core holding for the long term investor seeking a dividend paying stock. Our price target is €134.