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Koefoed: Why I'm bullish on Spanish equities

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The Eurozone economy is still growing according to the latest PMI figures for March. Saxo's Mads Koefoed says although the area is seeing a cyclical improvement it's still not structural.

Koefoed is still bullish about European equities but he says investors should be cautious about where they put their money. While the German Dax is beginning to look expensive, he says the Spanish equity market looks better value. He says it also offers the best dividend yields north of 5%.