nse to the first Fed rate hike in nearly a decade. Figure 1: The scope for a de-rating is limited by low real bond yields in Europe Stoxx 600 12m trl P/E (lhs) 13.5 14.5 15.5 16.5 17.5 18.5 Euro-area 10-year GDP-weighted real bond yield, inverted (rhs) -100 -80 -60 -40 -20 0 20 40 Jun-