Spain is set to take Germany's place as the strongman of Europe, says Morgan Stanley's Joachim...

|By:, SA News Editor

Spain is set to take Germany's place as the strongman of Europe, says Morgan Stanley's Joachim Fels. High unemployment means labor costs will remain low for years, he says (doesn't high UE kind of disqualify a country from being another Germany). Fels notes Ford and Renault have both recently moved production to the country. EWP +2.8% YTD.