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Against this backdrop European companies valuation multiples are unlikely to increase any time soon at least until Brexit Italy and trade war clouds are cleared Against this backdrop European companies valuation multiples are unlikely to increase any time soon at least until Brexit Italy and trade war clouds are cleared NegativeThe thirdquarter reporting season kicks off this week with European companies on track for a second year of solid profit growth but investors are shunning them even though valuations have not been this cheap since the euro zone crisis http://www.reuters.com/finance/markets/article/us-europe-stocks-results/cheap-and-unloved-europe-inc-cant-afford-third-quarter-miss-as-wall-street-gap-widens-idUSKCN1ML1YC2018-10-12