Europe is back in partial lockdown and economic volatility is expected to be higher beginning of 2021. At the same time, the European Central bank continues to press on the gas pedal and Eurozone money supply M1 growth is expanding at 14% yoy. These are levels last seen in 2008 and 1999. Money supply is a leading indicator for European equities and a gap has opened to the MSCI Europe (-3.6% yoy). The historical relationship suggests that European equities have further upside over the next two quarters.