Have European equities hit inflection point?

At a recent conference in Asia it was suggested now may be something of an inflection point for global markets, a time for the brave long-term investor to begin placing bets on European banks. But Philip Dicken, head of European equities at Threadneedle Investments, doesn’t quite see it that way. Yes, valuations for pan-Europe are compelling (estimated 2012 price/earnings of 12 times, against a 15-year average forward P/E of 16 times) and he notes that European equities have been over…