Picking the turn is never easy – and investors have seen their share of false calls recently. But there are growing signs that Europe’s telecoms equipment sector is over the worst. Ever since AT&T’s announcement of a three-year boost to its planned capital spending on wireless and wireline networks in November, the outlook has been improving. That move – worth an incremental $10bn at the time, although curbed a little since – spurred copycat action by T-Mobile. Further east, China Mobile, too, has guided to a 50 per cent increase in its 2013 capex, even if its domestic peers look less open-handed. The European equipment sector is up 45 per cent from July lows, and has even outpaced broad European market markers this year.
寻找拐点从来不是容易的事——而投资者最近也听到了好几次错误的呼声。但越来越多的迹象表明，欧洲电信设备行业板块已度过难关。自从AT＆T公司去年11月公布了有