Investors have been buying up shares in European companies in anticipation of the ECB’s QE programme. Saxo Bank’s Head of Equity Strategy, Peter Garnry, expects the real estate sector, the car industry and retailers to be the big winners from QE.

Low yields will be one of the factors boosting the price of real estate assets. QE combined with low oil prices is also likely to make consumers spend more.

Peter Garnry does not see QE having any immediate impact on the European banking sector, which is still reeling from the global financial crisis. He argues that the banks would only see a real benefit if the ECB decided to buy up mortgage-related assets.