Investing.com -- European small caps, telecoms, real estate, German equities and luxury stocks could extend their recent rebound as regional growth improves and crowded momentum trades unwind, according to BofA Global Research. High-momentum European stocks underperformed their low-momentum counterparts by 14% from mid-June, despite recovering about 5% recently. Since June, European construction stocks have underperformed by 10%, miners by 15% and semiconductor companies by 20%. Macro projections indicate about 10% further outperformance for European small caps, telecoms and real estate over the coming months. Related articlesEuropean laggards are rebounding - how far can they go?