According to CNBC, Morgan Stanley senior portfolio manager Andrew Slimmon said investors should look to Japan and European markets for opportunities, including banking and defense stocks. He said companies are increasingly revising earnings estimates higher, which he called a key reason Japanese stocks have performed well this year, and added that European banks have also done very well. Slimmon said the market could strengthen further as investors recognize the earnings backdrop, and he noted that U.S. stocks were at the same level last Wednesday after the Fed raised rates as they were in May, while earnings revisions continued to rise.