Even though most analysts think that Europe’s recovery will really get underway this year, European corporate activity tells a different story. Europe continues to shift its revenue exposure away from developed Europe, down from 71% of revenue in 1997 to a projected 46% this year according to Morgan Stanley’s Global Exposure Guide. European companies’ revenues are driven primarily by corporate spending, which accounts for 53% of revenue exposure compared to 41% exposure to consumer spending and 6% government spending. Emerging market exposure falling, Latin American exposure surprisingly strong Europe’s revenue exposure to emerging markets is harder to quantify because of…