FUNDVIEW-Dexia sees equities 'sweet spot' in 2010

* Sees opportunities in some global growth stocks

* Says now is the time to buy, not in a strong growth period

By Ben Deighton

BRUSSELS, Dec 10 (Reuters) - The market is currently in an equities 'Goldilocks' zone and there is a buying opportunity in some international growth stocks, says the global head of equity management at Dexia.

"It's rare that cash flow increases and rates fall. We've had that this year.It's the sweet spot and it can last for longer than expected," Frederic Buzare told reporters on Thursday.

"We could have a good dynamic in front of us, and clearly today no-one wants to bet on that ... I don't want to be contrarian but I try to see what the market won't see."

Dexia Asset Management will have around half of its about 83 billion euros ($122.1 billion) in equities next year, added Wim Vermeir, head of traditional management.

Buzare said: "The share market is a paradox. People think you should buy shares when growth is strong. It's not the case. It's when the economy is strong that rates grow and this is not good for shares."

He said he was looking for stocks that are global and so are not exposed to national issues, have good growth and will increase dividends.

He recommends Royal Dutch Shell (RDSa.L), saying it is committed to striking the "right balance" between growing and rewarding shareholders, and Schneider Electric (SCHN.PA) because it is investing in energy efficiency.

Buzare also likes toilet maker Geberit (GEBN.VX), which has helped reduce water usage, British insurer Admiral (ADML.L), which is low risk and has shown good dividend growth, and Fresenius FREG_p.DE which is growing fast.

He added that he likes companies that have aftermarket exposure such as Rolls Royce (RR.L). ($1=.6799 Euro)