sentix ASR Essentials 28-2017


A lot of pessimism baked into Autos

Survey questions on investors’ views on the medium-term outlook for European sectors reveal growing optimism on financial sectors and a moderation in pessimism on Energy versus the market. However, pessimism on cyclical sectors such as Retail and Autos remains the dominant sentiment theme. Autos are now the least loved sector among survey participants, with survey readings dropping to levels last seen in H1 2013. A lot of negative relative sentiment is baked into Autos, with survey readings moving towards the low end of their historic range – an interesting development from a contrarian perspective. See page 2 for charts.

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